301-337 W Pasadena Ave
Phoenix, AZ 85013
Uptown 68 · Multifamily Property For Sale · 68 Units

INCREDIBLE UPTOWN LOCATION NEAR CAMELBACK AND CENTRAL Uptown 68 is located just northwest of Central and Camelback, which was named the “Hottest Intersection in Metro Phoenix” by the Urban Land Institute. This Vibrant infill location is embedded within an area experiencing hundreds of millions of dollars of gentrification efforts and a residential revival that has led to a sharp increase in rental demand, rental rates, and property values. ADJACENT “ARRIVE PHOENIX” REDEVELOPMENT WILL FURTHER BOLSTER RENTAL DEMAND Directly South and adjacent to Uptown 68 is the $20M redevelopment, ARRIVE Phoenix. Housed inside a pair of architecturally significant midcentury modern mid-rises located at 400 & 444 W. Camelback Road, Arrive Phoenix will combine both buildings into a singular and striking 79-room property. Arrive Phoenix will also host a boutique coffee shop, a poolside taco bar, a gourmet ice creamery, and a nautical-themed rooftop craft cocktail bar featuring sweeping 360-degree city views. Seamlessly stitched into neighboring The Newton project (mixed-use 18K SF redevelopment home to a bookstore/bar, Southern Rail restaurant, event space and more), Arrive Phoenix will transform this trio of restored midcentury gems into Uptown Phoenix’s first-ever dining, entertainment and urban hotel hub. ARRIVE Hotels & Restaurants are founded by Chris Pardo and Peter Karpinski who launched the ARRIVE brand and opened successful Hotel & Restaurant projects in Palm Springs, Austin, Memphis and Wilmington, NC. ARRIVE Phoenix will open in 2019 ICONIC UPTOWN PLAZA & NEIGHBORHOOD HOTSPOTS A SHORT 3 MINUTE WALK FOR RESIDENTS Just to the East of Uptown 68 lies the iconic Uptown Plaza at Central/Camelback. Built in 1955 and artfully restored in 2016 with wall to wall renovation dedicated to restoring this Mid-Century Modern gem to its former glory. The restored Uptown Plaza once again serves as a bustling, brick-lined heartbeat for all of North-Central Phoenix and features the same vibrant mix of local, regional, and national tenants that helped make this development such a success in previous decades. Those popular tenants include the grocery anchor AJ’s Fine Foods, Flower Child, Lou Malnati’s, Shake Shack, Creamistry and Huss Brewing. Other neighborhood hotspots that are a short walk for residents include Postino’s Central, Joyride Taco, Federal Pizza, Windsor, Churn, and Dutch Bros. LOCATED WITHIN MEDLOCK HISTORIC DISTRIC NEIGHBORHOOD ($500,000-$700,000 HOME VALUES) Uptown 68 is located within the Medlock Historic District. This historic neighborhood is the Valley of the Sun’s original suburban residential development. First opened to the public in 1926, Medlock Place was then 4 miles north of the edge of town. Today, many of the Medlock Place Historic District single family homes still reflect what Floyd Medlock, the area’s first developer, billed as living amidst “city conveniences with country delights.” This subdivision features large, half-acre lots and most of the homes are English Tudor Revival, Spanish Colonial Revival, or late Bungalow style providing immense charm in the neighborhood. LIGHT RAIL STATION A SHORT 3 MINUTE WALK FROM UPTOWN 68 The Light Rail Station at Camelback & Central provides a tremendous benefit to residents traveling to the Central Office Corridor, Downtown Phoenix, Sky Harbor International, Downtown Mesa and Tempe for work, school, and entertainment. Light Rail serves as an important link between communities and stimulates economic growth and revitalization for the region. Over 14 million riders use this transportation, making it the 12th busiest light rail in the country. VINTAGE MID CENTURY CHARM COUPLED WITH RETRO AND CONTEMPORARY FINISHES Uptown 68 offers beautiful apartment homes with all the modern modifications you are accustomed to seeing in a boutique style community. Complete with stainless steel appliances, white flat front cabinets, and quartz countertops, black and white diamond tiled backsplash, modern lighting and faucet fixtures, retro turquoise sinks and wood-inspired plank flooring. ADDITIONAL UPSIDE THROUGH VALUE-ADD TENANT AMENITIES Washer & Dryer: Rent premiums are being achieved on 9 units that have in unit washer and dryers. Several locations within the remaining units have been identified to add washer & dryers that can easily be tied in with existing plumbing. The Buyer has significant upside by adding washer and dryer in the balance of the units, resulting in an additional $100 rent bump. Individual Patios: Currently there is dead space in between the 4 buildings and along Pasadena and 3rd Avenue that could provide downstairs units individual patios providing residents with private outdoor space to enjoy. This improvement has been popular with investors and are in high demand with residents in this neighborhood. This improvement can provide an additional $100+ rent bump. Huge Maintenance/Storage Room that Provides Additional Income Options: Building 325 W. Pasadena has a huge maintenance room that measures roughly 600 SF that could be converted to a number of uses to benefit the community and/or provide additional income. Could be converted to a large studio or 1 bedroom unit(Uptown 69!) Could be converted to a fitness and/or yoga studio Could be converted to a cyber cafe Could be converted to tenant storage or bike storage Could be converted to an office IDEAL LOCATION FOR SHORT TERM RENTALS With it’s Central/Camelback location just a short walk to the light rail, The Newton, ARRIVE Phoenix, Uptown Plaza and neighborhood hot spots along Central Ave with Postino’s, Joyride Taco, Federal Pizza and at Uptown Plaza with Flower Child, Lou Malnati’s, etc, this neighborhood is in high demand for short term rentals. With upgraded unit interiors and resort style courtyards and pools, these communities could attract nightly rates up to $200 in the winter months and $100 in the summer months. Investors in well located, highly amenitized properties are realizing significant bumps to their NOI via short term rental operations. 4 SEPARATE PARCELS PROVIDE MULTIPLE EXIT STRATEGIES Uptown 68 is comprised of 4 separate parcels which would allow an owner to split up and sell off the 4 individual parcels/properties to individual investors at a significantly higher price per unit. 20 unit at 301 W. Pasadena(10 1/1’s, 9 2x2’s, 1 3x2) 12 unit at 321 W. Pasadena(2 S/1’s, 6 1x1’s, 4 2x1’s) 18 unit at 325 W. Pasadena(6 1x1’s, 12 2x1’s) 18 unit at 337 W. Pasadena(1 Sx1’s, 5 1x1’s, 12 2x1’s)