Playton Place 3625 N 16th St 23 Unit Apartment Building $7,061,600 CAD ($307,026 CAD/Unit) 5.99% Cap Rate Phoenix, AZ 85016

Why the strong reduction in the offering price?
It’s an obvious question. Last year we listed the property for $5.75M to recoup 100% of the owner’s equity. So why drop the list to $5.2M. First – it has nothing to do with the property. The owners simply have family health issues and asked us to adjust the price to obtain a fairly quick sale.
Minimal expenses - The property was originally built in 1963 and used as an office complex. Four years ago, the previous owner replaced the entire interior of the buildings - essentially transformed to new, and keeping the strong slump block exterior. The interiors were overhauled with new walls, plumbing, electricals plus new roof-mounted, HVAC units. Each unit has stainless steel appliances, all electric kitchens, shaker cabinetry, polished concrete flooring, stacked laundry units and keyless, high security, door locks. Cash Flow Better than Standard Lender Underwriting - Please see the financials and note the 2025 actual cash flow compared to the lender proforma. The reason is simply that the almost new condition has less expenses than lenders typically underwrite.
Recent Appraisal and Opportunity - With the location, minimal expenses, and exceptional condition, plus a recent appraisal (March 2026) at $5.65M – Playton Place may be the best opportunity on the market.