1805 E Indian School Rd
Phoenix, AZ 85016
Biltmore Flats · Multifamily Property For Sale · 12 Units

1805 Flats is a 12-unit boutique apartment community located in a dynamic Central Phoenix neighborhood that was renovated and repositioned with premium ?nishes in 2017. The property is made of block construction with pitched composite shingle roofs and is individually-metered for electricity. The unit mix is comprised of studio and one-bedroom ?oor plans that are spacious, well designed and range in size from ±410 to ±710 square feet. The interiors have been extensively renovated and feature an urban industrial-chic style with open shelving, butcher-block counter tops and stainless-steel gas appliances. Additional unit features include industrial light ?xtures throughout, wood-plank vinyl ?ooring, contemporary bathroom vanities with premium lighting, ceramic tile showers, low-?ow toilets and spacious walk-in closets. The property is situated on approximately 0.71 total acres and includes a European-style courtyard area, on-site laundry facilities and gated entry with controlled access. 1805 Flats offers an investor the opportunity to acquire an extensively renovated asset located in a dynamic Central Phoenix location priced below replacement cost. In the fourth quarter of 2018, the submarket rents averaged $1.45 per square foot, 15% higher than the metropolitan Phoenix average. Furthermore, the average submarket vacancy has decreased by 262 points over the last year, signi?cantly greater than the metropolitan average. 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.