MODE @ Biltmore Apartments, 8-Units | Phoenix Multifamily For Sale
MODE @ Biltmore Apartments, 8-Units | Phoenix Multifamily For Sale
Multifamily For Sale in Phoenix Arizona – 8-Units (Apartments)
MODE @ Biltmore Apartments, 8-units (Multifamily)
5317 North 11th Street, Phoenix, AZ 85014
$1,320,000
7,096 SF Bldg
8 Units
Garden/Low-Rise
Turn-Key
6.49% Cap Rate
PROPERTY DESCRIPTION
Built in 1963, MODE @ Biltmore 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, LED outdoor fireplace, steel pergola, custom seating areas, pet friendly accommodations, keyed entry pedestrian gates and covered parking.
The property is comprised of eight (8) two-bedroom units. 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 and gas in their units, including the cost of heating and air conditioning.
Disclosure: Owner/Agent. Listing Broker has an ownership position in the property.
AREA DESCRIPTION
MODE @ Biltmore is located at 5317 N 11th St. Phoenix, AZ 85013. The property is situated just west of the Arizona Biltmore and adjacent to the Camelback Corridor, Phoenix’ s premier upscale shopping, dining and financial district. The area is surrounded by high-profile businesses, luxury resorts and some of the most exclusive homes in the Valley with median home values around $700,000, though many exceed $2 million. The Biltmore Fashion Park is a 535,430-square foot open air regional shopping mall in the area, with notable tenants including: Macy’ s, Saks Fifth Avenue, Chanel, Gucci, Prada, Louis Viutton, Fendi, Apple, Crate & Barrel, and Williams Sonoma. Notable area employers include Northwestern Mutual, Merrill Lynch, North Trust Bank, UBS, Alliance Residential Company, Cole Real Estate Investments, Fennemore Craig, Greenburg Traurig, DLA Piper and Cisco Systems, Inc. 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.
The Central Avenue Corridor is approximately 1.1 miles from the subject property and serves as the main connection between Uptown/Midtown and Downtown Phoenix and is one of Phoenix’ s most vital and heavily trafficked stretches of roadway with nearly 60,000 cars daily. It is the region’ s largest employment corridor with over 18 million square feet of office space accommodating more than 120,000 employees and is home to prominent employers including The City of Phoenix, Wells Fargo, JPMorgan Chase, Freeport McMoRan, Bank of America, and United Healthcare.
Healthcare provides significant employment within the central Phoenix corridor. Hospitals in the immediate area include Banner Good Samaritan a 645 bed, 3,800 employee hospital, St. Luke’s Medical Center with 225 beds and 1,200 employees, St. Joseph’s Hospital with 738 beds and 4,000 employees, Phoenix Children’s Hospital, one of the ten largest hospitals in the country specializing in inpatient, outpatient, trauma, emergency and urgent care solely to children located in the Southwest, and Arizona Heart Hospital a 111 bed facility leading the field in the diagnosis and treatment of cardiovascular diseases.
Greater Phoenix is a $181 billion marketplace that serves as a hub for innovation and entrepreneurs by providing international access for aerospace, high-technology, bioscience, advanced business services and sustainable technologies. The City of Phoenix is the sixth- largest city by population within the United States making it the dominate city within the region. Greater Phoenix has consistently outpaced the U.S. population growth over the last 18 years according to the U.S. Census Bureau, projections show the region is expected to grow by nearly 60 percent by the year 2030.
PHOTOS
OWNER/AGENT
The seller discloses that one or more members of the selling entity are licensed real estate brokers, associate brokers and/or salespersons in the State of Arizona. Seller’s Agent, Vestis Group, discloses that Principals, Natan Jacobs and Les Litwin, are members of the selling entity.
ADVISORS
Natan Jacobs | 602-281-6202 x1
Chad Barber | 602-281-6202 x5
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