Grandview Terrace Apartments | Phoenix Multifamily For Sale
Multifamily For Sale in Phoenix Arizona – 36-Units (Apartments)
2424 East Grandview Road, Phoenix, AZ 85032
23,850 SF Bldg
7.93% Cap Rate
SOLD: COE 7/10/2013
Grandview Terrace is located at 2424 East Grandview Road in Phoenix, Arizona. The property is situated in a rapidly expanding area of North Phoenix. The property is located on East Grandview Road, just south of Bell Road, and east of Cave Creek Road. Grandview Terrace offers residents a short commute to a variety of retail shops and employment opportunities and is within one and a half miles to the SR-51 Freeway. In addition, the property is within proximity to the Pointe Golf Club at Lookout Mountain where homes are valued at over $1 million. Major employers in the area include Life Care Center of Paradise Valley, Costco, Arizona Natural Resources, Inc., Paradise Valley Unified School District, Paradise Valley Community College and Target.
Grandview Terrace is a 36-unit garden style apartment community located in a desirable North Phoenix neighborhood. Built in 1984, the property is made of block construction with pitched roofs and is individually metered for electricity. The unit mix is comprised of 3 studio units of approximately 450 square feet, 6 one-bedroom / one-bath units of approximately 600 square feet, and 27 two-bedroom / one-bath units of approximately 700 square feet. The property is situated on approximately 0.82 acres and has low water use desert landscaping. Community Amenities include covered parking, on-site laundry facility and swimming pool. Grandview Terrace offers an investor the rare opportunity to acquire a low maintenance 1980’s vintage garden-style apartment community with mostly two-bedroom floor plans with immediate rental upside through increased rents in an improving North Phoenix rental market.
DRIVE BY ONLY. PLEASE DO NOT DISTURB THE TENANTS OR ONSITE STAFF. PROPERTY TOURS WILL BE SCHEDULED UPON RECEIPT OF LETTER OF INTENT AND PROOF OF FUNDS – PLEASE ALLOW 48-HOURS NOTICE. PLEASE CONTACT LISTING BROKER FOR ADDITIONAL INFORMATION. THANK YOU.