338 N 23rd St
- Value-Add Opportunity
- Attractively Priced at $135k / Unit
- 1985 Construction = Copper Plumbing, ABS Sewer Lines, and 125-Amps Electric Panels
- Proximity to Valleywide Health Medical Center and Major Healthcare Employment
- Proximity to Downtown Phoenix
- Proximity to Midtown Phoenix Employment and Park Central Redevelopment
- Camelback Corridor Employment & Entertainment Minutes Away
Property Description
Current ownership has owned and self-managed the property since 2015 and has kept the property consistently at high occupancy at below market rents with long-term tenants that are on month-to-month leases. The units are in classic condition and new ownership has the tremendous opportunity and immediate flexibility to significantly bump rental rates by updating the unit interiors and adding washer/dryer in unit. Furthermore, the two building layouts allow for the addition of large back patios on the 16 ground floor units. By upgrading units, adding washer/dryer, and patios, rental rates could be increased between $150-$250 above existing rental rates.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $4,050,000 |
| No. of Units: | 30 |
| Year Built: | 1985 |
| Opportunity Zone: | No |
| Price per unit: | $135,000 |
| Property Website | Click Here |
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