ARCADIA FLATS @ 37TH STREET

3629 North 37th Street, Phoenix, Arizona 85018

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ARCADIA FLATS @ 37TH STREET | PHOENIX MULTIFAMILY FOR SALE

Price $920,000
Number of Units 7
Building Size 3,687 SF
Property Type Multifamily
Property Sub-type Garden/Low-Rise
Property Use Type Investment
Cap Rate 6%
Gross Rent Multiplier 12.57
Year Built 1955, 1962 (Renovated 2017)
Lot Size 0.57 Acres / 24,856 SF
APN 127-24-004
Parking Spots 6 Covered, 8 Uncovered
Neighborhoods Biltmore, Camelback Corridor, Camelback East, Central Phoenix, East Side Phoenix
Listing Status SOLD (COE 10/31/2017)

INVESTMENT DRIVERS

VIBRANT INFILL LOCATION CELEBRATED FOR PUBLIC RESOURCES AND PRIVATE REVITALIZATION

Arcadia Flats @ 37th Street 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, Arcadia Flats @ 37th Street is well positioned to achieve continual revenue increase.

RAISING THE BAR FOR URBAN TOWNHOME LIVING IN CENTRAL PHOENIX

Arcadia Flats @ 37th Street offers style and convenience while raising the bar for urban apartment living in central Phoenix. Developed in 1955 and 1962, the subject property was fully renovated in 2017, using high-end finishes and updating with modern contemporary design. The unit mix is comprised of seven (7) 1-bedroom / 1-bathroom units of approximately 527 square feet.

Interior property upgrades include in-suite laundry, stainless-steel appliance package, stainless steel sinks with garbage disposal and retractable multi-setting faucet, quartz countertops with porcelain tile backsplash, wood-look ceramic tile floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets.

The revamped exterior features a manicured courtyard with pet friendly accommodations. All units have private rear patios and covered parking. 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

Arcadia Flats @ 37th Street, is a 7-unit, midcentury modern, single-story, multifamily community located in the Arcadia neighborhood, near boutiques and popular eateries such as The Vig Arcadia, La Grande Orange Grocery, Postino WineCafe, Beckett’s Table, Crudo, Nook, Chelsea’s Kitchen, North Italia, The Yacht Club, Buck & Rider, Steak 44 and The Henry. The property is located in Phoenix’s Arcadia area, east of the SR-51 Piestewa Freeway, west of 40th Street, north of the Loop 202 Red Mountain Freeway, just south of Indian School Road, along 37th Street, allowing easy access to the Biltmore area, the Camelback Corridor, the Valley freeway system and numerous employers.

HIGHLIGHTS

Completely Renovated and Repositioned in 2017 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 & Wood Frame Construction