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1510 N 48th St
Phoenix, AZ 85008
New Horizons · Multifamily Property For Sale
·
51 Units
INVESTMENT HIGHLIGHTS
- 3.70% Fixed Rate Assumable Financing Due in 2031
- Value-Add/Revenue Enhancement Opportunity
- Excellent Access to High Volume Traffic Corridors
- 100% Large Two-Bedroom/Two-Bath Floor Plans with Private Patios
- Significant Mark-to-Market and Loss-to-Lease Potential
EXECUTIVE SUMMARY
JLL is pleased to present New Horizons, a 51-unit garden-style multifamily community in East Phoenix. Built in 1985, the property is made of wood-frame construction with brand-new built-up roofs and is individually metered for electricity. The property features an excellent unit mix of 100% two-bedroom/two-bath floor plans averaging ±950 square feet.
New Horizons offers an investor the rare opportunity to acquire a value-add boutique multifamily asset. With an upgrade package featuring new white shaker-style cabinetry, quartz countertops, brushed nickel fixtures and hardware, stainless steel appliances, and in-suite washer/dryers, the property can achieve rent premiums of $100 based on similar properties.
New Horizons benefits from excellent demand drivers including its proximity to the Biltmore-Camelback financial district and ±1.5 miles from the largest in-fill data center development in Phoenix by QTS located on 40th Street / McDowell. Furthermore, New Horizon’s location features excellent access to the Loop 202 and SR 143 freeways providing a direct commute to all of Metro Phoenix’s offerings of employment, entertainment, and retail.
New Horizons offers an investor the rare opportunity to acquire a value-add boutique multifamily asset. With an upgrade package featuring new white shaker-style cabinetry, quartz countertops, brushed nickel fixtures and hardware, stainless steel appliances, and in-suite washer/dryers, the property can achieve rent premiums of $100 based on similar properties.
New Horizons benefits from excellent demand drivers including its proximity to the Biltmore-Camelback financial district and ±1.5 miles from the largest in-fill data center development in Phoenix by QTS located on 40th Street / McDowell. Furthermore, New Horizon’s location features excellent access to the Loop 202 and SR 143 freeways providing a direct commute to all of Metro Phoenix’s offerings of employment, entertainment, and retail.
PROPERTY FACTS
| Price Per Unit | $214,706 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.39 AC |
| No. Units | 51 | Building Size | 48,450 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1985/2016 |
| Apartment Style | Low-Rise | ||
| Zoning | R4-A - residential | ||
| Price Per Unit | $214,706 |
| Sale Type | Investment |
| No. Units | 51 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.39 AC |
| Building Size | 48,450 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1985/2016 |
| Zoning | R4-A - residential |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Storage Space
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Walk-In Closets
- Quartz Countertops
SITE AMENITIES
- Controlled Access
- Laundry Facilities
- Gated
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+2 | 51 | - | 950 |
PROPERTY TAXES
| Parcel Number | 125-14-003 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $189,206 |
PROPERTY TAXES
Parcel Number
125-14-003
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$189,206
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