$3,999,000
Phoenix, AZ 85008
MLS# 6921463
1 / 58
Property Description
Tropicana Apartments is a well-positioned, mostly renovated 20-unit multifamily community in the desirable Papago submarket of Metro Phoenix. Built in 1979 on 1.31 acres, the property offers 14,960 square feet of rentable space with a mix of floor plans averaging 748 square feet. Since 2020, the property has benefited from more than $420,000 in capital improvements, including pool refinishing, upgraded landscaping, new appliances, cabinetry, countertops, entry gate enhancements, and the installation of 15 new HVAC units, among other updates.
Details
Contract Info
Ownership: Fee Simple
Current Price: $3,999,000
List Price: $3,999,000
Status: Active
List Date: 2025-09-04
Location, Tax & Legal
Assessor's Map #: 21
Legal Description (Abbrev): ORANGEDALE TR PT LOT 12 BEG 175.83' S OF NE COR W 175.91' TO PT BEG W 456.29' WH IS 15' E FR &
Assessor's Parcel #: 11
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 111201
Taxes: 8436
Legal: ORANGEDALE TR PT LOT 12 BEG 175.83' S OF NE COR W 175.91' TO PT BEG W 456.29' WH IS 15' E FR &
Marketing Name: Tropicana Apartments
House Number: 2011
Compass: N
Street Name: 51ST
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85008
Zip4: 4238
County Code: Maricopa
Subdivision: ORANGEDALE TRACT 1,2, & 7,8
Assessor Number: 126-21-011
Tax Year: 2024
General Property Description
# of Buildings: 3
Uncvrd Parking Spcs: 25
Lot Size Dimensions: N/A
Flood Zone: No
Total # of Units: 20
Elementary School District: Balsz Elementary District
High School District: Phoenix Union High School District
Year Built: 1979
Zoning: R-3
Legal Info
Range: 4E
Section: 32
Township: 2N
Lot Number: 12
Project Type
13 - 24 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Other (See Remarks): 1
Roofing
Composition: 1
Floors
Ceramic Tile: 1
Sale Includes
Building(s) Only: 1
Land & Building: 1
Pool Equipment: 1
Laundry Equipment: 1
Income & Expenses
Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 8436
Other Income: 28178.63
Vacancy Allowance: 0.06
Adjusted Gross Inc: 380567.11
Pmt & Rate Info
Cap Rate: 6.69
Equity: 3999000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Showing Notification Methods
Showing Service: No Showing Service Used
Text: 1
Email: 1
Phone Call: 1
Lockbox Type
None: 1
Community Features
Pool: 1
Barbecue: 1
Heating
Ceiling: 1
Heat Pump: 1
Electric: 1
Individual: 1
Cooling
Ceiling Fan(s): 1
Central Air: 1
Electric: 1
Individual: 1
Exterior Amenities
Landscape Water System: 1
Desert Landscaping: 1
Fenced: 1
Partially Fenced: 1
Separate Storage: 1
Interior Features
Unfurnished: 1
Fire/Smoke Alarm(s): 1
Tenant Pays
Electricity: 1
Appliances Included
Built-In Electric Oven: 1
Dishwasher: 1
Disposal: 1
Free-Standing Electric Oven: 1
Refrigerator: 1
Built-In Range: 1
Washer/Dryer: 1
Road Access Type
Dedicated Street: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Projected Proforma: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Sewer-In & Connected: 1
Parking Features
Garage: 1
Free: 1
On Street: 1
>1 Space Per Unit: 1
Paved: 1
Electric
SRP: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
Pool Maintenance: 1
New Financing
Cash: 1
Conventional: 1
No Carry: 1
1031 Exchange: 1
Reports/Disclosures
None: 1
Environmental
None: 1
Efficiency Units
# Efficiency Units: 1
Avg Rent: 1009.93
Avg SqFt: 350
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 16
Avg Rent: 1420.8
Avg SqFt: 700
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 2
Avg Rent: 1575
Avg SqFt: 855
# Baths: 1
3 Bedrooms Units
# 3 Bedroom Units: 1
Avg Rent: 2283.75
Avg SqFt: 1650
# Baths: 2
4 Bedrooms Units
Avg Rent: 0
Remarks Misc
Cross Street: 51st Street & McDowell
Geo Lat: 33.469698
Geo Lon: -111.971136
Income Expenses
Gross Annual Sch Inc: 376680
Net Operating Income: 267579.9
Property Features
Project Type: 13 - 24 Units
Construction: Block
Const - Finish: Painted; Other (See Remarks)
Roofing: Composition
Floors: Ceramic Tile
Sale Includes: Building(s) Only; Land & Building; Pool Equipment; Laundry Equipment
Community Features: Pool; Barbecue
Exterior Amenities: Landscape Water System; Desert Landscaping; Fenced; Partially Fenced; Separate Storage
Interior Features: Unfurnished; Fire/Smoke Alarm(s)
Appliances Included: Built-In Electric Oven; Free-Standing Electric Oven; Built-In Range; Refrigerator; Dishwasher; Disposal; Washer/Dryer
Heating: Ceiling; Individual; Heat Pump
Cooling: Ceiling Fan(s); Electric; Individual; Central Air
Water Source: City Franchise
Sewer: Sewer - Public; Sewer-In & Connected
Electric: SRP
Gas: None
Parking Features: Garage; On Street; >1 Space Per Unit; Free; Paved
Road Access Type: Dedicated Street
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping; Pool Maintenance
Tenant Pays: Electricity
Source of Fincl Data: Owner; Projected Proforma
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: None
New Financing: Cash; Conventional; No Carry; 1031 Exchange
Environmental: None
Listing Office: Orion Investment Real Estate
Last Updated: October - 01 - 2025
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