The McLellan Triplex
3 Unit Apartment Building | $629,000 ($209,667/Unit) | 6.47% Cap Rate | Phoenix, AZ 85017
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $629,000
- Property Type
-
Multifamily
- Square Feet
- 1,696 SF
Listing Contacts
Carter Marks
Verified Profile
- Property Info
Property Overview
The McLellan Triplex presents investors with several excellent opportunities to maximize value at a great cost basis. As it currently stands, 2519 W McLellan Blvd consists of one Single Family House made up of 3 bedrooms and 1 bathroom as well as a duplex that features a 2x1 unit and a 1x1 unit with a large den and exterior storage. Each of the units have undergone various renovations by current ownership like roofs, appliances, flooring, landscaping and painting, but a buyer could potentially renovate further to capitalize on the rents within this submarket, as current rates are below market value, grossing roughly $48,000 annually. The opportunity to maximize rents with both physical and operational value adds is a rarity in today’s market that this property presents.
Alternatively, a new owner could develop additional units to maximize density for the property and lot size. Being surrounded primarily by larger multifamily developments, The McLellan Triplex is one of just a few 2-4 unit properties on the street, yet still possesses Phoenix’s “max-density” R-5 Zoning. With a 23,082 square foot lot (0.53 AC), R-5 Zoning in Phoenix allows up to 23 units to be built, so investors could add several additional units to the existing structures, or completely redevelop the site as luxury apartments or affordable housing units.
With immediate freeway access and close proximity to the newly expanded and updated light rail, tenants have quick commutes throughout the city and are extremely close to popular retail, entertainment, healthcare, Grand Canyon University and major
Phoenix employers.
Alternatively, a new owner could develop additional units to maximize density for the property and lot size. Being surrounded primarily by larger multifamily developments, The McLellan Triplex is one of just a few 2-4 unit properties on the street, yet still possesses Phoenix’s “max-density” R-5 Zoning. With a 23,082 square foot lot (0.53 AC), R-5 Zoning in Phoenix allows up to 23 units to be built, so investors could add several additional units to the existing structures, or completely redevelop the site as luxury apartments or affordable housing units.
With immediate freeway access and close proximity to the newly expanded and updated light rail, tenants have quick commutes throughout the city and are extremely close to popular retail, entertainment, healthcare, Grand Canyon University and major
Phoenix employers.
Property Details
- Class
- C
- Year Built/Renovated
- 1934/2023
- Stories
- 1
- Lot Size (sq. ft)
- 23,087 SF
- Units
- 3
Highlights
- Operational and physical value-add opportunities
- Gated/fenced lot with ample resident parking
- R-5 “High-Density” Zoning, City of Phoenix
- Loss to lease as units are currently under market rates
- Ability to renovate further to realize rental premiums in the submarket
- Large storage areas for each unit
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