Off-Market 24 Unit Class B Apartment Building in Pinal County, AZ - 8% Cap Rate

Built in the late 1990's, this Class B 24-unit apartment complex is located in Pinal County, the second fasted growing county in the United States. From 2000 to 2010, the population increased nearly 110%, from 180,000 to 376,000. From 2010 to 2016, population in Pinal County grew an additional 11.4%.

Situated on 1.4 acres, the apartment complex consists of 2 one-story buildings and 1 two-story building with stucco exteriors and pitched shingled roofs. The property offers a unit mix of 16 two-bedroom units measuring 800 square feet each, and 8 three-bedroom units measuring 1,030 square feet each.

Community amenities include common area playground, basketball court, covered park benches, natural lawns, and covered parking. The in-unit amenities include a kitchen with a stove, dishwasher, and a refrigerator, as well as washer/dryer hook-up and separately metered central air conditioning and heating in each unit.

The property is currently 100% occupied, with a waiting list, and rents are significantly below market.

Gross scheduled rents are currently $168,000.

Net operating income in year 1 is projected to be over $85,000

The property is being offered at an 8% cap rate!

Purchase Price: $995,000.

Lender in place to provide financing to qualified individuals at 4.75% interest rate, 25% LTV, amortized over 30 years, with a 7-year balloon payment.

Email if interested.

All interested parties will be required to sign a Non-Disclosure/Non-Compete Agreement.