Thom Slate on Colter Apartments

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Address: 2542 W Colter St, Phoenix, AZ 85017, USA, Phoenix, Arizona, US
Created date: October 25, 2023
Date last updated: November 17, 2023
  • 123 Units, Originally Developed in 1974, With Recent Extensive Renovations (Over $2,000,000 in Capital Improvements)
  • Exceptional Location Across From Grand Canyon University & Easy Access to Major Transportation Corridors (I-17, I-10, & SR-60 Freeways)
  • Master Metered for Electricity, Domestic Hot Water, & HVACs
  • Unit Mix Consists of Studio (48%) & One-Bedroom (52%) Unit Types
  • Workforce Housing & Affordable (Average In-Place Rental Rates ~$1,000)
  • Offered All Cash / New Loan
  • Available Individually or With Thom Slate on Thomas Apartments (130 Units in Phoenix, AZ)

Property Description

  • Nestled near the burgeoning economic powerhouse of Grand Canyon University, Thom Slate on Colter boasts a thriving community of 123 residences. This rare gem presents an extraordinary chance to acquire a high-performing, turnkey asset with a potential for further income growth through furnishing remaining units. Its location is a strategic nexus, with swift access to the Phoenix Valley via Interstate-17 / State Route 60, placing it minutes away from Downtown Phoenix, The Biltmore area, Deer Valley Airport, and State Farm Stadium.
  • According to 2022-2023 data, Grand Canyon University’s vibrant student body numbered approximately 25,000 on campus and 90,000 online, a tally of over 115,000 across all programs. Projections for 2024 estimate an on-campus population of 30,000 students, with 20,000 calling the campus their home. This academic titan has already funneled $480 million to enrich academics and student life and has plans to pump over $1 billion into a majestic 400-acre complex along 33rd Avenue and Camelback Road.
  • Thom Slate on Colter Apartments is an architectural mosaic of 123 stylishly designed units, sprinkled across 10 two-story structures that sport an array of vivid wood frame and stucco exteriors, crowned by pitched composition shingle roofing. The community stretches across a vast 2.37-acre landscape, hosting a blend of 59 compact studios and 64 cozy one-bedroom units, averaging 378 square feet.
  • A comprehensive renovation has transformed this property, introducing a cutting-edge rental office, new exterior paint, contemporary finishes and landscaping, and refreshingly modern unit interiors. Seize the opportunity to be part of this vibrant community, perfectly poised for future growth.

Key Property Information

Listing Status: Available
Multifamily type: Apartments
No. of Units: 123
Year Built: 1974
Building Size: 46,500 Sq ft
Lot Size: 2.37 Acres
No. of Stories: 2
APN: 153-20-026
Opportunity Zone: No
Property Website Click Here
Address: 2542 W Colter St, Phoenix, AZ 85017, USA


Income/expense info: Pro Forma
Financial year: 2024
Effective Gross income: 1582488
Operating expenses: 688283
Net operating income: 894206

Additional contacts

Full name Phone number Email address
Eddie Chang 602.714.1398 [email protected]

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