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8818 S Central Avenue - Calle Central, Phoenix, AZ

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8818 S Central Avenue - Calle Central

SWC Central Ave & Euclid Ave
Phoenix, AZ 85041 - South Mountain/Highland Terrace MF Submarket

Property Type:Multi-Family Number of Units:128 Status:Existing Year Built:1986
Stories:3 Building Size:58,944 SF Land Area:3.91 AC (170,320 SF)
For Sale Price:For Sale Price/Unit:- Cap Rate:- GRM:-

Parking:2.17 Parking Spaces / 1,000 SF

Sale Notes:
Calle Central is a three-story apartment community built in 1986, comprising 128 rental units. The unit mix is approximately 75% one-bedroom, 20% two-bedroom units, and 5% studios. Construction is of frame and stucco, with pitched composition shingle roofs. Heating and cooling is provided by individual wall-mounted HVAC units. The utility costs for heating and cooling are the responsibility of the tenant. The property is individually metered for electricity, and the costs associated with usage inside the dwelling units are the responsibility of the tenant. Hot water is provided by individual water heaters. The cost of water, sewer charges, and trash collection is partially reimbursed by the tenant in the form of $25 RUBS fee on the studios and one bedroom units, and a $30 RUBS fee on the two-bedrooms. Currently 108 of the 128 unit interiors are renovated. Upgraded units feature wood laminate flooring, new cabinets, countertops, and modern appliances.

Calle Central is located at 8818 South Central Avenue in Phoenix, Arizona. Central Avenue is a major north-south thoroughfare running through Downtown Phoenix. Calle Central is located directly on the path of future Metro light rail expansion, which should add considerable value and marketability to the property upon completion. The South Central Extension will open in 2023 and is planned to extend south to Baseline Road. The property is in close proximity to several shopping centers, retail and entertainment venues. The main entrance to South Mountain Park, the largest municipal park in the United States, is approximately one mile south of the property on Central Avenue. The central business district including professional sports facilities (Chase Field, home of the Arizona Diamondbacks, and US Airways Arena, home of the Phoenix Suns) is approximately six miles to the north of the property on Central Avenue. The area has shown recent improvement and upward transition, evidenced by the recently constructed new home subdivision just north of the subject property on Central Avenue. Other improvements in the immediate area include numerous strip shopping centers.

Colliers International
Bill Hahn
(602) 222-5105

Trevor Koskovich
(602) 222-5145

Jeffrey Sherman
(602) 222-5109

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