The Property
Investment Opportunity: Fully Occupied Multifamily Property
Address: 2122-2124 W Augusta Ave, Phoenix, AZ 85021
Price: $1,990,000
Property Overview:
- Two Parcels – This investment opportunity consists of two fully occupied parcels, providing stable income with minimal vacancy risk.
- Fully Occupied – All units are currently rented, ensuring consistent rental income from day one.
- Residential Loan Flexibility – These properties can be purchased using two residential loans, offering potential for favorable financing options for investors.
List of Recent Capital Improvements:
- HVAC Upgrades:
- Installed 1 ton mini-split AC in studio
- Replaced all AC vents and returns in all units (27 vents, 7 returns)
- Appliances:
- Upgraded to new stainless steel appliances in all units, including fridges, ranges, microwaves, and dishwashers (note: ice makers on backorder)
- Bathroom Renovations:
- Installed new toilets, faucets, shower valves, water lines, and P-traps
- Upgraded bathroom hardware including towel holders, toilet paper holders, and hand towel holders
- Installed new tubs and bathroom exhaust vents
- Kitchen and Bathroom Finishes:
- Fitted new 40” vanities in bathrooms with quartz countertops
- Installed subway tile backsplash in kitchens with 3/8” stainless steel trim
- Interior and Exterior Painting:
- Freshly painted both buildings with unknown colors (exterior)
- Interior walls painted with ceiling white; baseboards and door trim in semi-gloss white
- Electrical and Plumbing Enhancements:
- Upgraded electrical panels in Building #1
- Installed new outlets, switches, and light fixtures throughout units
- Replaced plumbing systems as per new kitchen and bathroom designs
- Flooring and Interior Upgrades:
- Installed porcelain wood-like tile flooring throughout all units
- Replaced interior doors with pre-hung doors and stainless steel handles
- Exterior Enhancements:
- Landscaped with three-quarter-inch gravel and artificial grass
- Added pavers, irrigation system with timer, and 14 new Vankas plants
- Built barn-style wooden fence and replaced fence panels with gates
- Roofing and Siding Improvements:
- Replaced roofing on both buildings with new shingles, underlayment, and flashing
- Installed energy-efficient windows and replaced siding on Building #1
- Additional Features:
- Installed new exterior doors with locks and mailbox stucco finished for all units
- Termite treatment completed with pest control measures
Investment Highlights:
- Fully Occupied: Stable rental income from all units.
- Recent Renovations: Extensive upgrades ensure minimal maintenance and attractive living spaces.
- Prime Location: Close proximity to amenities, schools, and transportation hubs.
- Residential Loan Purchase: Potential for financing using two residential loans, providing advantageous terms for investors.
- Potential for Increased Value: With recent upgrades and tenant satisfaction, there’s room for potential rent increases.
Price: $1,990,000
Disclaimer: Buyer to verify all facts and figures.
Virtual Tour-Check it out!
If you‘re interested in exploring the features of this property without leaving the comfort of your home, I highly recommend checking out the virtual tour. By clicking on the link provided, you’ll have the opportunity to experience a 360-degree view of the property, giving you a more immersive and interactive perspective. So why not take advantage of this convenient and innovative tool and discover what this property has to offer?
Location
Discover the Dynamic 85021: Where Connectivity Meets Community
Located in North Phoenix, ZIP code 85021 offers a vibrant blend of urban accessibility, educational resources, and emerging employment opportunities. The area is undergoing significant redevelopment, enhancing its appeal for residents and businesses alike.
Transportation & Accessibility
Interstate 17 Access-Situated just west of I-17, residents enjoy seamless travel to downtown Phoenix and beyond.
Valley Metro Light Rail-The newly opened **Thelda Williams Transit Center** serves as the northwestern terminus of the Valley Metro Rail’s Northwest Extension Phase II. This elevated station provides direct access to downtown Phoenix, the East Valley, and, upon completion, south Phoenix.
Bus Routes-The transit center is served by Valley Metro Bus Routes 27, 35, 90, 106, and the I-17 Rapid, offering comprehensive public transportation options.
Education & Community Services
Arizona School for the Deaf and Blind** A cornerstone of the community, this specialized educational institution provides essential services and education for students with sensory disabilities.
Employment & Development
The Metropolitan-The former Metro-center Mall is being redeveloped into **The Metropolitan**, an $850 million, 68-acre mixed-use urban village featuring over 1,200 townhomes, retail spaces, restaurants, parks, and bike paths.
Formation Park 17-Adjacent to The Metropolitan, this new 22-acre business park is set to include four industrial buildings totaling 425,280 square feet, targeting industries such as manufacturing, semiconductors, and warehouse and distribution.
Retail & Recreation
The Loop-A central feature of The Metropolitan, this pedestrian-friendly retail plaza will offer shops, restaurants, bars, parks, a splash pad, and an outdoor entertainment venue.
Parks & Amenities-The development includes green spaces, an amphitheater for concerts and movie nights, and rooftop amenities such as a restaurant, pool, and pickleball courts.
The redevelopment of The Metropolitan aims to create a walkable, transit-oriented community that serves as a vibrant hub for residents and visitors. With its strategic location, diverse amenities, and commitment to sustainability, 85021 is poised to become a premier destination in Phoenix.
$1,990,000
Sale Price
To Come
Effective Income
To Come
Operating Expenses
To Come
Net Operating Income
5.06%
Cap Rate
$1,990,000
Sale Price
$150,813
Proforma Effective Income
$25,804
Proforma Operating Expenses
$120,869
Proforma Net Operating Income
6.07%
Proforma Cap Rate
Offering Memorandum and Marketing Flyer-Check them out.
To access the Offering Memorandum or the one page Flyer, simply click on the button located below. From there, you’ll be able to download the document in PDF format.
Our Offering Memorandum is an essential resource for anyone who is considering investing in our opportunity. It includes all the necessary information, such as the investment terms, potential risks, financial projections, and more. By reviewing this document, you’ll have a complete understanding of what the investment entails.
If you have any questions or would like to learn more about our investment opportunity, please don’t hesitate to reach out to us. We’re always happy to answer any questions and provide you with the information you need to make an informed decision.
Thank you for considering our investment opportunity, and we hope to hear from you soon!
We‘d like to invite you to check out the additional photos we have uploaded to our website for our property. These photos offer a more detailed view of the property from various angles and perspectives, giving you a better understanding of its layout and features. Take a few moments to browse through these photos to see for yourself what our property has to offer. We believe that they will provide you with a better insight into our property. Thank you for considering this property, and please don’t hesitate to contact us if you have any questions.
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