1229 N 35TH Street, Phoenix, AZ 85008

$3,300,000

Property Type: Multiple Dwellings Bedrooms: 28 Baths: 14 Status: Active

Current Price: $3,300,000 Last Modified: 10/19/2026

Overview

Description

A 14-unit apartment community in one of Phoenix's most accessible central locations. Every unit is a two-bedroom one-bath residence, and 12 units have been remodeled recently. The major building systems have also been updated: all air conditioners and water heaters were replaced within the past five years. That gives a new owner a well-maintained asset with limited near-term capital needs to step into a turn key business. The property also has clear, built-in upside. Current rents are about 10-15% below market, so an owner can increase income through rent adjustments. Most tenants are on a month-to-month lease, which lets a buyer move rents to market on their own timeline. The residents are long-term, which points to stable occupancy and a community people choose to stay in. Eight units h

Supplements: have their own washer and dryers and the rest of units use onsite community laundry. The property also includes vacant land with room for an additional fourplex. That gives an investor a path to grow the unit count from 14 to 18 and boost long-term returns through new construction. The location is just south of McDowell Road with quick access to th ... (Read more)

Listing Details MLS# 7095112

Location, Tax & Legal

House Number: 1229
Compass: N
Street Name: 35TH
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85008
Zip4: 5248
Country: US
County Code: Maricopa
Assessor Number: 121-03-021-C
Tax Year: 2025
Assessor's Map #: 3
Legal Description (Abbrev): BEG NE COR NW4 SEC 1 TH S 963F TPOB TH W 543F TH S 86F TH E 543F TH N 86F TO POB EX E 40F TH/OF RD
Assessor's Parcel #: 21
Assessor Parcel Ltr: C
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 113601
Taxes: 5099
Legal: BEG NE COR NW4 SEC 1 TH S 963F TPOB TH W 543F TH S 86F TH E 543F TH N 86F TO POB EX E 40F TH/OF RD
Marketing Name: 14 Unit Apartment Communi

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: IRR
Year Built: 1987
Uncvrd Parking Spcs: 33
Total # of Units: 14
# of Buildings: 6
Zoning: MULTI
Elementary School District: Creighton Elementary District
High School District: Phoenix Union High School District

Remarks Misc

Cross Street: 35TH ST & MCDOWELL
Directions: South of McDowell on 35th St to property on Left. Across Street from Elementary School

Legal Info

Township: 1N
Range: 3E
Section: Yes

2 Bedroom Units

# 2 Bedroom Units: 14
Avg Rent: 1300
# Baths: Yes

More Information

Structure

Bedrooms Total: 28
Bathrooms Total: 14

Income Expenses

Gross Annual Sch Inc: 210203
Net Operating Income: 173630

Showing Notification Methods

Showing Service: Aligned Showings

Contact Info

List Agent Home Phn: 480-363-2820

Project Type

5 - 12 Units: Yes

Efficiency Units

Avg Rent: 0

1 Bedroom Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Construction

Block: Yes

Const - Finish

Stucco: Yes

Roofing

Composition: Yes

Floors

Vinyl: Yes
Carpet: Yes

Sale Includes

Land & Building: Yes

Income & Expenses

Annual Elec Exp: 1373
Annual Ins Exp: 6080
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 0
Annual Trash Exp: 4380
Annual Wtr/Swr Exp: 9415
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 26347
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 210203

Pmt & Rate Info

Cap Rate: 5.26
Down Payment: 0
Equity: 3300000
Down Payment %: 100
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Lockbox Type

None: Yes

Community Features

No Pool: Yes

Heating

Electric: Yes

Cooling

Electric: Yes

Exterior Amenities

Curb(s) & Gutter(s): Yes
Patio/Balcony: Yes

Tenant Pays

Electricity: Yes
None: Yes

Appliances Included

Free-Standing Electric Oven: Yes
Refrigerator: Yes

Road Access Type

City Street: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

>1 Space Per Unit: Yes

Electric

SRP: Yes

Gas

None: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes

New Financing

Conventional: Yes
Other (See Remarks): Yes

Existing 1st Loan

Conventional: Yes

Existing 1st Loan Type

Not Applicable: Yes

Existing 1st Loan Terms

Not Applicable: Yes

Existing 2nd Loan

Treat as Free&Clear: Yes

Existing 2nd Loan Type

Not Applicable: Yes

Existing 2nd Loan Terms

Not Applicable: Yes

Existing 3rd Loan

Treat as Free&Clear: Yes

Existing 3rd Loan Type

Not Applicable: Yes

Reports/Disclosures

None: Yes

Existing 3rd Loan Terms

Not Applicable: Yes

Environmental

None: Yes

Existing Othr Ln Trm

Not Applicable: Yes

Property Features

Project Type: 5 - 12 Units Construction: Block Const - Finish: Stucco Roofing: Composition Floors: Vinyl; Carpet Sale Includes: Land & Building Community Features: No Pool Exterior Amenities: Curb(s) & Gutter(s); Patio/Balcony Appliances Included: Free-Standing Electric Oven; Refrigerator Cooling: Electric Water Source: City Franchise Sewer: Sewer - Public Electric: SRP Gas: None Parking Features: >1 Space Per Unit Road Access Type: City Street Road Surface Type: Asphalt Owner Pays: Water; Trash Collection Tenant Pays: Electricity; None Source of Fincl Data: Owner Lockbox Type: None Existing 1st Loan: Conventional Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Not Applicable Existing 2nd Loan: Treat as Free&Clear Existing 2nd Loan Type: Not Applicable Existing 2nd Loan Terms: Not Applicable Existing 3rd Loan: Treat as Free&Clear Existing 3rd Loan Type: Not Applicable Existing 3rd Loan Terms: Not Applicable Existing Othr Ln Trm: Not Applicable New Financing: Conventional; Other (See Remarks) Environmental: None

Documents

T12 Financials ›

Rent Roll ›

Listing Office: eXp Realty

Office Phone: 888-897-7821

Office Email: az.broker@exprealty.net

Last Updated: October - 19 - 2026