Historical Multifamily Sale Listing - Greenway Landing North

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Greenway Landing North

15425 N. 25th Street, Phoenix, AZ 85032

N/A

50 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
50
Building Size:
40,000 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Cap Rate:
8.84%
Occupancy:
90%
No. Stories:
2
Year Built:
1987
Listing ID
17481262
Last Updated
over 1 year ago

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

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.

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

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Created 1/11/2012