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Playton Place 3625 N 16th St 23 Unit Apartment Building $5,725,000 ($248,913/Unit) 6% Cap Rate Phoenix, AZ 85016
INVESTMENT HIGHLIGHTS
- Close to the Biltmore Fashion Park and Office Center
- Very secure units and courtyard
- Well-lighted, covered parking plus extra parking spaces
- Professionally repositioned property with strong cash flow
- Room for immediate rent growth
EXECUTIVE SUMMARY
Located in the highly desirable central Phoenix, Playton Place was recently professionally repositioned as an amazing, very secure, condo-quality, turn-key apartment community – essentially brand new. Actual expenses are minimal and it’s always fully occupied providing consistent strong cash flow. Most of the units are large (947 sf avg) two-bedroom and every unit has new stainless-steel appliances, shaker-style cabinetry, dishwashers, and in-unit laundry. The main water line was replaced and new, fire sprinkler system offering enhanced safety was installed. All roofs are in great condition and the HVAC units are new. The manicured, landscaped courtyards are enclosed by an attractive, heavy-duty, locked security fence with coded lock entries plus each apartment has a keyless door entry.
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PROPERTY FACTS
| Price | $5,725,000 | Building Class | A |
| Price Per Unit | $248,913 | Lot Size | 1.38 AC |
| Sale Type | Investment | Building Size | 20,522 SF |
| Cap Rate | 6% | Average Occupancy | 100% |
| No. Units | 23 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1963/2022 |
| Property Subtype | Apartment | Parking Ratio | 3.26/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | C-2 - Commercial | ||
| Price | $5,725,000 |
| Price Per Unit | $248,913 |
| Sale Type | Investment |
| Cap Rate | 6% |
| No. Units | 23 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | A |
| Lot Size | 1.38 AC |
| Building Size | 20,522 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1963/2022 |
| Parking Ratio | 3.26/1,000 SF |
| Zoning | C-2 - Commercial |
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Microwave
- Washer/Dryer
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Sprinkler System
- Stainless Steel Appliances
- Range
- Tub/Shower
- Double Pane Windows
- Freezer
- Window Coverings
- Quartz Countertops
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Courtyard
- Pet Play Area
- Walking/Biking Trails
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 3 | - | 409 - 650 |
| 1+1 | 3 | - | 606 - 824 |
| 2+1 | 17 | - | 794 - 1,250 |
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Bike Score®
Very Bikeable (78)
PROPERTY TAXES
| Parcel Number | 119-30-063A | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $277,764 |
PROPERTY TAXES
Parcel Number
119-30-063A
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$277,764
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Playton Place | 3625 N 16th St
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