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Parkway

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Address: 5401 W Glenrosa Ave, Phoenix, AZ 85031, USA

Phoenix & Southwest + Apartment Buildings

Created date: April 15, 2025

Date last updated: April 16, 2025

Property Description

Parkway is a 36-unit single-story garden style multifamily community located in a desirable west Phoenix neighborhood with over 18-years of continuous ownership. The property was built in 1963 and is made of block construction with pitched shingle roofs and is individually metered for electricity. The unit mix is comprised of 97% Two-Bedroom/One-Bathroom floor plans that average 947 square feet and feature classic finish levels. Each unit has a large private front patio. This low-density community has an oversized courtyard and is situated on 3.24 Acres (11.11 Units/Acre). Parkway offers an investor the rare opportunity to acquire an untouched asset with significant value-add/rebranding potential as the community has not undergone any significant renovations and all the unit finish levels are of a classic scope. Renovated properties within the competitive landscape achieve rent premiums up to $400 per month higher than the subject property. In addition, the offering is attractively priced at $145,833 per unit and $155 per square foot, significantly below the metro Phoenix average

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
Price:	$5,250,000
No. of Units:	36
Year Built:	1963
Opportunity Zone:	No
Price per unit:	$145,833