For access to the offering memorandum and detailed property information, please click on the property website link above & complete the electronic Confidentiality Agreement.
The Retro on 32nd Street is a 62-unit retro-style apartment community located in a dynamic east Phoenix location that was completely renovated and repositioned in 2015. The property is made of block construction with pitched composition shingle roofs and is master-metered for electricity.
The unit mix is composed of studio, one bedroom and two bedroom floor plans that are spacious and very well designed and range in size from 400 to 650 square feet. The units have been completely renovated with 18 porcelain tile flooring, new countertops, refinished cabinets with brushed nickel hardware, ceramic tile shower surrounds with new brushed nickel fixtures and brushed-nickel lighting fixtures.
The property is situated on approximately 1.03 acres and has attractive, professionally designed low water use desert landscaping. Exterior renovations include an artistic two-tone exterior paint scheme with stack-stone accents and corrugated metal awnings, a contemporary metal monument sign, secured entry gates, upgraded lighting, a built in barbeque and faux turf.
The Retro on 32nd Street offers an investor the rare opportunity to acquire an extensively renovated asset located in a dynamic east Phoenix location priced substantially below replacement cost. In the first quarter of 2016, the submarket rents averaged $1.23 per square foot, 20% greater than the metropolitan Phoenix average. Additionally, ownership has recently implemented a RUBS system in which residents are billed back for a portion of the water usage, further reducing the property' s already minimal expenses.
Property tours are by appointment only.
Please contact the CBRE team to schedule a property tour.
