Don Carlos is a 14-unit garden-style apartment community located in a highly desirable north Tempe location that has recently been extensively renovated and repositioned with premium finishes. The property is made of block construction with built-up foam roofs and is individually-metered for electricity.
The unit mix is comprised of one and two-bedroom floor plans that are extremely spacious, well designed and range in size from 512 to 836 square feet. Interior unit amenities include fully appointed kitchens with white shaker style cabinetry with granite countertops, full-size stainless steel electric appliances, including smooth cooktop stoves, dishwashers and built-in microwaves. All interior units have tankless water heaters, porcelain tile shower surrounds and low-flow toilets. All units also have new ductless mini-split air conditioning/heating systems.
The property is situated on approximately 0.51 acres and is professionally landscaped with artificial turf and mature shade tress. Exterior amenities include an attractive courtyard, exterior lighting and an on-site laundry facility.
Don Carlos offers an investor the rare opportunity to acquire an extensively renovated asset located in a dynamic Tempe location. In the third quarter of 2017, the submarket averaged $1.37 per square feet, over 19% greater than the metropolitan Phoenix average. Furthermore, the average submarket vacancy decreased by 128 basis points over the last quarter, significantly greater than the metro Phoenix average. Numerous economic forecasts project metro Phoenix to lead major western markets in employment and population growth in 2017, offering an investor a unique opportunity through continued rental increase.
