This Multifamily Property is Off-Market.

15425 N. 25th Street
Phoenix, AZ 85032 ·

50 Units · Multifamily For Sale

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Greenway Landing North

Price N/A Property Use Type Investment
No. Units 50 Cap Rate 8.84%
Building Size 40,000 SF Occupancy 90%
Property Type Multifamily No. Stories 2
Property Sub-type Garden/Low-Rise Year Built 1987
Listing ID: 17481262 Date Created: 01/11/2012 Last Updated: 07/11/2012

Description

1987 Construction, All 2 Bedrooms, Individually Metered. Greenway Landing North is a 50-unit apartment community located just north of the North Mountain Preserve in Phoenix, AZ. The North Mountain Submarket is one of the most attractive submarkets for Phoenicians to work and play with many trails for hiking and biking. The landmark peak on North Mountain has great panoramic views of the Phoenix skyline from its summit. The North Mountain region also offers a variety of employment opportunities including real estate, finance, service, hospitality and technology.

Greenway Landing North is a garden-style community constructed in 1987 with pitched roofs and is individually metered for electricity. The community consists of all two-bedroom floor plans that have been recently updated by current ownership. Renovations include ceramic tile flooring, refrigerators, dishwashers, stove/ovens, water heaters, cabinets, countertops, interior and exterior paint. Community amenities include a swimming pool, covered parking, laundry facilities, and a playground. Current ownership has stabilized the property by making capital improvements and increasing the occupancy since purchasing the property distressed in February of 2010. The rents are well below market and there is tremendous upside and the ability to add value and increase cash-flow with bringing the rents up to market.

*Adjacent to Greenway Landing North is Greenway Landing South offering 40 units. The Greenway Landing properties may be purchased as a combined package totaling 90 units or purchased individually.

Highlights

  • All 2 Bedroom, Garden Style Community
  • 1987 Construction, Individually Metered
  • Recent Capital Improvements
  • Pitched Roofs, Covered Parking
  • Tremendous Rent Upside
  • Dynamic North Mountain Preserve Location

Research

15425 N. 25th Street, Phoenix, AZ 85032 (Maricopa County)

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