Paseo 51 Apartments

09-03-2021
09-09-2021

5215 W Peoria Ave, Glendale, AZ 85302

  • 116-Unit Community, Completed in 1986
  • Mix of One (68%) & Two-Bedroom (32%) Unit Types 
  • Individually Metered for Electric & Individual Roof Mounted HVAC’s
  • Master Boiler for Domestic Hot Water
  • Value-Add Opportunity Through Further Interior Renovations & LTOL Burn-off
  • Property Amenities Include Swimming Pool & Spa, On-Site Laundry Room, Package Lockers, Barbecue Grills, Covered & Open Parking, & Dedicated Leasing Office
  • Attractive Glendale Location Situated Minutes From Arizona State University West Campus
  • Offered All Cash / New Loan

Property Description

Paseo 51 Apartments is a 116-unit garden-style apartment community in the northern section of the South Glendale submarket of Glendale, Arizona. Built in 1986, the property consists of 7 rental buildings constructed of wood frame, stucco and flat roofing resting on a 4.07-acre site. The unit mix consists of 79 one-bed / one-bath units and 37 two-bed / two-bath units with a weighted average of 669 square feet. Common area amenities include: Swimming pool, spa,  laundry facility, picnic area and barbecue grills, Wi-Fi cafe, package lockers, on-site rental office, and covered / open parking.  

Unit Mix

Description No. of Units Sq ft. Avg. Monthly Rent
1 Bed / 1 Bath 56 580 $ 0
1 Bed / 1 Bath 23 630 $ 0
2 Bed / 2 Bath 37 828 $ 0

Key Property Information

Listing Status
Available
Multi-family type
Garden Style
No. of Units
116
Year Built
1986
Building Size
77,606 Sq ft
Lot Size
177,289 Sq ft
No. of Stories
3
APN
148-24-004L
Zoning Code
C-2
No. of Parking Spots
170
Opportunity Zone
Off
Price per unit
$ 0

Financial Details

Income/Expense Info
Pro Forma
Financial Year
2023
Effective Gross Income
$ 1,831,017
Operating Expenses
$ 515,909
Net Operating Income
$ 1,315,108
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