18202 Cave Creek Road Unit 17units, Phoenix, AZ 85032
- $2,125,000
- 29
- BD
- 29
- BA
- List Price
- $2,125,000
- Price Change
- ▼ $255,000 1783646258
- Days on Market
- 666
- Status
- ACTIVE
- MLS#
- 6770068
- City
- Phoenix
- Bedrooms
- 29
- Bathrooms
- 29
- Subdivision
- Mountain Springs Terrace Condominium
- Year Built
- 1983
Property Description
17-UNIT VALUE-ADD WORKFORCE HOUSING PORTFOLIO | $2,125,000 | Approx. $125,000 Per Unit. Not every investor is the right buyer for this portfolio and that's exactly the point. This 17-unit workforce housing portfolio consists of individually deeded condominium units within Mountain Springs Terrace and is being offered as a single investment opportunity. The portfolio includes eleven 2-bedroom plus den/2-bath units, five 1-bedroom plus den/1-bath units, and one 3-bedroom/1-bath unit. (The den functions as a bedroom but does not have a window.) Offered at $2,125,000 approximately $125,000 per unit this is a value-add opportunity designed for investors who understand cash flow, operational improvements and long-term appreciation rather than turnkey perfection. The projected income profile offers the type of risk-adjusted return experienced investors often seek in workforce housing assets, recognizing that stronger returns typically accompany opportunities requiring active ownership and thoughtful management. This is an unwarrantable condominium community, making conventional residential financing challenging. The ideal purchaser will be an experienced investor utilizing commercial financing, cash, a 1031 Exchange, private capital, or other investment strategies appropriate for this asset class. Many units have been renovated over time, and every residence includes its own washer and dryer an amenity that continues to attract long-term tenants. The community offers covered parking, a swimming pool, on-site management office, barbecue area, and convenient access to major employment corridors, shopping, Loop 101, SR-51, and public transportation. Investment Highlights: Individually deeded condominium ownership providing long-term ownership flexibility and multiple future exit strategies. Professionally managed HOA. Continued capital improvements and ongoing maintenance demonstrate proactive ownership. Strong demand for workforce housing in an established North Phoenix rental market. Every residence includes an in-unit washer and dryer. Attractive basis at approximately $125,000 per unit. This is not a passive investment. It is a portfolio built for investors who understand Class C workforce housing, recognize value-add opportunities, and appreciate the balance between operational involvement and long-term income potential. If you're looking for a pristine institutional asset, this isn't it. If you're looking for cash flow, upside, and know how to operate Class C workforce housing, let's talk.
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Additional Information
- Elementary School
- Echo Mountain Primary School
- High School
- North Canyon High School
- Middle School
- Vista Verde Middle School
- Community Features
- Pool, Manager Res/Office, Barbecue
- Construction
- Wood Frame, Painted, Stucco
- Cooling
- Central Air, Electric, Ceiling Fan(s)
- Electric
- APS
- Heating
- Electric, Varies by Unit
- New Financing
- 1031 Exchange, Owner May Carry, Cash
- Parking Features
- 1 Space/Unit, Other, Carport, >1 Space Per Unit
- Roofing
- Built-Up
- Pool
- Yes
- Subdivision
- Mountain Springs Terrace Condominium
- Taxes
- $3,960
- Tax Year
- 2024
- Tenant Pays
- Electricity, Cable TV
- Units
- 17
- Water
- City Franchise
- Zoning
- R5
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Listing courtesy of Coldwell Banker Realty.
All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Copyright 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved.