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.

AIM 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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