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Multifamily

13th Ave

9411 N 13th Ave, Phoenix, AZ 85021

Listing Price: $4,375,000

Cap Rate
4.56%
Number of Units
25
Price/Unit
$175,000
Price/Gross SF
$271.74
Gross SF
16,100

Investment Overview

13 TH AVE is a 25-unit apartment community located immediately north of the 13th Avenue and Hatcher Road intersection, surrounded by the growing lifestyle opportunities of a gentrifying area and the natural beauty of the North Mountain Preserve. The adjacent city-endorsed North Mountain Redevelopment Area, a defined area within the Phoenix MSA currently undergoing transformative gentrification efforts, provides assistance to residents and business owners in taking advantage of funding mechanisms designed to improve the region through advancement of underutilized properties, expanded infrastructure, and the creation of additional employment opportunities, lead by a revitalization of the iconic Metrocenter Mall. Developed in 1976, 13th Ave is nearly equally comprised of one-bedroom and two-bedroom floorplans averaging ±644 square feet. Future ownership will have the opportunity to upgrade the interiors in all 25 legacy units, with an associated $150 monthly premium, to capitalize on the rent premiums being obtained in nearby similar properties.

Investment Highlights

  • Renovated community with significant loss-to-lease and other operational upside.
  • Single-level. 21 of the 24 units have individual washer/dryer and private patios.
  • Located in a rapidly improving North Mountain submarket. 0.5 mile to the North of Phoenix's Uptown historic residential neighborhoods (average SFH prices of $894,400).

Exclusively Listed By

Financing By

Multifamily

13th Ave

Listing Price: $4,375,000

Cap Rate
4.56%
Number of Units
25
Price/Unit
$175,000
Price/Gross SF
$271.74
Gross SF
16,100

Investment Highlights

  • Renovated community with significant loss-to-lease and other operational upside.
  • Single-level. 21 of the 24 units have individual washer/dryer and private patios.
  • Located in a rapidly improving North Mountain submarket. 0.5 mile to the North of Phoenix's Uptown historic residential neighborhoods (average SFH prices of $894,400).

Investment Overview

13 TH AVE is a 25-unit apartment community located immediately north of the 13th Avenue and Hatcher Road intersection, surrounded by the growing lifestyle opportunities of a gentrifying area and the natural beauty of the North Mountain Preserve. The adjacent city-endorsed North Mountain Redevelopment Area, a defined area within the Phoenix MSA currently undergoing transformative gentrification efforts, provides assistance to residents and business owners in taking advantage of funding mechanisms designed to improve the region through advancement of underutilized properties, expanded infrastructure, and the creation of additional employment opportunities, lead by a revitalization of the iconic Metrocenter Mall. Developed in 1976, 13th Ave is nearly equally comprised of one-bedroom and two-bedroom floorplans averaging ±644 square feet. Future ownership will have the opportunity to upgrade the interiors in all 25 legacy units, with an associated $150 monthly premium, to capitalize on the rent premiums being obtained in nearby similar properties.

Exclusively Listed By

Financing By

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