2216 N 16th St
Phoenix, AZ 85006
Westwind Studios · Multifamily Property For Sale · 11 Units

Westwind Studios is an 11-unit, garden-style apartment community with an attractive urban design located in a desirable central Phoenix location. Built in 1946, the property is made of block construction with built-up roofs, and is master-metered for electricity. Studio units have individual mini-split HVAC systems. The unit mix is comprised of studio, one and two-bedroom/one bath floor plans that are spacious, well designed and average ±416 square feet. Most of the interiors have been renovated to include fully appointed kitchens with full-size stainless-steel appliances, Contemporary white shaker-style kitchen cabinetry with brushed nickel hardware, granite countertops, faux wood-plank vinyl flooring, contemporary bathroom vanities with premium lighting, white subway shower tile surrounds, low-flow toilets and dual pane windows. The property is situated on approximately 0.28 acres and is landscaped with low-water-use desert plants and mature shade trees. Westwind Studios offers an investor a unique value-add opportunity by establishing an interior/exterior upgrade program as well as purchasing in a submarket that has demonstrated strong effective rent growth. This leaves significant value-add potential for an investor to continue the improvements and capitalize on the rapidly increasing market rents. In the second quarter of 2018, the submarket average rents averaged $1.36 per square foot and have increased 7% 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.