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.