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

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

MODE Downtown Apartments, 8-units (Multifamily)

1317 West McDowell Road, Phoenix, AZ 85007

$719,000

5,488 SF Bldg

8 Units

6.65% Cap Rate

Garden/Low-Rise

SOLD: COE 9/30/14

PROPERTY DESCRIPTION

MODE Downtown Apartments is an 8-unit, Spanish Revival, single-level, courtyard-style, multifamily community located in the sought after F.Q. Story Historic District neighborhood of Phoenix, in between Downtown Phoenix and Midtown Phoenix, near Encanto Park, Encanto Golf Course and the Roosevelt Arts District. Built in 1945 and renovated in 2014, MODE Downtown Apartments is comprised of 8 two-bedroom / one-bathroom units of approximately 686 square feet. The buildings are constructed of block with pitched tile roofs. Amenities include coin operated washer and dryer facility, green grass courtyard with desert landscaping and covered parking. The property is individually metered for electricity and master metered for water and gas. The property owner is responsible for the cost of water, sewer, trash pickup and gas, and the residents are responsible for the cost of electricity in their units, including the cost of heating and air conditioning.

AREA DESCRIPTION

MODE Downtown Apartments enjoys a superior downtown Phoenix location inside the F.Q. Story Historic District, named Best Neighborhood Phoenix in 2013 by Phoenix New Times, within close proximity to downtown Phoenix attractions like Chase Field, US Airways Center, Downtown Phoenix Campus – Arizona State University, Phoenix Art Museum, Symphony Hall, cultural venues, restaurants, art galleries and the Valley Metro light rail. The property is situated west of 7th Avenue and east of 15th Avenue along McDowell Road, approximately 0.3 miles from the Interstate 10 (Maricopa Freeway), which connects to Interstate 17 (Black Canyon Freeway), State Route 51 (Piestewa Freeway) and Loop 202 (Red Mountain Freeway), providing easy access to the Camelback Corridor, Sky Harbor International Airport, Tempe, Scottsdale, the southeast and southwest Valleys.

FLOORPLANS

2 Bed / 1 Bath | 686 Square Feet