Eclipse Apartments | High-Occupancy MF Asset | 2641 W Butler Dr
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Eclipse Apartments | High-Occupancy MF Asset 2641 W Butler Dr
75 Apartment Units Online Auction Sale Phoenix, AZ 85051
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Investment Highlights
- Discover a lucrative investment opportunity with a profitable, high-occupancy multifamily asset in a dense urban area just north of Downtown Phoenix.
- Investors will benefit from acquiring this well-maintained, 75-unit complex, which offers a stable revenue stream and diverse upside potential.
- Phoenix is a prime location for multifamily investment, showcasing 14% in population growth over the last decade, nearly double the national average.
- Located just off I-17, Eclipse Apartments provides exceptional commuter access throughout downtown, Glendale, Scottsdale, Tempe, and Mesa.
- Eclipse Apartments is positioned within a Federal Opportunity Zone, allowing new ownership the opportunity to capitalize on significant tax benefits.
- As one of the nation’s better-performing markets for employment growth, Phoenix’s diverse economy has remained resilient over the past few years.
Executive Summary
Eclipse Apartments is an attractive, 75-unit multifamily asset located at 2641 W Butler Drive in Phoenix, Arizona. Established along the Interstate 17 corridor and only 10 miles north of downtown, this desirable location offers convenient access for commuters throughout the region. Residents also enjoy being surrounded by a wealth of nationally recognized retail amenities, including Starbucks, Subway, Chick-fil-A, Texas Roadhouse, PetSmart, Ross Stores, Best Buy, Lowe’s, and many more. Eclipse Apartments is also less than a 30-minute drive to several universities such as Arizona State University Tempe Campus, University of Phoenix, Arizona Christina University, Brookline College Phoenix Campus, making it particularly appealing to students, young professionals, and campus employees seeking housing options near their academic and professional pursuits.
Renovated in 2019, the Eclipse Apartments complex comprises an ideal mix of studio, one-bedroom, and two-bedroom apartment units averaging 800 square feet. Amenities such as a pool, laundry facility, office, and playground enhance the overall functionality and attraction of the community for residents. Currently 98.6% occupied, Eclipse Apartments presents a compelling opportunity for an investor to acquire a profitable asset in a prime location. This nearly stabilized multifamily community offers diverse upside potential for new ownership. Add immediate value through full lease-up of the vacant units at market rates while strategizing future value-add propositions through property improvements, a broader amenity package, and rent escalations.
Phoenix is one of the largest cities in the United States, and the nation’s single-largest state capital city. Surrounded by panoramic views of Arizona’s iconic desert scenery, the dense urban core boasts a wealth of world-class amenities for both adventure seekers and city dwellers, including hot air balloon flights, hikes, museums, national sports, and more. Phoenix plays an important role in the economy of the Southwestern region of the country. Some of the largest companies headquartered in Phoenix are Banner Health, PetSmart, US Airways, and ON Semiconductor. Renowned for its thriving economy and industry-leading business sector, this city is destined for long-term investment success.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Renovated in 2019, the Eclipse Apartments complex comprises an ideal mix of studio, one-bedroom, and two-bedroom apartment units averaging 800 square feet. Amenities such as a pool, laundry facility, office, and playground enhance the overall functionality and attraction of the community for residents. Currently 98.6% occupied, Eclipse Apartments presents a compelling opportunity for an investor to acquire a profitable asset in a prime location. This nearly stabilized multifamily community offers diverse upside potential for new ownership. Add immediate value through full lease-up of the vacant units at market rates while strategizing future value-add propositions through property improvements, a broader amenity package, and rent escalations.
Phoenix is one of the largest cities in the United States, and the nation’s single-largest state capital city. Surrounded by panoramic views of Arizona’s iconic desert scenery, the dense urban core boasts a wealth of world-class amenities for both adventure seekers and city dwellers, including hot air balloon flights, hikes, museums, national sports, and more. Phoenix plays an important role in the economy of the Southwestern region of the country. Some of the largest companies headquartered in Phoenix are Banner Health, PetSmart, US Airways, and ON Semiconductor. Renowned for its thriving economy and industry-leading business sector, this city is destined for long-term investment success.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Title and Insurance
Market Analytics Click Here to Access
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Market Sale Price per Unit
Phoenix - AZ USA
Market Cap Rate
Phoenix - AZ USA
Market Sale Price per Unit by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per Unit Distribution
Market Cap Rate Distribution
Property Facts
| Sale Type | Investment | Lot Size | 2.62 AC |
| Sale Conditions | Auction Sale | Building Size | 60,000 SF |
| No. Units | 75 | Average Occupancy | 99% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1972/2019 |
| Apartment Style | Garden | Parking Ratio | 1.63/1,000 SF |
| Building Class | C | Opportunity Zone |
Yes
|
| Sale Type | Investment |
| Sale Conditions | Auction Sale |
| No. Units | 75 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.62 AC |
| Building Size | 60,000 SF |
| Average Occupancy | 99% |
| No. Stories | 2 |
| Year Built/Renovated | 1972/2019 |
| Parking Ratio | 1.63/1,000 SF |
| Opportunity Zone |
Yes |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Storage Space
- Ceiling Fans
- Kitchen
- High Speed Internet Access
- Refrigerator
- Oven
- Range
- Walk-In Closets
- Vinyl Flooring
- Wheelchair Accessible (Rooms)
Site Amenities
- Courtyard
- Laundry Facilities
- Picnic Area
- Playground
- Pool
- Gated
- Grill
- Laundry Service
PROPERTY TAXES
| Parcel Number | 158-04-008A | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $226,461 |
PROPERTY TAXES
Parcel Number
158-04-008A
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$226,461
zoning
| Zoning Code | R-5, Phoenix (Residential) |
| R-5, Phoenix (Residential) |
Sale Advisors
Sale Advisors
Alon Shnitzer, Senior Partner
(602) 714-1283
Contact
Co-founder and Senior Partner at ABI Multifamily, Alon Shnitzer has been in multifamily brokerage over 15 years. Throughout his career, as a multifamily brokerage specialist, Alon has specialized in large apartment transactions. During his tenure, Alon has personally listed and closed over 200 Arizona multifamily properties, comprised of over 20,000+ units, with a total sales volume in excess of $1,200,000,000.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Cheri Mascitelli
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr LC66291000
-
Doug Lazovick -
Alon Shnitzer -
ABI Multifamily
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VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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