Aire Libre Apartments
- 80 Total Units, Completed in 1985
- Majority Two-Bedroom Unit Types (75%), 729 SF Weighted Average
- Individually Metered for Electricity & Individual HVAC’s / Hot Water Heaters
- Value-Add Opportunity (Only Five Units With Washer / Dryer Hook-Ups & Appliances)
- Long-Term Ownership Since 2017
- Conveniently Located in North Phoenix Near Major Thoroughfares (SR 51 and Loop 101 Freeways)
- Offered All Cash / New Loan or Assumption of Fannie Mae Loan, ~$6.4M Current Loan Balance, 3.04% Interest Rate, Maturing in June 2030
Property Description
- Aire Libre Apartments is an 80-unit garden-style apartment community located in the northeast submarket of Phoenix, AZ. Situated just off of the intersection of two major thoroughfares, 32nd Street and Bell Road, residents enjoy direct access to all areas of the Phoenix Valley by way of the Piestewa Freeway (State Route 51), the Pima Freeway (Loop 101), and the Black Canyon Freeway (Interstate 17). In addition, there are numerous dining and entertainment options in close proximity to the property, including Desert Ridge Marketplace, one of the most popular retail power centers in the Phoenix Metro with 1.2 million square feet of retail space and the Kierland Commons, an upscale lifestyle center featuring more than 70 high-end specialty stores and restaurants on 437,000 square feet in an upscale main-street format.
- Built in 1985, the property is constructed from wood frame and stucco. The unit mix consists of one studio unit, 19 one-bedroom / one-bath units, and 60 two-bedroom / one-bath units with a weighted 729 SF average. Each unit is individually metered for electricity and equipped with air conditioning / heating, refrigerator, garbage disposal, range / oven, vinyl wood flooring, as well as cable and high speed internet access. The community also provides its residents with a swimming pool, spa, laundry facility, children’s playground, barbecue grills and picnic area, as well as ample open and covered parking.
- Significant nearby employers include the Mayo Clinic, Paradise Valley Community College, Abrazo Scottsdale Campus, Deer Valley Airport / Airpark, Farmers Insurance, American Express, USAA, Discover, and PetSmart.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Price: | $12,000,000 |
| No. of Units: | 80 |
| Year Built: | 1985 |
| Building Size: | 58,323 Sq ft |
| Lot Size: | 3.05 Acres |
| No. of Stories: | 2 |
| APN: | 214-31-015C, 214-31-018E |
| Opportunity Zone: | No |
| Price per unit: | $150,000 |
| Parking Spaces: | 132 |
| Property Website | Click Here |
FINANCIAL DETAILS
| Income/expense info: | Pro Forma |
|---|---|
| Financial year: | 2026 |
| Effective Gross income: | 1130185 |
| Operating expenses: | 438910 |
| Net operating income: | 691275 |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Tyler Bruggman | 602.714.1834 | [email protected] |
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Cap Rate Calculation
Step 4Final Deal Analysis
Similar Properties in the Area
Brokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout