This three level, garden-style apartment community is shaped in the form of a figure eight with ten multi-residential buildings organized into north and south sections which are connected by a very large clubhouse / office building in the middle. The 236 master-metered apartment units include 107 studios (410 square feet each), 126 one bed / one bath units (575 square feet each), 2 two bed / one bath units (900 square feet each) and 1 two bed / two bath unit (950 square feet). With interior and exterior renovations, the rents are rapidly improving, with ample room for immediate growth (per multiple rental market surveys). Using the current asking rents and current market expenses, the property is offered at 7% cap on current market numbers. There is also ample opportunity for rental growth within the submarket with various levels of renovation ideas, discussed within this same marketing package. Our summary, which is supported by actual data, is that an investor can purchase into immediate cash flow, and continue growth as a value add opportunity into future
growth of operating income. This is truly one of the more compelling offerings on the market today.
Located within the heart of the most heavily occupied rental submarket in the Phoenix metropolitan area, the Flats at 2030 has quick access to the freeway system, the light rail, and numerous education, employment, entertainment, recreation and transit opportunities. This property sits squarely within
the more densely populated urban hub of the City of Phoenix. The Flats at 2030 provides its residents with a host of amenities including two rectangular resort style pools, a centrally located comfortable clubhouse, multiple barbecues and courtyard areas, and ample parking surrounding the property.
The property features studio, one bedroom and two bedroom units, including full baths, fully appointed kitchens, patios/balconies, and ample storage and closet space. Interior photos are provided herein. The Flats at 2030 also offers upside potential to a new owner through modernization of the community amenities and unit interiors in a way that can position the property for increased rental income.
