109 E Brinker Dr - Apartments FOR SALE


Avondale, AZ 85323- Coldwater
$9,625,000 USD
602-525-4877
109 E Brinker Dr, Avondale, AZ for Sale
$9,625,000 USD
Apartments - FOR SALE
1/19
null | 6.49% Cap Rate

109 E Brinker Dr
Avondale, AZ 85323
Coldwater


HIGHLIGHTS

  • Attractive Seller Financing Opportunity | 5 Year Fixed @ 4% Interest Only to Qualified Buyer/Borrower
  • Single Story Community on over 4 Acres | Majority 2 and 3 Bedroom Units
  • Value-Add Opportunity Through Interior Renovations & Strategic Exterior Capital Improvements
  • Neighborhood Setting Across from Park and Walking Distance to Public and Private Schools; K-8, High School, and College
  • Near Major Industrial Employment; Amazon, FedEx, UPS, Chewy and Minutes from Avondale Health-Tech Corridor
  • Parkside Palms is Comprised of 3 Parcels(23 unit, 16 unit, 16 unit) Providing Upside Potential for 3 Individual Property Sales for a Premium

OVERVIEW

Parkside Palms is a 55-unit apartment community located in the heart of Avondale, AZ. This low-density community is situated on over 4 acres on 3 separate parcels and consists of all single-story majority 2 and 3 bedroom units and is individually metered for electricity. Parkside Palms represents the rare opportunity to purchase a value-add apartment community with attractive Seller Financing(65% LTV at 4% Interest Only up to 5 years) to a qualified Buyer. Current ownership has owned and self-managed the property since 2017 and has kept the property consistently 100% occupied at below market rents with long-term tenants that are on month-to-month leases. With interior upgrades and the addition of in-unit washer/dryer, $200-$300 rent premiums are achievable for the property as the units are in classic condition yet have modern systems such as individual HVAC units, copper plumbing and 100amp electric service to each unit. Strategic Exterior Capital improvements to Parkside Palms’ 4 acres of land will significantly enhance tent attraction and retention by enhancing the curb appeal while providing additional tenant amenities, subsequently leading to new ownership achieving significant rental premiums coupled with low operating expenses moving forward. The single-story building layouts and low-density community allow for the addition of large front/back patios along with multiple tenant amenities. With multiple schools ranging from elementary to high school within walking distance, Parkside Palms holds a significant advantage over competing properties in both tenant attraction and retention. Properties within walking distance of schools historically boast higher occupancy and rental rates with lower turnover rates, leading to elevated returns for ownership. Saint John Vianney Catholic School is just a one-minute walk from Parkside Palms and provides a tremendous benefit to the neighborhood by providing Pre-k through 8th grade education, after school programs and community outreach programs. Directly north of St. John Vianney School is Eliseo Felix Elementary providing public school to the residents of Parkside Palms. To the east of Parkside Palms and within a 3-minute walk of the community is Agua Fria High School. Avondale is a tight knit community with its residents spanning multiple generations going to the schools K-12, seeking higher education and making their way back to the Avondale community. One mile directly west of Parkside Palms lie some of the largest industrial employers in Metro Phoenix. Several million square feet of industrial warehouses that employ thousands of jobs include Amazon, UPS, FedEx and Chewy. This employment base serves as an anchor for the Avondale community and the residents of Parkside Palms. Parkside Palms is comprised of 3 separate parcels which would allow an investor to spit up and resale the 3 individual parcels/properties to individual investors at higher per unit/SF sales prices. 1. 23 unit at 103 E. Brinker(1 S/1, 12 1/1’s, 10 2x1’s) 2. 16 unit at 109 E. Brinker(8 2x1’s, 8 3x1’s) 3. 16 unit at 205 E. Brinker(8 2x1’s, 8 3x1’s)

FOR SALE DETAILS

PRICE

$9,625,000 USD

PRICE/SF

$233 USD /SF

# OF UNITS

55

PRICE/UNIT

$175,000

CAP RATE

6.49%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Parkside Palms Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1964

PARKING SPACES

122

LAND DETAILS

LAND ACRES

4.03 AC

LAND SF

175,547 SF

ZONING

M-M, R-3

APN/PARCEL ID

500-18-037,500-18-038,500-18-039

ASK ABOUT THIS PROPERTY

Ryan AshNewmarkMore Info
602-525-4877

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Ryan AshNewmarkMore Info
602-525-4877

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.