Santa Cruz Villas 1735 W Cortez St 26 Unit Apartment Building $4,800,000 ($184,615/Unit) 6.55% Cap Rate Phoenix, AZ 85029

Santa Cruz Villas is a 26-unit community situated on Shaw Butte offering residents tremendous mountain views and trailheads are minutes from their doorstep. Shaw Butte is within the Phoenix Mountain Preserve that has over 20 miles of hiking, biking, and horseback trails for residents to enjoy. Santa Cruz Villas is comprised of all large 2 Bedroom units providing a significant advantage over competing properties in the submarket. The community was constructed in 1986 of frame wood construction and is individually metered for electric. Given the age of construction, the plumbing and electric are built to modern standards. This includes copper plumbing supply, abs sewer lines and 100-amp electric panels without aluminum branch wiring. Each of the units were built with each unit having washer/dryer hook-ups and currently each unit has installed stackable washer/dryers. This significantly adds to the resident living experience via the efficiency and convenience of doing laundry in their own home. Properties that have in-unit washer/dryer typically achieve $100-150 rent premiums over competing properties.
Santa Cruz Villas was renovated and upgraded in 2022 with quality capital improvements to the unit interiors and exterior, greatly enhancing the resident living experience. Recent interior improvements include modern 18” ceramic tile, new cabinets, countertops, stainless steel under mount sinks with modern stainless steel gooseneck faucets, new appliances including dishwashers and built in microwaves, new blinds, new modern lighting fixtures, remote control modern dual draft ceiling fans and in unit washer and dryers were installed. In the bathrooms, 12” x 24” tiled showers with inlay compliment the new modern vanities with quartz countertops, new low-flow toilets and modern faucets and lighting fixtures. Recent exterior improvements include new two-tone exterior paint/trim, new attractive low-maintenance landscaping with native Arizona plants, cactus, and desert palms.
Santa Cruz Villas is just one block from major office and industrial parks including Karsten Industrial Park(Home of Headquarters of world renowned Ping Golf), Metro Research Center, Hewson/Copley Northwest, and Black Canyon Commerce Center. Employers within these business parks include Mass Mutual Financial Group, Infosystems, Accredo Health Group, APS, and Terra Staffing Group.