The DC is a 35-unit apartment community located in the heart of North Central Phoenix on a nice, clean, quiet street where many revitalization efforts are taking place. It is less than 1 mile from 3 different light rail stations with the closest one being less than a half-mile away. The Christown Spectrum Shopping Center is approximately 3/5 of a mile away, featuring Costco, Target, Walmart, Harkins Theaters, and the light rail Park & Ride. The property's central location allows residents to enjoy, with ease, so much of what Phoenix has to offer. With many dining (the famed 7th Street Restaurant Row is less than 2 miles away), shopping, and entertainment options, as well as multiple freeway access points within minutes, The DC is an extremely desirable property for residents. The DC sits in a very well-located neighborhood in the midst of revitalization and just underwent an extensive interior and exterior renovation. All but 4 units have been fully remodeled. The renovation model in place is proven and provides an opportunity for an investor to add value by executing that proven model on the 4 unrenovated units. The remodel consisted of new tile/wood vinyl flooring, cabinets, tubs and bath surrounds, fixtures, appliances, windows, some new roofs and A/Cs, exterior landscaping, and more. All units have an in-suite full-size washer & dryer and many have private, fenced yards. The property was built in 1963 and its vintage, mid-century charm is becoming increasingly more popular, especially in this north central submarket. The property features block construction and all of the units are large two-bedroom, 910+ square foot apartments. They are all individually metered for electricity. Additionally, the property is equipped with security gates for both automobile and pedestrian traffic, offering tenants an extra sense of security. This opportunity offers an investor a phenomenal asset with a solid in-place cap rate/income stream in a great location.
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Listing information last updated on August 25th, 2019 at 2:47am MST.