Trinity Arcadia Apartments, 16-Units | Phoenix Multifamily For Sale

MULTIFAMILY FOR SALE IN PHOENIX ARIZONA – 16-UNITS (APARTMENTS)

3234 N 38th St, Phoenix, AZ 85018
Neighborhoods: East Side Phoenix, Central Phoenix, Camelback East, Camelback Corridor, Arcadia
Number of Units: 16
Year Built: 1962
Year Renovated: 2015
Status: SOLD (COE 11/4/2016)

JUST CLOSED! | $2,600,000 | COE 11/4/2016

INVESTMENT DRIVERS

VIBRANT INFILL LOCATION CELEBRATED FOR PUBLIC RESOURCES AND PRIVATE REVITALIZATION

Trinity Arcadia Apartments offers an investor the rare opportunity to acquire an extensively renovated asset located in a dynamic east Phoenix location, quickly becoming one of the hottest neighborhoods in all of central Phoenix. In 4th quarter of 2015, the submarket rents averaged $1.23 per sqft, 21% greater than the metro Phoenix average. With the strong submarket fundamentals coupled with the Phoenix market’ s continual improvement and recovery, Trinity Arcadia Apartments is well positioned to achieve continual revenue increase.

RAISING THE BAR FOR URBAN APARTMENT LIVING IN CENTRAL PHOENIX

Trinity Arcadia Apartments offers style and convenience while raising the bar for urban apartment living in central Phoenix. Trinity features upscale interior finishes and bold gathering spaces while graciously preserving the charm of its original midcentury design. Developed in 1962, the subject property offers three separate floor plans that include renovated studio-, two- and three- bedroom apartment homes that average approximately 923 square feet. Interior finishes include in-suite laundry, new stainless-steel appliance package equipped with an electric stove, dishwashers, refrigerators, stainless steel vent hood, stainless steel sinks with garbage disposal, granite countertops, and stained concrete floors. Apartment interiors also include upgraded lighting and plumbing fixtures, modern bathroom tiling and modern fixtures, ceiling fans, oversized windows, and upgraded doors. Select units also feature walk-in closets. Community amenities consist of a swimming pool, additional storage and private patios/balconies on select units. The community’s common area also includes a manicured courtyard featuring a stainless steel barbecue grill, steel pergola, custom seating areas, and pet friendly accommodations. The subject property also features keyed entry pedestrian gates and covered parking.

HIGHLIGHTS

Completely Renovated and Repositioned in 2015 with Premium Finishes and Modern Amenities
Dynamic East Phoenix Location in the Path of Progression
Pride of Ownership Community
High Demand Rental Market with Strong Fundamentals (Submarket Average Rent is 21% Greater than the Metropolitan Average)
Proximity to boutique Retail, Independent Restaurants, Employment Drivers and the prestigious Camelback Corridor
Low Maintenance Asset
Block Construction with Pitched Roofs

MAP & DIRECTIONS

PROPERTY DESCRIPTION

Built in 1962, Trinity Arcadia Apartments was fully remodeled and repositioned in 2015. Interior property upgrades include in-suite laundry, stainless-steel appliance package, double stainless steel sinks with garbage disposal and retractable multi-setting faucet, upgraded countertops with porcelain tile backsplash, stained concrete floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features a manicured courtyard featuring a stainless steel barbecue grill, steel pergola, swimming pool, pet friendly accommodations, keyed entry pedestrian gates and covered parking.

The property is comprised of two (2) studio / one-bath units of approximately 240 square feet, thirteen (13) two-bed / two-bath units of approximately 1,000 square feet and one (1) three-bed / two-bath unit of approximately 1,285 square feet. The buildings are constructed of block with pitched roofs. The property is individually metered for electricity and master metered for water. The property owner is responsible for the cost of water, sewer, and trash pickup, and the residents are responsible for the cost of electricity in their units, including the cost of heating and air conditioning.

Disclosure: Owner/Agent.

Trinity Arcadia Apartments is centrally located in the Arcadia-area of Phoenix near numerous Valley hotspots, including: The Vig Arcadia, La Grande Orange Grocery, Postino WineCafe, Beckett’ s Table, Crudo, Nook, Chelsea’ s Kitchen and North Italia. The property is located in a quiet residential neighborhood one half mile south of Indian School Road, along 38th Street, allowing easy access to Biltmore shopping, Arcadia restaurants, and the Camelback Corridor, Phoenix’ s premier upscale shopping, dining and financial district. Nearby freeway access to State Route 51 (Piestewa Freeway) which connects to Interstate 10 (Maricopa Freeway), Loop 202 (Red Mountain Freeway), providing easy access to Downtown Phoenix, Sky Harbor International Airport, Tempe, Scottsdale, the southeast and southwest Valleys.

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