Multifamily

The Franklin

Listing Price: $1,850,000

Cap Rate
5.32%
Number of Units
14
Occupancy
100.00%
Price/Unit
$132,143
Price/Gross SF
$181.37
Gross SF
10,200

Investment Overview

The Franklin is a 14-unit boutique apartment community located near the intersection of 24th Street & Roosevelt on the east side of Downtown Phoenix. Situated within the Gateway employment corridor, key employers include FedEx, Honeywell, JP Morgan Chase, Bank of America, Gateway Community college, Waste Management, Southwest Airlines, American Airlines and more. Additionally, just 0.5 miles to the east is Valleywise Health and Medical center and Maricopa Integrated Health employing roughly 3,000 people. Developed in 1944, The Franklin is comprised of 3 one-bedroom floor-plans, and 11 two-bedroom floor-plans giving the property an attractive 79% two-bedroom unit mix. In 2020 Current ownership has replaced all roofs, windows, most upper and lower cabinets, and replaced old evaporative coolers with new PTAC units for more efficient cooling of the units. Future ownership will have the opportunity to eliminate the current loss to lease, and renovate the last two classic units to realize up to a $300 rental premium.

Investment Highlights

  • In 2020 Current ownership has replaced all roofs, windows, most upper and lower cabinets, and replaced old evaporative coolers with new PTAC units for more efficient cooling of the units.
  • New ownership has the opportunity to eliminate the current loss-to-lease, and renovate the last remaining 2 bedroom unit to realize a significant rental premium.
  • There is potential to continue with community upgrades including new landscaping, new signage on the front wall, and improved common area amenities.

Exclusively Listed By

Financing By

Listing Price: $1,850,000

Cap Rate
5.32%
Number of Units
14
Occupancy
100.00%
Price/Unit
$132,143
Price/Gross SF
$181.37
Gross SF
10,200

Investment Highlights

  • In 2020 Current ownership has replaced all roofs, windows, most upper and lower cabinets, and replaced old evaporative coolers with new PTAC units for more efficient cooling of the units.
  • New ownership has the opportunity to eliminate the current loss-to-lease, and renovate the last remaining 2 bedroom unit to realize a significant rental premium.
  • There is potential to continue with community upgrades including new landscaping, new signage on the front wall, and improved common area amenities.

Investment Overview

The Franklin is a 14-unit boutique apartment community located near the intersection of 24th Street & Roosevelt on the east side of Downtown Phoenix. Situated within the Gateway employment corridor, key employers include FedEx, Honeywell, JP Morgan Chase, Bank of America, Gateway Community college, Waste Management, Southwest Airlines, American Airlines and more. Additionally, just 0.5 miles to the east is Valleywise Health and Medical center and Maricopa Integrated Health employing roughly 3,000 people. Developed in 1944, The Franklin is comprised of 3 one-bedroom floor-plans, and 11 two-bedroom floor-plans giving the property an attractive 79% two-bedroom unit mix. In 2020 Current ownership has replaced all roofs, windows, most upper and lower cabinets, and replaced old evaporative coolers with new PTAC units for more efficient cooling of the units. Future ownership will have the opportunity to eliminate the current loss to lease, and renovate the last two classic units to realize up to a $300 rental premium.

Exclusively Listed By

Financing By

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