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4138 N Longview Avenue - Palm Vista, Phoenix, AZ

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4138 N Longview Avenue - Palm Vista

Phoenix, AZ 85014-4960 - Harborwood/Encanto MF Submarket

Property Type:Multi-Family Number of Units:40 Status:Existing Year Built:1982
Stories:2 Building Size:28,400 SF Land Area:1.29 AC (55,975 SF)
For Sale Price:$2,600,000 Price/Unit:$65,000.00 Cap Rate:6.25 % GRM:11.53

Parking:1.38 Parking Spaces / 1,000 SF

Sale Notes:
Palm Vista is a 40-unit garden-style apartment community located in a desirable central Phoenix location that was renovated in 2014. The property is made of wood frame and stucco construction with pitched composition shingle roofs and is individually-metered for electricity.
The unit mix is comprised one bedroom and two bedroom floor plans that are spacious and very well designed and range in size from 550 to 750 square feet. Many units have been renovated with 18” porcelain tile flooring, stainless steel full size appliances, granite countertops, contemporary shaker style cabinets, brushed-nickel lighting fixtures, ceiling fans and new bathroom vanities.
The property is situated on approximately 1.22 acres and has attractive, professionally designed low water use desert landscaping. Exterior renovations include stack-stone accents, secured entry gates, upgraded lighting and faux turf. Additional community amenities include a large sparkling swimming pool, an on-site laundry facility and a dedicated leasing office.
Palm Vista offers an investor the rare opportunity to acquire a renovated asset located in a dynamic Central Phoenix location priced substantially below replacement cost with additional value-add potential. In the second quarter of 2016, the submarket rents averaged $1.21 per square foot, 12% greater than the metropolitan Phoenix average. Strategic path of growth positions Palm Vista 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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