MODE @ Melrose Apartments, 12-Units | Phoenix Multifamily For Sale
MODE @ Melrose Apartments, 12-Units | Phoenix Multifamily For Sale
Multifamily For Sale in Phoenix Arizona – 12-Units (Apartments)
MODE @ Melrose Apartments, 12-units (Multifamily)
4127 North 9th Avenue, Phoenix, AZ 85013
$1,275,000
6,976 SF Bldg
12 Units
Garden/Low-Rise
Turn-Key
6.51% Cap Rate
PROPERTY DESCRIPTION
Built in 1962, MODE @ Melrose Apartments was fully remodeled and repositioned in 2015. Interior upgrades include in-suite laundry, stainless-steel kitchen appliances, stainless steel sink with garbage disposal and retractable multi-setting faucet, upgraded countertops with glass tile backsplash, wide plank wood-style flooring or stained concrete floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features a bocce ball court, grilling station, LED outdoor fireplace, steel pergola, custom seating, pet friendly accommodations, keyed entry pedestrian gates and covered parking.
The property is comprised of one (1) studio, ten (10) one-bedroom units and one (1) two-bedroom unit. The buildings are constructed of block with built up 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. Listing Broker has an ownership position in the property.
AREA DESCRIPTION
MODE @ Melrose is situated in the trendy Woodlea Historic District, where homes were built between 1928 and 1955. The property address is 4127 N 9th Ave. Phoenix, AZ 85013. The property is situated one-half block west of 7th Avenue, a major-thoroughfare running through Phoenix, Arizona. The property is surrounded by an abundance of commercial developments, including Carl T. Hayden VA Medical Center one mile east, providing strong employment generation for the surrounding area. MODE is also convenient to public transportation, with bus service provided along Indian School Road and 7th Avenue. The Valley Metro light rail line is within walking distance from the subject property and operates along Central Avenue spanning 4.3 miles from Camelback Road to Jefferson Street. The light rail has 28 stops along its 20 mile route, services more than 14 million people every year, and represents one of the most significant and ongoing developments in the Phoenix MSA. At a cost of $1.4 billion, the project serves 19th Avenue in Phoenix to Main Street in Mesa with 34 miles of expansion taking place over the next 20 years.
MODE @ Melrose is located adjacent to the Melrose District, a hip stretch along 7th Avenue lined with restaurants, shops, music stores and boutiques, including, Copper Star Coffee, Gallo Blanco Café and Bar, FEZ, Hula’ s Modern Tiki, Maizie’ s Cafe, Zinnias at Melrose-Consignment, Modern on Melrose, Melrose Center, Melrose Marketplace and Park Central Mall. 7th Avenue also provides unparalleled access to Downtown Phoenix. Redevelopment in the downtown area will continue to spur growth, provide jobs, and attract young professionals further improving the demand for housing within the submarket. This is evidenced by the over $4 billion investment in the downtown submarket since 2006. Key projects in the past few years have included a $600 million expansion to the Phoenix Convention Center, a combined 1,500 new hotel rooms at the Sheraton, Westin, and Hotel Palomar, the CityScape mixed-use project, Arizona State University Center for Law and Society, and the $136 million University of Arizona Biosciences Partnership Building which will create 360 new health professional jobs.
The Central Avenue Corridor is less than half a mile 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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