2339 W Northern Ave | Phoenix, AZ 85021
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2339 W Northern Ave
Phoenix, AZ 85021
Northern Terrace · Multifamily Property For Sale · 51 Units
Investment Highlights
- 82% Two-Bedroom Floor Plans Averaging 863 Square Feet
- High Visibility Community with Traffic Counts of 31,000 Vehicles per Day
- Rapidly Improving 19North Neighborhood Location with Proximity to the $850M Metrocenter Mall Redevelopment
- Fully Renovated Property with High Finish Levels
- Extremely Strong Submarket Fundamentals (Projected 2-year absorption rate over 99%)
Executive Summary
JLL is pleased to offer Northern Terrace, a 51-unit garden-style apartment community in the Central Phoenix submarket. Built in 1964, the property is made of block construction with built-up roofs and individually metered for electricity. Northern Terrace is situated on approximately 1.87 acres and features beautiful landscaping with lush turf, mature shade trees, and low-maintenance desert plants.
Northern Terrace provides a prospective investor the rare opportunity to acquire a fully renovated asset in a prestigious 19North neighborhood of Central Phoenix. Current units are listed under market value by over $115+ per unit. Northern Terrace can provide an increase of $ 70,000+ in monthly rental revenues once units are marked-to-market
with additional potential for growth from the high demand and barrier to entry of the property’s dynamic in-fill location in Central Phoenix.
Northern Terrace provides a prospective investor the rare opportunity to acquire a fully renovated asset in a prestigious 19North neighborhood of Central Phoenix. Current units are listed under market value by over $115+ per unit. Northern Terrace can provide an increase of $ 70,000+ in monthly rental revenues once units are marked-to-market
with additional potential for growth from the high demand and barrier to entry of the property’s dynamic in-fill location in Central Phoenix.
PROPERTY FACTS
| Price Per Unit | $278,849 CAD | Lot Size | 1.87 AC |
| Sale Type | Investment | Building Size | 42,574 SF |
| No. Units | 51 | Average Occupancy | 92% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1964/2023 |
| Apartment Style | Low Rise | Parking Ratio | 1.6/1,000 SF |
| Building Class | C |
| Price Per Unit | $278,849 CAD |
| Sale Type | Investment |
| No. Units | 51 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 1.87 AC |
| Building Size | 42,574 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built/Renovated | 1964/2023 |
| Parking Ratio | 1.6/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Heating
- Eat-in Kitchen
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Carpet
- Deck
Site Amenities
- Pool
- Grill
- Pet Play Area
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | - | 620 |
| 2+1 | 24 | - | 825 |
| 2+2 | 18 | - | 913 |
| 3+2 | 4 | - | 985 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 CAD | |
| Land Assessment | $7,096 CAD | Total Assessment | $256,089 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$7,096 CAD
Improvements Assessment
$0 CAD
Total Assessment
$256,089 CAD
zoning
| Zoning Code | R-5 |
| R-5 |
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