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John Herkenrath

Epique

johnherkenrath@epiquerealty.com +1(310) 221-2910

$2,125,000

Est. payment - /mo

29 Beds

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UPDATED:

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Subdivision Mountain Springs Terrace Condominium

MLS Listing ID 6770068

Bedrooms 29

Maintenance Fees $6,000

Year Built 1983

Annual Tax Amount $3,960

Tax Year 2024

Lot Dimensions unknown

Source Arizona Regional Multiple Listing Service (ARMLS)

Property Description

17-UNIT VALUE-ADD WORKFORCE HOUSING PORTFOLIO | $2,125,000 | Approx. $125,000 Per Unit. Not every investor is the right buyer for this portfolio and that's exactly the point. This 17-unit workforce housing portfolio consists of individually deeded condominium units within Mountain Springs Terrace and is being offered as a single investment opportunity. The portfolio includes eleven 2-bedroom plus den/2-bath units, five 1-bedroom plus den/1-bath units, and one 3-bedroom/1-bath unit. (The den functions as a bedroom but does not have a window.) Offered at $2,125,000 approximately $125,000 per unit this is a value-add opportunity designed for investors who understand cash flow, operational improvements and long-term appreciation rather than turnkey perfection. The projected income profile offers the type of risk-adjusted return experienced investors often seek in workforce housing assets, recognizing that stronger returns typically accompany opportunities requiring active ownership and thoughtful management. This is an unwarrantable condominium community, making conventional residential financing challenging. The ideal purchaser will be an experienced investor utilizing commercial financing, cash, a 1031 Exchange, private capital, or other investment strategies appropriate for this asset class. Many units have been renovated over time, and every residence includes its own washer and dryer an amenity that continues to attract long-term tenants. The community offers covered parking, a swimming pool, on-site management office, barbecue area, and convenient access to major employment corridors, shopping, Loop 101, SR-51, and public transportation. Investment Highlights: Individually deeded condominium ownership providing long-term ownership flexibility and multiple future exit strategies. Professionally managed HOA. Continued capital improvements and ongoing maintenance demonstrate proactive ownership. Strong demand for workforce housing in an established North Phoenix rental market. Every residence includes an in-unit washer and dryer. Attractive basis at approximately $125,000 per unit. This is not a passive investment. It is a portfolio built for investors who understand Class C workforce housing, recognize value-add opportunities, and appreciate the balance between operational involvement and long-term income potential. If you're looking for a pristine institutional asset, this isn't it. If you're looking for cash flow, upside, and know how to operate Class C workforce housing, let's talk.

Location

State AZ

County Maricopa

Community Mountain Springs Terrace Condominium

Area Maricopa

Zoning R5

Direction South on Cave Creek to Michigan Ave. Complex will be on the Right.

Interior

Heating Individual, Electric

Cooling Central Air, Ceiling Fan(s), Electric

Flooring Vinyl

Appliance Built-In Range, Dishwasher, Refrigerator, Microwave, Washer/Dryer

Exterior

Parking Features Other, >1 Space Per Unit, 1 Space/Unit, Carport

Community Features Barbecue, Manager Res/Office, Pool

Roof Type Built-Up

Private Pool Yes

Building

Sewer Public Sewer

Water City Franchise

New Construction No

Schools

Elementary Schools Echo Mountain Primary School

Middle Schools Vista Verde Middle School

High Schools North Canyon High School

School District Paradise Valley Unified District

Others

Senior Community No

Tax ID 214-07-044

Ownership Condominium

Acceptable Financing Owner May Carry, 1031 Exchange

Disclosures None

Listing Terms Owner May Carry, 1031 Exchange

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Listed by Coldwell Banker Realty • Amy D Brown

NEARBY SCHOOL & BUSINESS

"John takes great pride in helping his clients through every step of the buying and selling process. Leveraging two decades of experience in pre-construction, new home sales and market sales exclusive representation. his vast knowledge in brokering home sales within luxury communities and new developments has proven invaluable to his clients."

+1(310) 221-2910

johnherkenrath@epiquerealty.com

3435 E Thousand Oaks Blvd #6354, Westlake Village CA 91359

18202 Cave Creek Road #17units Phoenix, AZ 85032

John Herkenrath

Key Details

Location

Interior

Exterior

Building

Schools

Others

NEARBY SCHOOL & BUSINESS

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18202 Cave Creek Road #17units