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1545 W Denton Lane - Heritage Park, Phoenix, AZ

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1545 W Denton Lane - Heritage Park

Phoenix, AZ 85015-3072 - Hoffmantown MF Submarket

Property Type:Multi-Family Number of Units:22 Status:Existing Year Built:1984
Stories:2 Building Size:16,700 SF Land Area:.74 AC (32,104 SF)
For Sale Price:$1,309,000 Price/Unit:$59,500.00 Cap Rate:7.04 % GRM:-

Parking:1 Parking Spaces / 1,000 SF

Heritage Park, built in 1983, is made of block construction with built-up roofs and is individually-metered for electricity. The community offers a unit mix of one and two-bedroom floor plans which are spacious and well designed. The property is situated on approximately .7 acres and is very well landscaped. Community amenities include a sparkling swimming pool, covered parking, rental office, and an on-site laundry facility.

Sale Notes:
Heritage Park is a 22-unit garden-style apartment community located in
a desirable central Phoenix neighborhood. Built in 1984 the property is
made of block construction with new pitched-composition shingle roofs,
and is individually-metered for electricity with new roof-mounted HVAC
The unit mix consists of one-bedroom and two-bedroom floor plans that
are spacious, well designed and average approximately 759 square
feet. Interior unit amenities include fully appointed kitchens with fullsize
electric appliances and ceramic tile flooring. Nearly 25% of the
units have been remodeled to include new faux wood plank flooring,
new cabinets, new countertops and new appliances. By continuing the
interior/exterior upgrade program, a seasoned investor has the ability
to ‘rebrand’ the community to match the strength of the submarket by
creating modern apartments in a desirable location with affordable
rental rates.
The property is situated on approximately 0.74 acres and is landscaped
with low water use desert plants and mature shade trees. Community
Amenities include a large swimming pool, an on-site laundry facility, bbq
areas, a designated leasing office and covered parking.
Over the last year, the north/central Phoenix submarket average rental
rates increased by 4.26% to $0.98 PSF while occupancy increased by
86 basis points. Strategic path of growth positions Heritage Park to
benefit from accelerating fundamentals across the larger Phoenix metro.
Numerous economic forecasts project Phoenix to lead major western
markets in employment and population growth through 2017.

Brian Smuckler
(602) 735-5688

Jeff Seaman
(602) 735-5634

Derek Smigiel
(602) 735-5632

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