2501 W Ocotillo Rd
Phoenix, AZ 85017
The Edge on Seventeen · Multifamily Property For Sale · 54 Units

The Edge on Seventeen is a 54-unit apartment community located in Phoenix, AZ. The property has great visibility and frontage just west of the Interstate-17 which provides residents convenient access to Downtown Phoenix just 10 minutes to the south. Nearby schools and parks, include SS. Simon & Jude Cathedral School, Bennett Academy, Montebello Elementary School, Washington Park and Mariposa Park. The community is also within 5 minutes of two major employment and entertainment centers with Christown Spectrum Mall and Metrocenter Mall. Furthermore, within 2 miles of the community is the booming Grand Canyon University, which has recently gone through a $100 million dollar renovation and has another $500 million dollar renovation planned in the upcoming years. This provides a tremendous benefit to the local submarket through added employment and educational opportunities. The Edge on Seventeen was constructed in 1982 of wood frame, with a stucco exterior, pitched roofs and is individually metered. The property has a great unit mix of 48 Two Bedroom/One Bath units and 6 One Bedroom/One Bath units. The 89% 2 Bedroom unit mix provides an investor a great advantage to maximize rent and offer majority 2 Bedroom units, which are in the highest demand. Community amenities include a pool and sundeck, on-site laundry facilities, on-site leasing office, and the community is gated. Current ownership purchased the property in 2014 and has done a number of improvements to the property including new exterior paint, signage, stacked stone outside office entry, reseal and stripe of parking lot, new landscaping throughout, and a majority of the units have been turned and partially upgraded with wood vinyl, painted cabinets, resurfaced countertops, appliances, and faucets and fixtures as needed. These improvements have resulted in an increase in rents of over $250 on average. Further upside in rents of $50-$100 could be achieved by an investor by implementing second generation interior upgrades. Those interiors upgrades include more modern finishes and colors as has been the trend with investors in the Central corridor and is now being pushed into the West Phoenix submarket. Furthermore, the units have the space and ability to add washer & dryers in the units, which is in high demand and could further push rent upside by $50. The Edge on Seventeen offers an investor a majority 2 bedroom unit community that has great frontage and visibility and has benefited from recent capital improvements by ownership while still providing a Buyer with further rental upside.