Townhomes on Polk 1341 E Polk St 5 Unit Apartment Building $2,861,636 CAD ($572,327 CAD/Unit) 5% Cap Rate Phoenix, AZ 85006

1341 East Polk Street is a five-unit multifamily property located in the Garfield Historic District, one of Phoenix’s most vibrant and walkable neighborhoods. Built in 2017, the community combines modern construction with a highly desirable location, offering residents immediate access to local shops, restaurants, and cultural amenities—all just 10 minutes from Pheonix Sky Harbor International Airport.
The property features a balanced unit mix of 80% three-bedroom/three-bath units and 20% three-bedroomtwo-and-a-half-bath units, catering to a wide variety of tenants seeking spacious layouts and functional design. Each residence includes highly attractive amenities such as a two-car garage, private balcony, and in-unit washer and dryer—features that distinguish the property from comparable rentals in the submarket.
Inside, the units offer contemporary finishes with open kitchens, ample natural light, and comfortable living spaces. While the property is relatively new, there is clear value-add potential through light cosmetic upgrades and modest rental increases. This creates an immediate pathway to enhancing income while keeping capital expenditures manageable.
From an operational standpoint, the property is individually metered for water and electricity, allowing for reduced owner expenses and improved efficiency. Combined with its strong physical features, desirable layouts, and prime location, 1341 East Polk Street presents investors with both stable in-place cash flow and significant upside potential in one of Phoenix’s most dynamic urban neighborhoods.