BILTMORE FLATS @ 24TH STREET

2004 North 24th Street, Phoenix, Arizona 85008

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BILTMORE FLATS @ 24TH STREET | PHOENIX MULTIFAMILY FOR SALE

Price $975,000
Number of Units 8
Building Size 4,175 SF
Property Type Multifamily
Property Sub-type Garden/Low-Rise
Property Use Type Investment
Occupancy 100%
Cap Rate 6.29%
Gross Rent Multiplier 12.33
Year Built 1959 (Renovated 2018)
Lot Size 0.28 Acres / 12,182 SF
APN 117-09-171-A
Parking Spots 8 Covered, 2 Uncovered
Neighborhoods Biltmore, Camelback Corridor, Camelback East, Central Phoenix, East Side Phoenix
Listing Status SOLD (COE 8/17/18)

INVESTMENT DRIVERS

VIBRANT INFILL LOCATION CELEBRATED FOR PUBLIC RESOURCES AND PRIVATE REVITALIZATION

Biltmore Flats @ 24th 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, Biltmore Flats @ 24th Street is well positioned to achieve continual revenue increase.

RAISING THE BAR FOR URBAN TOWNHOME LIVING IN CENTRAL PHOENIX

Biltmore Flats @ 24th Street offers style and convenience while raising the bar for urban apartment living in central Phoenix. Developed in 1959, the subject property was fully renovated in 2018, using high-end finishes and updating with modern contemporary design. The unit mix is comprised of eight (8) 1-bedroom / 1-bathroom units of approximately 525 square feet.

Interior property upgrades stainless-steel appliance package, stainless steel sinks with garbage disposal and retractable multi-setting faucet, granite countertops, stained concrete floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets.

The revamped exterior features gated courtyard, pet friendly accommodations, on-site laundry facilities and covered parking.

SUPERIOR EAST PHOENIX LOCATION NEAR CAMELBACK CORRIDOR

Biltmore Flats Apartments, aka MODE @ 24th Street, is an 8-unit, midcentury modern, single-story, courtyard-style, multifamily rental community located in the Biltmore-area of Phoenix, near Phoenix Children’s Hospital, Arizona Heart Hospital, and shops and popular eateries such as Binkley’s, Pa’La Kitchen, Wren House Brewing Company, Whole Foods, Trader Joe’s, Grassroots Kitchen & Tap, Pizzeria Bianco, Snooze, Sage Kitchen and The Parlor. Biltmore Flats Apartments is a mid-century modern rental community located in Phoenix’s Biltmore Area, east of the SR-51 Piestewa Freeway, west of 24th Street, just north of McDowell Road, along the northwest corner of Palm Lane and 24th Street, allowing easy access to The Shops at Town & Country, Biltmore Fashion Park, the Camelback Corridor, the valley freeway system and numerous employers. The property is a short distance from the Grand Canal, which many people utilize for recreation, including running and biking.

HIGHLIGHTS

Completely Renovated and Repositioned in 2018 with Premium Finishes and Modern Amenities
Superior East Phoenix Location along 24th Street Corridor
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