MODE Arcadia Apartments, 8-Units | Phoenix Multifamily For Sale

Multifamily For Sale in Phoenix Arizona – 8-Units (Apartments)

MODE Arcadia Apartments, 8-units (Multifamily)

3728 East Monterosa Street, Phoenix, AZ 85018

$1,075,000

6,750 SF Bldg

8 Units

7.19% Cap Rate

Garden/Low-Rise

Status: SOLD (COE 7/18/2014)

PROPERTY DESCRIPTION

MODE Arcadia Apartments is an 8-unit, garden-style multifamily community located in the sought after Arcadia neighborhood of Phoenix, near the Arizona Biltmore, Biltmore Fashion Park and Camelback Corridor. Built in 1964 and renovated in 2014, MODE Arcadia Apartments is comprised of 2 two-bedroom / two-bathroom units of approximately 875 square feet, 4 two-bedroom / one-bathroom units of approximately 850 square feet and 2 two-bedroom / one-bathroom units of approximately 800 square feet. The buildings are constructed of block with flat roofs. Amenities include in-suite washer & dryer, grilling station, bocci ball court, pool, desert landscaping and covered parking. 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.

AREA DESCRIPTION

MODE Arcadia Apartments enjoys a superior east central Phoenix location inside the Arcadia neighborhood within close proximity to the prestigious Biltmore area and Camelback Corridor, Phoenix’s premier upscale shopping, dining and financial district. The area is surrounded by numerous Phoenix hotspots, 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 property is situated west of 40th Street and south of Camelback Road, approximately 2.4 miles from the Biltmore Fashion Park, a 535,430-square foot open air regional shopping mall, 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. Monterosa Apartments is located approximately 2.6 miles from the 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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