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Michigan Avenue Homes 2051 E Michigan Ave 6 Unit Apartment Building $3,959,060 CAD ($659,843 CAD/Unit) 7.07% Cap Rate Phoenix, AZ 85022
Investment Highlights
- These are single family homes all expenses paid for by the tenant. Water, Elect, etc
Executive Summary
2 Buildings at 2051 E. Michigan Ave,
2 Buildings at 2045 E. Michigan Ave
2 Buildings at 2041 E Michigan Ave,
Can sell 2, 4 or all 6.
These are single family homes being marketed for sale individually for $469,000 each.
A rental rate of $2750/mo for each unit is a conservative rental rate, but would list them for higher to start.
Electric and Water can be passed through to tenants, all sep metered.
NOI is listed as total GROSS Income
2 Buildings at 2045 E. Michigan Ave
2 Buildings at 2041 E Michigan Ave,
Can sell 2, 4 or all 6.
These are single family homes being marketed for sale individually for $469,000 each.
A rental rate of $2750/mo for each unit is a conservative rental rate, but would list them for higher to start.
Electric and Water can be passed through to tenants, all sep metered.
NOI is listed as total GROSS Income
Financial Summary (Pro Forma - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$279,962
|
$87.49
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$279,962
|
$87.49
|
| Net Operating Income |
-
|
-
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $279,962 |
| Annual Per SF | $87.49 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $279,962 |
| Annual Per SF | $87.49 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $3,959,060 CAD | Property Subtype | Apartment |
| Price Per Unit | $659,843 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 7.07% | Construction Status | Under Construction |
| Sale Condition | Bulk/Portfolio Sale | Building Size | 3,200 SF |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2026 |
| Price | $3,959,060 CAD |
| Price Per Unit | $659,843 CAD |
| Sale Type | Investment |
| Cap Rate | 7.07% |
| Sale Condition | Bulk/Portfolio Sale |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.16 AC |
| Construction Status | Under Construction |
| Building Size | 3,200 SF |
| No. Stories | 2 |
| Year Built | 2026 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2.5 | 6 | $3,994 CAD | 1,600 |
1 1
Fairly walkable
40/100
Very drivable
80/100
Limited public transit
20/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 214-71-154 | Improvements Assessment | $0 CAD (2025) |
| Land Assessment | $0 CAD (2025) | Total Assessment | $8,444 CAD (2025) |
Property Taxes
Parcel Number
214-71-154
Land Assessment
$0 CAD (2025)
Improvements Assessment
$0 CAD (2025)
Total Assessment
$8,444 CAD (2025)
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Michigan Avenue Homes | 2051 E Michigan Ave
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