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3025 N 32nd Street - Retro on 32nd Street, Phoenix, AZ

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3025 N 32nd Street - Retro on 32nd Street

Phoenix, AZ 85018-6860 - Hacienda Del Campo MF Submarket

Property Type:Multi-Family Number of Units:62 Status:Existing Year Built:1968
Stories:2 Building Size:28,200 SF Land Area:1.03 AC (44,649 SF)
For Sale Price:$3,900,000 Price/Unit:$62,903.23 Cap Rate:6.76 % GRM:-

Parking:3.18 Parking Spaces / 1,000 SF

Built in 1968, Arcadia Vistas is a 62-unit, garden-style, two-story apartment community
located along 32nd Street north of Thomas. Arcadia Vistas features 50% studios, 47%
one-bedroom units, and 3% two-bedroom units with an average unit size of 406 square
feet. The property has wood-frame construction with block exteriors and stone accents,
and pitched roofs with composite shingles.

Community amenities at Arcadia Vistas include an on-site laundry room, swimming
pool, and barbecue areas with picnic tables. The property features a low maintenance
and water use desert landscape including palm trees, crushed granite, boulders, and
flowering bushes. The interior courtyard is gated for security, and adds a peaceful and
lush environment for the residents.

One mile north of the Loop 202 exit at 32nd Street. In-fill neighborhood surrounded by employment, transportation corridors, schools, shopping, and entertainment. 32nd Street Corridor; Arcadia Vistas is nestled in between the Camelback Corridor Shopping and Office District, downtown Phoenix, and Sky Harbor International Airport. Phoenix Sky Harbor International Airport with more than 25,000 employees is just a few miles south of the property. Well located and unique, Arcadia Vistas represents a strong cash flowing asset with an upside opportunity in a high demand rental submarket of Phoenix.

Sale Notes:

The Retro on 32nd Street is a 62-unit retro-style apartment community located in a dynamic east Phoenix location that was repositioned/re-branded in 2015. The property is made of block construction with pitched composition shingle roofs and is master-metered for electricity.
The unit mix is composed of studio, one bedroom and two bedroom floor plans that are spacious and very well designed and range in size from 400 to 650 square feet. The units have been completely renovated with 18” porcelain tile flooring, new countertops, refinished cabinets with brushed nickel hardware, ceramic tile shower surrounds with new brushed nickel fixtures and brushed-nickel lighting fixtures.
The property is situated on approximately 1.03 acres and has attractive, professionally designed low water use desert landscaping. Exterior renovations include an artistic two-tone exterior paint scheme with stack-stone accents and corrugated metal awnings, a contemporary metal monument sign, secured entry gates, upgraded lighting, a built in barbeque and faux turf.
The Retro on 32nd Street offers an investor the rare opportunity to acquire an extensively renovated asset located in a dynamic east Phoenix location priced substantially below replacement cost. In the first quarter of 2016, the submarket rents averaged $1.23 per square foot, 20% greater than the metropolitan Phoenix average. Additionally, ownership has recently implemented a RUBS system in which residents are billed back for a portion of the water usage, further reducing the property’s already minimal expenses. Strategic path of growth positions The Retro on 32nd Street 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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