MODE By Alchemy Apartments, 10-Units | Phoenix Multifamily For Sale
MODE By Alchemy Apartments, 10-Units | Phoenix Multifamily For Sale
Multifamily For Sale in Phoenix Arizona – 10-Units (Apartments)
MODE By Alchemy Apartments, 10-units (Multifamily)
376 East Alvarado Road, Phoenix, AZ 85004
$1,386,500
6,739 SF Bldg
10 Units
Garden/Low-Rise
Turn-Key
SOLD (COE 11/16/2015)
PROPERTY DESCRIPTION
Built in 1958, MODE By Alchemy Apartments was fully remodeled and repositioned in 2014. Interior property upgrades include in-suite laundry, polished concrete flooring, sandblasted block walls, vaulted ceilings with exposed rafters, new contemporary cabinetry, custom metal backsplashes, stainless steel appliances, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features private patios, contemporary metal monument sign, composite wood access gates with keyed entry, resurfaced asphalt parking lot, combination of grass and xeriscape landscaping and covered parking.
The property is comprised of five (5) one-bedroom / one-bathroom units averaging approximately 621-square-feet and five (5) two-bedroom / one-bathroom units averaging approximately 727-square-feet. The buildings are constructed of block with pitched asphalt shingle 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.
The property is located in Midtown Phoenix, less than one mile north of Interstate 10 and approximately one and one half miles west of Arizona State Route 51 (Piestewa Freeway), along Alvarado Road, just west of 7th Street, allowing easy access to Downtown Phoenix, providing access to the State’s densest employment corridor.
AREA DESCRIPTION
MODE by Alchemy Apartments is situated in the East Alvarado Historic District where all of the homes were built between 1937 and 1942. 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.
The property is just west of 7th street which 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 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.
The property is located within the boundaries of the newly formed Central Arts District, which runs between Seventh Avenue and Seventh Street in central Phoenix and between Roosevelt Street and Virginia Avenue. The Central Arts District comprises 11 central Phoenix arts and culture organizations including Phoenix Art Museum, Phoenix Theatre, Phoenix Center for the Arts, Heard Museum, Arizona Opera, Phoenix Community Alliance, Arizona School for the Arts, Hance Park Conservancy, Metro Arts High School, Playhouse on the Park, and the Viad Corporate Center (soon to be renamed the Central Arts Plaza). By joining forces, the cultural entities that make up the Central Art District plan to establish a greater presence in the Valley as well promote the continued growth of arts and culture in Phoenix.
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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