MODE Biltmore @ 27th Street N, 20-Units | Phoenix Multifamily For Sale

4231 N 27th St, Phoenix, AZ 85016 | 20-Units | Multifamily For Sale

MODE Biltmore @ 27th Street N Apartments

Price $3,500,000
Number of Units 20
Building Size 15,626 SF
Property Type Multifamily
Property Sub-type Garden/Low-Rise
Property Use Type Investment
Net Operating Income $219,063
Cap Rate 6.25%
Gross Rent Multiplier 12.62
Year Built 1966 & 1970 (Renovated 2016)
Lot Size 1.24 Acres / 54,351 SF
APN 163-05-011-B & 163-05-019
Parking Spots 21 Covered, 5 Uncovered
Neighborhoods East Side Phoenix, Central Phoenix, Camelback East, Camelback Corridor, Biltmore
Listing Status Escrow

INVESTMENT DRIVERS

VIBRANT INFILL LOCATION CELEBRATED FOR PUBLIC RESOURCES AND PRIVATE REVITALIZATION

MODE Biltmore @ 27th Street N 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. With strong submarket fundamentals coupled with the Phoenix market’ s continual improvement and recovery, MODE Biltmore @ 27th Street N is well positioned to achieve continual revenue increase.

RAISING THE BAR FOR URBAN TOWNHOME LIVING IN CENTRAL PHOENIX

MODE Biltmore @ 27th Street N offers style and convenience while raising the bar for urban apartment living in central Phoenix. Developed in 1966 & 1970, the subject property was fully renovated in 2016, while graciously preserving the charm of its original midcentury design. The unit mix is comprised of twenty (20) 2-bedroom / 1-bathroom units.

Interior finishes include en-suite laundry, new stainless-steel appliance package equipped with an electric stove, dishwasher, refrigerator, microwave, stainless steel sink, granite countertops, stained concrete floors, upgraded lighting and plumbing fixtures, modern bathroom tiling and modern fixtures, ceiling fans, oversized windows, upgraded doors and walk-in closets in select units.

Community amenities include a gated entertainment area with swimming pool, outdoor grilling station and outdoor seating areas. The apartments all have designated covered parking and private patios. The subject property also has great access to the Valley freeway system, the Biltmore, Camelback Corridor and Downtown Phoenix.

SUPERIOR EAST PHOENIX LOCATION NEAR CAMELBACK CORRIDOR

MODE @ 27th Street N, aka 27th Street N Apartments, is a midcentury modern, single story, multifamily community, located in the Biltmore-area of Phoenix, near Phoenix Children’s Hospital, Arizona Heart Hospital, and shops and popular eateries such as Bink’s Midtown, Mejico Cocina Mejicana, Coup Des Tartes, Whole Foods, Trader Joe’s, Grassroots Kitchen & Tap, Pizzeria Bianco, Snooze, Sage Kitchen and The Parlor. The property is located in Phoenix’s Biltmore Area, east of the SR-51 Piestewa Freeway, west of 28th Street, just north of Indian School Road, along 27th Street, allowing easy access to The Shops at Town & Country, Biltmore Fashion Park, the Camelback Corridor and Los Olivos Park. The property is located approximately 1.7 miles from 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. Disclosure: Owner/Agent.

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HIGHLIGHTS

Completely Renovated and Repositioned in 2016 with Premium Finishes and Modern Amenities
Superior East Phoenix Location
Pride of Ownership Community
High Demand Rental Market with Strong Fundamentals
Proximity to boutique Retail, Independent Restaurants, Employment Drivers and the prestigious Camelback Corridor
Low Maintenance Asset
Block Construction