Coronado Apartments is a 13-unit garden-style apartment community located in a highly desirable east Phoenix location that has recently been extensively renovated and repositioned with premium finishes. The property is made of block construction with pitched composition shingle roofs and is individually-metered for electricity.
The unit mix is comprised of all two and three-bedroom floor plans that are spacious, well designed and range in size from 900 to 1,000 square feet. Unit interiors feature fully appointed kitchens with white shaker style cabinetry, granite counter tops, decorative glass tile backsplashes, full-size stainless steel electric appliances, including smooth cooktop stoves, dishwashers and built-in microwaves. The units also include porcelain tile flooring, ceiling fans, vertical blinds, contemporary bathroom vanities with premium plumbing fixtures, porcelain tile shower surrounds, low-flow toilets, raised panel doors and in-suite stackable washer and dryers.
The property is situated on approximately 0.82 acres and is professionally landscaped with faux turf and mature shade trees. Exterior amenities include all new dual pane windows, solid core exterior doors, newly painted exterior with decorative brick trim, attractive hardscaping with pavers, seating area and updated exterior LED lighting.
Coronado Apartments offers an investor the rare opportunity to acquire an extensively renovated asset located in a dynamic east Phoenix location. In the fourth quarter of 2018, the submarket average rents averaged $1.26 per square foot and have increased 6% over the last year. Numerous economic forecasts project metro Phoenix to lead major western markets in employment and population growth through 2019, offering an investor a unique opportunity through continued rental increase.
