Upscale Remodel-Fully Occupied

About the Property

Property Overview: Two Parcels – This investment opportunity consists of two fully occupied parcels, providing stable income with minimal vacancy risk. Fully Occupied – All units are currently rented, ensuring consistent rental income from day one. Residential Loan Flexibility – These properties can be purchased using two residential loans, offering potential for favorable financing options for investors. List of Recent Capital Improvements: HVAC Upgrades: Installed 1 ton mini-split AC in studio Replaced all AC vents and returns in all units (27 vents, 7 returns) Appliances: Upgraded to new stainless steel appliances in all units, including fridges, ranges, microwaves, and dishwashers (note: ice makers on backorder)
Bathroom Renovations: Installed new toilets, faucets, shower valves, water lines, and P-traps Upgraded bathroom hardware including towel holders, toilet paper holders, and hand towel holders Installed new tubs and bathroom exhaust vents Kitchen and Bathroom Finishes: Fitted new 40” vanities in bathrooms with quartz countertops Installed subway tile backsplash in kitchens with 3/8” stainless steel trim Interior and Exterior Painting: Freshly painted both buildings with unknown colors (exterior) Interior walls painted with ceiling white; baseboards and door trim in semi-gloss white Electrical and Plumbing Enhancements: Upgraded electrical panels in Building #1 Installed new outlets, switches, and light fixtures throughout units Replaced plumbing systems as per new kitchen and bathroom designs
Flooring and Interior Upgrades: Installed porcelain wood-like tile flooring throughout all units Replaced interior doors with pre-hung doors and stainless steel handles Exterior Enhancements: Landscaped with three-quarter-inch gravel and artificial grass Additional Features: Installed new exterior doors with locks and mailbox stucco finished for all units Termite treatment completed with pest control measures Added pavers, irrigation system with timer, and 14 new Vankas plants Built barn-style wooden fence and replaced fence panels with gates Roofing and Siding Improvements: Replaced roofing on both buildings with new shingles, underlayment, and flashing Installed energy-efficient windows and replaced siding on Building #1
Investment Highlights: Fully Occupied: Stable rental income from all units. Recent Renovations: Extensive upgrades ensure minimal maintenance and attractive living spaces. Prime Location: Close proximity to amenities, schools, and transportation hubs. Residential Loan Purchase: Potential for financing using two residential loans, providing advantageous terms for investors. Potential for Increased Value: With recent upgrades and tenant satisfaction, there's room for potential rent increases. Price: $1,990,000 Disclaimer: Buyer to verify all facts and figures.

Location

The area around 21 Ave and Northern in Phoenix AZ is a bustling commercial and residential hub that offers a plethora of employment opportunities, making it a highly sought-after destination for job seekers. Some of the major employers in the area include Honeywell Aerospace, American Express, and Phoenix Children’s Hospital, among others. With the presence of such reputed companies, the area has a strong employment base, attracting both young professionals and seasoned workers looking for career advancement opportunities.
Apart from the strong job market, the 21 Ave and Northern area is also known for its vibrant entertainment scene. There are several shopping centers, restaurants, bars, and theaters in the vicinity, providing ample options for residents and visitors alike. The Metrocenter Mall, located a few miles from the area, is a popular destination for shoppers, offering a wide range of stores and dining options. Moreover, the area boasts a diverse range of culinary offerings, with several local eateries and international restaurants.
One of the major attractions of the 21 Ave and Northern area is the Phoenix Light Rail, a modern public transportation system that connects several areas of the city, including downtown Phoenix, Tempe, and Mesa. The light rail has made commuting easier for residents and has helped to reduce traffic congestion in the area. Additionally, the light rail is an excellent option for visitors who want to explore the city’s many attractions without having to worry about driving and parking. The area also offers several recreational opportunities, including parks, hiking trails, and sports facilities. The North Mountain Park and Preserve, located just a few miles from the area, is a popular destination for hiking and outdoor activities. Moreover, the area has several sports facilities, including the Rose Mofford Sports Complex, which offers baseball, soccer, and softball fields.
In summary, the 21 Ave and Northern area in Phoenix AZ is a dynamic and diverse neighborhood that offers excellent employment opportunities, a vibrant entertainment scene, and convenient access to public transportation. With its range of recreational and cultural attractions, the area is an excellent destination for residents and visitors alike.