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2028 W Indian School Road - Coconut Grove Apartments, Phoenix, AZ

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2028 W Indian School Road - Coconut Grove Apartments

Phoenix, AZ 85015-5018 - Hoffmantown MF Submarket

Property Type:Multi-Family Number of Units:236 Status:Existing Year Built:1985
Stories:2 Building Size:124,480 SF Land Area:4.49 AC (195,632 SF)
For Sale Price:$10,950,000 Price/Unit:$46,398.31 Cap Rate:- GRM:-

Parking:2.01 Parking Spaces / 1,000 SF

Located in the heart of Metropolitan Phoenix, Arizona and situated on 4.49 acres, Coconut Grove is a garden style 236-unit multi-family asset built in 1971. The property features 45% studios & 52% one bedroom/one bath floor plans and 3% two bedroom/one bath. Construction is block & painted wood trim with built-up roofs. Heating and cooling are provided by a commercial chiller and boiler system. All utility costs are the responsibility of the owner. On-site amenities include 2 swimming pools, 2 laundry rooms, leasing office, a two-bedroom manager’s unit, numerous storage rooms and gated access. The property has approximately 250 open parking spaces or 1.05 spaces per unit.

Coconut Grove Apartments is well-positioned to serve both the Midtown and Downtown sectors of Central Phoenix. Moreover, Sky Harbor Airport and the entire Metro area are easily accessible via Route 51, also known as the Piestewa Freeway. It connects Interstate 10, just outside of Downtown Phoenix with Loop 101 on the north side, making it one of the area’s major freeways. Coconut Grove also has several schools in the area including Arizona State University (Downtown Phoenix Campus) boasting over 4,000 students, Grand Canyon University with 20,000 students, and Phoenix College boasting 25,000 students. Regional shopping is provided by two large malls including Phoenix Spectrum Mall with 1,250,000 SF of interior retail space with anchor tenants Wal-Mart, Costco, JC Pennys and Super Target, and Metro Center Mall with 1,400,000 SF of interior retail space with AMC Theater, Dillard’s, and Sears as anchor tenants.

Sale Notes:
Coconut Grove is a two-story apartment community built in 1971, comprising 236 rental units. The unit mix is approximately 45% studios, 53% one-bedroom and 2% two-bedroom units. Construction is of block with painted block and wood facade, and flat roofs. Heating and cooling is provided by a commercial boiler/chiller. The utility costs associated with heating and cooling are the responsibility of the owner. The property is master-metered for electricity, and the costs associated with usage inside the dwelling units are the responsibility of the owner. Hot water is provided by a commercial boiler. The cost of water, sewer charges, and trash collection is the responsibility of the owner.

Colliers International
Bill Hahn
(602) 222-5105

Trevor Koskovich
(602) 222-5145

Jeffrey Sherman
(602) 222-5109

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