ARA is pleased to announce the availability of Escondido Apartments, a 10 unit low-density community located in a quiet neighborhood near Historic Downtown Glendale. Residents of Escondido enjoy being within walking distance of Downtown Glendale, which is known for its famous antique stores, ethnic eateries, brick trimmed sidewalks, glowing gas lamps, and white picket fenced neighborhoods. Within 10 minutes of the property is the booming Glendale Sports and Entertainment District offering residents a plethora of employment and entertainment options. Westgate Entertainment District is a 223 acre, mixed-use development that includes 8,000,000 square feet of shopping, dining, entertainment, high-end condominiums, parks and office space. It is also home to Jobing.com Arena, home to the Arizona Coyotes and University of Phoenix Stadium, home to the Arizona Cardinals. Also within the District is Cabela’s and Tanger Outlets. Developers are bullish on this District and further developments are under way including furniture giant IKEA, Aloft Hotel, Top Golf, Drive Shack and the Desert Diamond Casino and Resort which will include a 1 million square-foot resort.
Escondido is a well-maintained single story community offering residents a peaceful courtyard with a large grass area and enclosed pool and sundeck. Additional amenities for residents include covered parking and an on-site laundry facility. Two of the units have pull in carports and enclosed patios as well. The property consists of 6 one bedrooms and 4 two bedroom units all of which have a front and back entry, open kitchens, and large walk-in closets. The property was constructed in 1963 of block construction with pitched roofs, is individually metered for electricity and has individual roof mounted HVAC’s. Current ownership purchased the property in 2004 and has been extremely hands on during the 13 years and the property shows great pride of ownership. The property is consistently 100% occupied with many long-term tenants at below market rents. There is upside in rents of $50-$100 depending on the extent of renovation and upgrades. Furthermore, the property is situated on a 1.2 Acre parcel of which roughly 25,000 square foot of the parcel is a vacant lot to the east of the property that is zoned R-3. An investor has the opportunity to add an additional 10 to 20 units depending on it being single to two story.
Escondido Apartments offers an investor the rare opportunity to acquire a long term (13 years) pride of ownership single story community that has been well-maintained, has rental and development upside and is within walking distance of a neighborhood park and elementary school.
