Apartments in Chandler Arizona For Sale 42 Units

StatusActive
Price$6,300,000  + 4% Buyer Fee
No. of Units42
Building Size26,734 sq ft
Price per Unit$150,000
Price per sq ft$235.65
Lot Size0 sq ft
Property TypeMultifamily
Property SubtypeGarden/Low-Rise
Property Use TypeInvestment
Cap Rate6.01%
No. of Stories2
Parking Ratio/Spaces1.52/1,000
Year Built1973/2017
APN / Parcel ID302-49-224A

Highlights

Value-Add Opportunity Through Interior Renovations
Great Unit Mix of Two & One Bedrooms & Studios
Individually Metered for Electricity
Exterior Renovations Completed in 2017
Large Private Patios / Balconies & Backyards in Select Units
Located Near Downtown Chandler & Chandler Fashion Center

Property Description

Harmony Chandler Apartments is a 42-unit garden-style apartment community located near the downtown of Chandler, Arizona. Investors have an opportunity to add value through interior renovations and bringing rents to market. Currently, the property's market rents for one & two bedrooms are $882 and $1,062. Meanwhile, average submarket rents are $1,071 and
$1,264, respectively (a difference of $189 and $202).

The property was constructed in 1973 of wood frame and stucco and received a modern exterior renovation in 2017. The unit mix consists of (5) studio units, (20) one-bedroom / one-bath units and (17) two-bedroom / two-bath units. Each unit is individually metered for electricity and features a large patio/balcony and yards are available in select units. The community provides residents with spacious courtyard, dog park, tranquility garden,
covered parking, barbecue grills, ramada and laundry facility. The majority of buildings are single-level construction.
Residents enjoy direct access to all areas of the Phoenix Valley by way of the Price Freeway (Loop 101), San Tan Freeway (Loop 202) and Superstition Freeway (US Route 60). The Downtown Chandler area offers numerous dining, entertainment and recreational activities minutes from the community.

The evening vibe in Downtown Chandler is led by local dining favorites such as The Brickyard Downtown, SanTan Brewing Company and El Zocalo Mexican Grill. One of the most historical resorts is nestled in Downtown Chandler, The Crown Plaza Chandler Golf Resort which is adjacent to the public San Marcos Golf Course which was established in 1913 and recently received a multi-million-dollar renovation which is enjoyable for players of all
abilities. Harmony Chandler Apartments is also located near the Chandler Fashion Center; the Price Corridor where several major employers like Intel, Safelite, PayPal and Wells Fargo have large facilities; and the Arizona State University Research Park where the following major employers also have facilities: GoDaddy, Amazon, Edward Jones and Walgreens.

Financial Summary:

Income/Expense InfoActual
Effective Gross Income$532,862
Net Operating Income$378,729