The DC is a 35-unit apartment community located in the heart of North
Central Phoenix on a nice, clean, quiet street where many revitalization
efforts are taking place. It is less than 1 mile from 3 different light rail
stations with the closest one being less than a half-mile away. The
Christown Spectrum Shopping Center is approximately 3/5 of a mile
away, featuring Costco, Target, Walmart, Harkins Theaters, and the light
rail Park & Ride. The property's central location allows residents to enjoy,
with ease, so much of what Phoenix has to offer. With many dining (the
famed 7th Street Restaurant Row is less than 2 miles away), shopping,
and entertainment options, as well as multiple freeway access points
within minutes, The DC is an extremely desirable property for residents.
The DC sits in a very well-located neighborhood in the midst of
revitalization and just underwent an extensive interior and exterior
renovation. All but 4 units have been fully remodeled. The renovation
model in place is proven and provides an opportunity for an investor to
add value by executing that proven model on the 4 unrenovated units.
The remodel consisted of new tile / wood vinyl flooring, cabinets, tubs
and bath surrounds, fixtures, appliances, windows, some new roofs and
A/Cs, exterior landscaping, and more. All units have an in-suite full-size
washer & dryer and many have private, fenced yards. The property was
built in 1963 and its vintage, mid-century charm is becoming
increasingly more popular, especially in this north central submarket.
The property features block construction and all of the units are large
two-bedroom, 891+ square foot apartments. They are all individually
metered for electricity. Additionally, the property is equipped with
security gates for both automobile and pedestrian traffic, offering
tenants an extra sense of security. This opportunity offers an investor a
phenomenal asset with a solid in-place cap rate / income stream in a
great location.
