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The View on 24th 3024 N 24th St

50 Unit Apartment Building $9,503,000 ($190,060/Unit) 5.50% Cap Rate Phoenix, AZ 85016

Investment Highlights

  • Sparkling Pool
  • Gated Community
  • Low Maintenance Desert Landscaping
  • Frontage along 24th Street
  • Onsite Laundry Facility
  • Select units Renovated in 2017

Executive Summary

The View on 24th is a two-story apartment community built in 1967, renovated in 2017 and is comprised of 50 units with 64% studios and 36% one-bedroom units. Built of block construction with flat roofs the property is conveniently located at 3024 N. 24th Street in Phoenix, Arizona. The property has frontage along 24th Street, a major north-south thoroughfare running through Central Phoenix with a traffic count of 28,705 vehicles per day that pass the building. There are several schools within one mile of the property including William T. Machan Elementary, Phoenix Christian School, and Camelback High School. There are several nearby grocery store options including Fry’s Food at 30th Street and Thomas Road, Sprouts Farmers Market at 28th Street and Indian School Road and Whole Foods Market at 20th Street and Highland. Nearby parks include Coronado Park, two miles southwest of The View on 24th, Perry Park less than one mile east of the property and Los Olivos Park one mile northeast of the property. The property is located within a mile of Arizona State Route 51 and 1.3 miles to Interstate 10, both major freeways providing access into downtown Phoenix, Tempe, Mesa and Chandler. Also in close proximity is Sky Harbor Airport which is a 10-minute drive from the property. Nearby shopping includes the Macy’s and Saks Fifth Avenue anchored Biltmore Fashion Park, located less than three miles north of the property. Additionally, St. Luke’s Medical Center is located two miles southwest of the property, Phoenix Children’s Hospital is a mile to the west. Nearby Universities include the Downtown Campus of Arizona State University, located at Central Avenue and Filmore and Grand Canyon University located at 35th Ave and Camelback.

Financial Summary (Actual - 2024)

Annual Annual Per SF
Gross Rental Income $769,800 $29.54
Other Income $15,033 $0.58
Vacancy Loss $38,490 $1.48
Effective Gross Income $746,343 $28.64
Taxes $17,227 $0.66
Operating Expenses $206,441 $7.92
Total Expenses $223,668 $8.58
Net Operating Income $522,675 $20.06

Financial Summary (Actual - 2024)

Gross Rental Income
Annual $769,800
Annual Per SF $29.54
Other Income
Annual $15,033
Annual Per SF $0.58
Vacancy Loss
Annual $38,490
Annual Per SF $1.48
Effective Gross Income
Annual $746,343
Annual Per SF $28.64
Taxes
Annual $17,227
Annual Per SF $0.66
Operating Expenses
Annual $206,441
Annual Per SF $7.92
Total Expenses
Annual $223,668
Annual Per SF $8.58
Net Operating Income
Annual $522,675
Annual Per SF $20.06

Property Facts

Price $9,503,000
Price Per Unit $190,060
Sale Type Investment
Cap Rate 5.50%
No. Units 50
Property Type Multifamily
Property Subtype Apartment
Apartment Style Garden
Building Class C
Lot Size 1.01 AC
Building Size 21,903 SF
Average Occupancy 96%
No. Stories 2
Year Built/Renovated 1967/2017
Parking Ratio 1.92/1,000 SF

Unit Amenities

  • Cable Ready
  • Microwave
  • Heating
  • Kitchen
  • Range
  • Tub/Shower
  • Dining Room
  • Vinyl Flooring
  • Window Coverings

Site Amenities

  • Fenced Lot
  • Pool
  • Property Manager on Site
  • Grill
  • Gas Range
  • Maintenance on site

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
Studios 29 $1,250 350 - 493
1+1 21 $1,325 493
Bike Score ®
Very Bikeable (76)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
119-17-047
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$127,679
Annual Taxes
$17,227 ($0.79/SF)
Tax Year
2024

zoning

Zoning Code C-2
C-2
  • Listing ID: 33125570

  • Date on Market: 9/10/2024

  • Last Updated:

  • Address: 3024 N 24th St, Phoenix, AZ 85016

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