PHOENIX, ARIZ. — This past week, Almeria 8, a cozy centrally located 8-unit apartment complex, sold for $800,000 or $100,000 per unit. Almeria 8 was constructed in 1966 and has eight 552-square foot one bedroom/one bathroom units total, five of which were newly renovated. All units have washer and dryer hookups and private patios. The property was fully occupied at the close of escrow, and it sold at above a 6.5% cap rate with ample value add opportunity.
Jackson Everhart and Zack Mishkin of ORION Investment Real Estate took the property from list to close in under 1 month, representing the Seller, Andre Golnazarian. Delux Realty represented the Buyers, Michael and Andrea Cabrera.
Almeria 8 is located just north of 32nd Street and McDowell Road, with convenient access to the I-17, I-10, and Loop-202. The property is a short drive to an abundance of job opportunities and entertainment and dining options in Downtown Phoenix, Midtown Phoenix, and Glendale. Almeria 8 is located in an opportunity zone.
Jackson Everhart commented on the transaction, “This property attracted a lot of attention from the market. We were able to get it closed in less than a month. Bite-sized multi-family deals are moving quick this year, as the market continues to heat up. If you have a similar investment property, now is a great time to sell."
To learn more, Jackson Everhart can be contacted at 480.530.3435.