All neighborhoods below are very good rental areas. This means that vacancy rates tend to be lower and rents are at or above the growth pace of the general metro market. They are all located near shopping, schools and importantly transportation whether it be public or freeways and major arteries.
Also, most are in neighborhoods that have held their value well during the latest market correction. Some properties in the neighborhoods below also have the potential for redevelopment. That means either through improvement or rebuilding the highest and best use of he land has not been utilized.
1. North Central Phoenix.
This would include the zip codes of 85012,85013,85014 and parts of 85020. Besides being a very in-demand area for homes there are small multifamily properties, some in groups and some individually, mixed in.
Read more about North Central Phoenix.
Properties in the area of town are older. It's rare to find newer homes and there are no newer multifamily properties even though there is a demand for it.
A normal triplex or fourplex would be built in the 50's or 60's and a few in 70's and 80's in 85020. The typical multifamily property will look almost like the ranch homes surrounding it. Often you have to count doors to even tell the difference. Lots tend to be larger which enables some units to have individual yards or even pools.
Take a look at the multifamily units on Rose Lane. Some of them are good examples of mid-century modern homes.
The neighborhoods are lush and green with lots of mature flora. Besides that, North Central Phoenix is in the midst of urban Phoenix; there is no shortage of restaurants, coffee shops and entertainment. Also, the major employment centers are easily accessible making it very popular with tenants as well as owners.
2. Arcadia.
Arcadia is zip code 85018. This amongst the few neighborhood in Phoenix where prices increased over last year. It has many of the same characteristics as North Central Phoenix but is further east and has more in common with Scottsdale then Midtown Phoenix, though access to major destination is better; these include Downtown Scottsdale and the airport. Arcadia has a mix of housing stock.
You'll find homes in the lower price brackets and as well as multi-million dollar homes on huge acre lots. Arcadia is also close to the Botanical Garden the ZOO and Camelback Mountain.
Multifamily properties, here, tend to be bundled. A large selection is from 32nd st to 40st north of Indian School at Glenrosa and Monterosa. There are several streets almost exclusively with small multifamily properties from duplexes to fourplexes.
Since this is a very much in demand area he rents are higher and this is reflected in prices. A good fourplex will cost well over $400,000 but there beautiful owner occupied duplexes priced over $500,000 as well.
Another set of fourplexes is in lower Arcadia about Thomas and 44th St. Other properties are mixed in individually.
3. Historic Phoenix Neighborhoods
The historic neighborhoods like Medlock Place, Roosevelt or Windsor Square amongst others have multifamily properties as well. You'll find some craftsman style duplexes in the Roosevelt Historic District or some small complexes in Medlock Place.
Many of these properties are much older then in North Central Phoenix or Arcadia. Some are from the 30's and 40's
Of course there are other neighborhood that have multifamily properties that have some of the criteria mentioned above; Central Glendale, Tempe and South Scottsdale come to mind.
If you have very specific details please submit them via our buyer form and we'll create a customized search for you. Visit our Phoenix multifamily blog at Arizona Apartment Investor for more in-depth information abut investing in income apartments in Greater Phoenix or you can always ask us questions by phone or our contact form.
