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ABI Multifamily Brokers Facilitate $2.6M Sale Of 20-unit Phoenix Multifamily Property

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SOLD
$2,600,000

Arizona

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MultiFamily
Sold 05/28/2024
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Property Image
SOLD

ABI Multifamily Brokers Facilitate $2.6M Sale Of 20-unit Phoenix Multifamily Property

6623 South 11th Street, 6627 South 11th Street, 6631 South 11th St. , 6624 South 11th Street & 6632 South 11th Street

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MultiFamily
Sold 05/28/2024
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Summary

ARIZONA
Asset Type:MultiFamily
Transaction Type:Sale

6623, 6627, 6631, 6624 & 6632 South 11th Street in Phoenix, AZ, was the site of a recent closed transaction involving the sale of 1011 Apartments, a multifamily community. The property was sold for $2.6 million, comprising a total of 20 units. This equated to a per unit price of $130,000. The deal was facilitated by Carson Griesemer & Mitchell Drake from ABI Multifamily. The buyer and seller, both undisclosed, are based in Arizona.

Summary of transaction details:

The involvement of ABI Multifamily's brokers, Carson Griesemer & Mitchell Drake, was crucial in finalizing the deal for the purchase of 1011 Apartments. The transaction, valued at $2.6 million, highlighted the expertise and negotiation skills of the real estate professionals in managing the sale of the multifamily property in Phoenix, AZ.

Players

Carson Griesemer
5 deals$27.1M volume
BROKER

Mitchell Drake
ABI Multifamily
5 deals$27.1M volume
BROKER

Details

SOLD
IMAGE: 05/28/2024 ADDRESS: 6623, 6627, 6631, 6624 & 6632 South 11th Street MARKET: Phoenix, AZ ASSET TYPE: Multifamily BROKERS: Carson Griesemer & Mitchell Drake - ABI Multifamily SALE PRICE: $2,600,000 UNITS: 20 ~ PPU: $130,000 NOTE: ABI Multifamily facilitated the $2.6 million sale of 1011 Apartments, a multifamily community in Phoenix, with both buyer and seller undisclosed but based in Arizona.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$138,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$9,237.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$12,325.33
Annual Debt Service$147,903.92