IN CONTRACT. CONTINGENT FREE. 6.21% Cap on Current. 7.55% Proforma Cap based on rents being increased from $421 average to proforma $475. See current rent roll and financials for current cap.
Dynamic Camelback Corridor Location
The community is located in one of the hottest rental neighborhoods in Metro Phoenix situated just south of the Indian School redevelopment corridor and the Biltmore and Camelback Corridor. Residents in this bustling location enjoy being in close proximity to some of the most popular and trendy restaurants and coffee shops, world class shopping and class A office space in the entire valley. One block north of the community is the Biltmore Fashion Park, located along the northeast corner of 24th Street and Camelback Road, containing 535,430 square feet of open-air shop space and many of renowned Fox Restaurants including True Food Kitchen, Zinburger, and Blanco Tacos + Tequila. Retailers within the Fashion Park include Saks Fifth Avenue, Macy’s, Ralph Lauren, Apple, J.Crew, Brooks Brothers, and Pottery Barn. Other neighborhood hotspots include the Town & Country with Whole Foods, Snooze, Hopdoddy, The Macintosh, and Pizzeria Bianco. Other surrounding attractions in the immediate area include the Arizona Biltmore Resort and Golf Club, The Wrigley Mansion, Royal Palms, and the Phoenician Resort and Spa.
Redevelopment Opportunity
Given Silver Sage’s R-3 zoning designation, current ownership has a site plan for a 19-unit townhome redevelopment spanning the 44,894 sqft lot. In addition, the Seller owns the adjacent 2 parcels to the East which are 9,000 sqft lot’s each and are available for sale with the potential to add an additional 9 townhomes. Combined, the 3 parcels total 62,894 sqft equating to 1.44 acres which would allow for a sizable 28-unit townhome redevelopment. As single-family home prices in neighborhood climb towards $1M, urban infill townhome developments in the Biltmore and Camelback Corridors represent a more affordable alternative, commanding sale prices for new townhomes in the $400,000 to $500,000 range.
