1735 W Cortez St - Apartments FOR SALE


Phoenix, AZ 85029- North Mountain
$4,800,000 USD
602-525-4877
1735 W Cortez St, Phoenix, AZ for Sale
$4,800,000 USD
Apartments - FOR SALE
1/20
null | 6.55% Cap Rate

1735 W Cortez St
Phoenix, AZ 85029
North Mountain


HIGHLIGHTS

  • All 2 Bedroom Unit Community Situated on Shaw Butte within Phoenix Mountain Preserve
  • 1986 Construction = Copper Plumbing Supply, ABS Sewers, 100 AMP Electric Panels
  • Community Built with Washer/Dryers Installed in Every Unit
  • 2022 Interior & Exterior Capital Improvements
  • One Block from Major Office & Industrial Parks with Major Employers including Ping Golf Headquarters
  • Minutes from Cave Creek Golf Course and 90 Acre Cave Creek Sports Complex

OVERVIEW

Santa Cruz Villas is a 26-unit community situated on Shaw Butte offering residents tremendous mountain views and trailheads are minutes from their doorstep. Shaw Butte is within the Phoenix Mountain Preserve that has over 20 miles of hiking, biking, and horseback trails for residents to enjoy. Santa Cruz Villas is comprised of all large 2 Bedroom units providing a significant advantage over competing properties in the submarket. The community was constructed in 1986 of frame wood construction and is individually metered for electric. Given the age of construction, the plumbing and electric are built to modern standards. This includes copper plumbing supply, abs sewer lines and 100-amp electric panels without aluminum branch wiring. Each of the units were built with each unit having washer/dryer hook-ups and currently each unit has installed stackable washer/dryers. This significantly adds to the resident living experience via the efficiency and convenience of doing laundry in their own home. Properties that have in-unit washer/dryer typically achieve $100-150 rent premiums over competing properties. Santa Cruz Villas was renovated and upgraded in 2022 with quality capital improvements to the unit interiors and exterior, greatly enhancing the resident living experience. Recent interior improvements include modern 18” ceramic tile, new cabinets, countertops, stainless steel under mount sinks with modern stainless steel gooseneck faucets, new appliances including dishwashers and built in microwaves, new blinds, new modern lighting fixtures, remote control modern dual draft ceiling fans and in unit washer and dryers were installed. In the bathrooms, 12” x 24” tiled showers with inlay compliment the new modern vanities with quartz countertops, new low-flow toilets and modern faucets and lighting fixtures. Recent exterior improvements include new two-tone exterior paint/trim, new attractive low-maintenance landscaping with native Arizona plants, cactus, and desert palms. Santa Cruz Villas is just one block from major office and industrial parks including Karsten Industrial Park(Home of Headquarters of world renowned Ping Golf), Metro Research Center, Hewson/Copley Northwest, and Black Canyon Commerce Center. Employers within these business parks include Mass Mutual Financial Group, Infosystems, Accredo Health Group, APS, and Terra Staffing Group.

FOR SALE DETAILS

PRICE

$4,800,000 USD

PRICE/SF

$230 USD /SF

# OF UNITS

26

PRICE/UNIT

$184,615

CAP RATE

6.55%

% LEASED

92%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Santa Cruz Villas

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1986

PARKING SPACES

34

LAND DETAILS

LAND ACRES

1.11 AC

LAND SF

48,434 SF

ZONING

M-H

APN/PARCEL ID

159-06-022

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 Notice.