DO NOT STOP BY THE PROPERTY OR TALK TO TENANTS. CONTACT THE LISTING AGENT FOR ALL PROPERTY TOURS. ARA is pleased to announce the availability of Cypress Arms, a 12 unit community located in the East Phoenix submarket. The property has great frontage on 32nd Street and is located just south of Thomas Road. Residents enjoy being within close proximity to the Camelback Corridor which provide a large employment center along with many vibrant restaurant and entertainment options. Furthermore the neighborhoods surrounding Cypress Arms have been rejuvenated and seen a transformation with many older homes and apartment communities being renovated and updated or have been razed and redeveloped into high end townhomes with values over $300,000 and high end homes with values over $500,000. The demand for housing in this area is stemmed from its close proximity to the Camelback Corridor and the Live, Work, Play environment that it offers residents. This employment center hosts a dynamic mix of premier office, high-end retail and hospitality development that serves as a focal point for business and entertainment activity in Phoenix. The Camelback Corridor is one of the most desirable locations for “A” quality office space in the entire Metropolitan area. High-end shopping and dining can be enjoyed at the Biltmore Fashion Park at the 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, and Pottery Barn. Furthermore, The Camelback Colonnade Shopping Center and the Town & Country Shopping Centers have been redeveloped in recent years and are just minutes from this community offering residents popular eateries such as Pizzeria Bianco, Grassroots Kitchen & Tap, Hopdaddy Burger Bar, Snooze and popular shops such as Nordstrom Rack, Whole Foods, and Trader Joe’ s. Other popular eateries in the neighborhood are The Gladly, The Parlor, Bink’ s Midtown and Mejico Cocina Mejicana. Surrounding attractions in the immediate area include the historical Arizona Biltmore Resort and Golf Club and the Wrigley Mansion.
Cypress Arms is a two-story community constructed in 1975 of wood frame with a modern stucco exterior and is individually metered. The community consists of all 1 bedroom floor plans with 8 of them having private patios. The property went through a large interior and exterior renovation in 2007. Interior improvements included new ceramic tile floor(downstairs) new vinyl floors(upstairs) in living rooms, new carpet in the bedrooms, new kitchen cabinets, countertops and appliances, new windows and screen doors. Exterior improvements include new fascia, foam roof, paint, gutters, and trash enclosure. Furthermore the landscaping was improved with new gravel, attractive low water plants and trees on
drip systems providing low maintenance for ownership. Even though the units were updated in 2007 and rents are at market levels, there is further upside in rents by doing modern upgrades to the interiors. Investors in the neighborhood have benefited from the gentrifying neighborhood with renovating unit interiors with new modern finishes and are achieving rents on 1 bedrooms in the $750-$850 range depending on unit upgrades and patio units. Furthermore, the property has space outside the bathrooms to add a washer & dryer which would provide an additional $50-$75 rent increase.
Cypress Arms offers an investor the opportunity to purchase a fully occupied 12 unit community that has great frontage on a major north south street and is located in the high demand East Phoenix submarket within 2 blocks of the Camelback Corridor.
