***SELLER MOTIVATED, PRICE REDUCED*** Shadow Palms is a stabilized, 56-unit garden-style apartment community located in a desirable neighborhood due southwest of the historic downtown Glendale, Arizona. The gated community was originally constructed in 1963, but has undergone several rounds of upgrades and improvements. The property has a good rental mix with 50% two bedroom and 50% one bedroom units. Each unit has individual meters for electricity and individual roof-mounted HVAC units. The Seller has completed over $400,000 of capital improvements, including upgrades to 35 of the 56 units with new electric individual domestic hot water heaters, granite countertops, maple cabinets, black appliances, tile and vinyl wood flooring, double kitchen sinks, and two-tone paint. The community also provides its residents with two on-site laundry facilities, ample parking (covered and uncovered), picnic and barbeque areas, renovated kids' playground, and a secure environment, with both parking and walking gates (permitted by the City of Glendale). The property has been stabilized by the Seller, but there is still ample upside opportunity for the Buyer.
The Shadow Palms apartment complex is located along the west side of 63rd Avenue just south of Maryland and Glendale Avenues in the city of Glendale, Arizona. Due to its central location, the property has immediate access to the historic district of downtown Glendale. There are parks, elementary, middle and high schools within walking distance of the property. According to the Valley Metro, the property will also be within walking distance of a new planned light rail extension, which will travel down Glendale Avenue. The future light rail will greatly increase the accessibility of the property to the downtown Phoenix, Sky Harbor Airport, and the east Valley cities of Tempe and Mesa. In the meantime, the property has drivable access to the Grand Avenue thoroughfare (SR 93), interstate 10, interstate 17 and the Loop 101. The property is located within a couple of miles from the Cardinals Stadium, the Coyotes ice rink, and the Westgate dining and entertainment center.
