Updated Dec 4, 2024
Stepp Commercial Represents Buyer In $7.5M Phoenix Multifamily Sale
1501 Grand Avenue
$7,500,000
Building Size
—
Asset Type
MultiFamily
Closing
May 29, 2024
About this deal
AI
The property involved in the transaction is a 60-apartment community located at 1501 Grand Avenue in Phoenix, AZ. The sale price for this multifamily asset was $7,500,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $7,500,000
- Address: 1501 Grand Avenue
- Market: Phoenix, AZ
Richard Butler from Marcus & Millichap represented the seller, Oasis TC LLC, in the $7.5 million sale of the 60-apartment community to 1501 Grand LLC. Stepp Commercial, based in Los Angeles, acted as the buyer's representative in this transaction.
Phoenix MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.12%
Cash-on-Cash
-0.60%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93