SOLD

10 Unit Multi-Family Property for Sale in Phoenix

Sale Price: $1,195,000

Patios on 23rd 6201 N 23rd Avenue, Phoenix, 85015

Patios on 23rd is a beautifully remodeled Ranch style apartment complex in a great neighborhood of Phoenix.
With terrific frontage on 23rd Ave north of Bethany Home, this lovely community also provides large and private patios for all 10 units.
This offering provides a buyer with a stable community and tremendous value upside with continued rent increases.
The North Phoenix sub-market is has great employment opportunities. General Dynamics, Blue Cross, United Health, Wells Fargo, Abrazo Healthcare, and Hospice of the Valley. The combination of strong demand and a lack of new supply has pushed vacancies to all-time lows in 2018. Data shows vacancy average 5.1%. Asking rents continue to increase at a pace of 6.5% over the past 12 months.
Extensive exterior renovations and improvements are complete. There is continued upside for rents for premium units and remaining classic units are ready for re-positioning and continued increase on income. This is a rare find in the sub-market.

Property Highlights:

Recently Renovated

Low Density, single story property

All apartment homes have private patios.

Vaulted ceilings

Premium units have private carports.

Convenient location, great neighborhood.

Arizona Investment & Management LLC

Professional Real Estate Services AZ LICENSE: LC645202000

2720 E. Thomas Road, Suite B270
Phoenix, AZ 85016
Phone: (602) 277-7368
Drew Gibson | Principal
Email: drew@aimlease.com

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