1010 E Maryland Ave
Phoenix, AZ 85014
Mirage · Multifamily Property For Sale · 15 Units

ARA is pleased to announce the availability of Mirage Apartments, a rare Mid Century Modern Opportunity in an A+ class location. The single story community has tremendous frontage and drive-by visibility on the northeast corner of Maryland Avenue and 10th Street. This vibrant infill location is within an area experiencing millions of dollars in gentrification efforts and residential revival that has led to unprecedented demand. Nearby buildings have undergone the adaptive reuse creating new local hotspots now serving as neighborhood eateries and nightlife destinations including The Yard, The Vig Uptown, Moto Sushi, Richardson' s, Z' Tejas, Luci' s Marketplace, Spinato' s. Mirage is ideally nestled between the 2 major employment corridors, the Central Business Corridor and the Camelback Corridor, both of which lie within 5 minutes of the community. These employment centers hosts a dynamic mix of premier office, high end retail and hospitality development serving as a focal point for business and entertainment activity in Phoenix. Mirage is within the Madison School District, the top rated school district in Phoenix and is directly across the street from Madison Traditional Academy. Mirage, with its Mid Century Modern exterior, can be redesigned to its ultimate potential. In addition to an exterior redesign, the low density nature of the property offers the opportunity to add not only patios but large private backyards as the majority of the units have dual entrances and abundant, open outdoor space. The single story community was built in 1969 and consists of 4 buildings centered around the courtyard and pool. Additional community amenities include a vintage shuffleboard court, individual storage lockers and covered parking. Mirage boasts a great unit mix of 1, 2 and 3 bedroom units and is individually metered with individual roof mounted AC' s. Current ownership has fully remodeled 3 of the units generating $300-$400 per unit in monthly rent premiums. Remodels include a modern tile, granite countertops, modern white cabinets, stainless steel appliances, stackable energy efficient washer & dryers, tiled showers, new vanities, brushed nickel hardware and fixtures, and breakfast bar and large pantries. 9 of the units have been partially remodeled and rents increased $100-$150 above previous rent levels. The remaining 3 units are original 1960 vintage condition