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Multifamily

Playton Place

3625 N 16th St, Phoenix, AZ 85016

Listing Price: $7,200,000

Cap Rate
4.73%
Number of Units
23
Price/Unit
$313,043
Price/Gross SF
$362.98
Gross SF
19,836

Investment Overview

Stationed within the burgeoning urban culture of Midtown Phoenix, Playton Place (“the property”) is a newly converted office property that now showcases 23 sizeable multifamily units offering premier interior finishes across studio, one-, and two-bedroom floorplans. Beyond presenting one of the most unique development narratives in the market, the property’s unparalleled amenity-rich landscape presents endless opportunities to witness the vibrant culinary, shopping, and nightlife experiences surrounding them. Each of these attractions are found overflowing throughout the Arcadia, Biltmore, Midtown, and Downtown neighborhoods – all less than three miles from the property. In addition to the social settings found throughout the immediate area, Arizona’s two largest central business districts are also less than a seven-minute drive away, giving effortless entry to business goliaths such as Wells Fargo and IBM, placed in the Camelback/Biltmore and Innovation Employment Corridors. Providing even further convenience is the proximity of State Route 51 giving residents the enjoyment of manageable commute times when traveling to other various attractions throughout The Valley. Originally built in 1964 as a small office property, current ownership has converted the entire property from the ground up into a charming, beautifully landscaped multifamily property. Each interior has been completed with exceptional finishes including quartz countertops and new washer and dryers, and nine premium units also have vaulted ceilings. Due to the extent of renovations completed, future ownership will have the pleasure of a relatively low-maintenance, turn-key asset, while capitalizing on the incredible rent growth seen throughout the submarket.

Investment Highlights

  • Complete Renovation from below ground up. Approximately $81,000 per unit in capital improvements.
  • Formerly an office building, Playton showcases large, distinctive floorplans - nine of which include premium vaulted ceilings.
  • 70% two-bedroom floorplans.

Exclusively Listed By

Financing By

Multifamily

Playton Place

Listing Price: $7,200,000

Cap Rate
4.73%
Number of Units
23
Price/Unit
$313,043
Price/Gross SF
$362.98
Gross SF
19,836

Investment Highlights

  • Complete Renovation from below ground up. Approximately $81,000 per unit in capital improvements.
  • Formerly an office building, Playton showcases large, distinctive floorplans - nine of which include premium vaulted ceilings.
  • 70% two-bedroom floorplans.

Investment Overview

Stationed within the burgeoning urban culture of Midtown Phoenix, Playton Place (“the property”) is a newly converted office property that now showcases 23 sizeable multifamily units offering premier interior finishes across studio, one-, and two-bedroom floorplans. Beyond presenting one of the most unique development narratives in the market, the property’s unparalleled amenity-rich landscape presents endless opportunities to witness the vibrant culinary, shopping, and nightlife experiences surrounding them. Each of these attractions are found overflowing throughout the Arcadia, Biltmore, Midtown, and Downtown neighborhoods – all less than three miles from the property. In addition to the social settings found throughout the immediate area, Arizona’s two largest central business districts are also less than a seven-minute drive away, giving effortless entry to business goliaths such as Wells Fargo and IBM, placed in the Camelback/Biltmore and Innovation Employment Corridors. Providing even further convenience is the proximity of State Route 51 giving residents the enjoyment of manageable commute times when traveling to other various attractions throughout The Valley. Originally built in 1964 as a small office property, current ownership has converted the entire property from the ground up into a charming, beautifully landscaped multifamily property. Each interior has been completed with exceptional finishes including quartz countertops and new washer and dryers, and nine premium units also have vaulted ceilings. Due to the extent of renovations completed, future ownership will have the pleasure of a relatively low-maintenance, turn-key asset, while capitalizing on the incredible rent growth seen throughout the submarket.

Exclusively Listed By

Financing By

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