The Oasis
Property Description
CBRE is pleased to present The Oasis, a 26-unit multifamily opportunity in the North Mountain submarket of Metro Phoenix with significant rent upside. Built in 1968 and recently re-branded/repositioned, the property is made of block construction with pitched composition shingle roofs and is individually metered for electricity. In addition, the property has been extensively updated with newer roofs, newer hvac units, updated interior electrical panels, in-suite washer/dryers and resurfaced parking lot. The property offers the rare opportunity for an investor to acquire a single-story garden style community with 100% two-bedroom floor plans and significant rent upside. Similar properties within the competitive set obtain rent premiums of $200+ per unit and nearly $300 below the metro average. The Oasis benefits from its proximity to the 1-17 freeway and the Valley Metro light rail, providing excellent access to economic drivers. Minutes from the community are the I-17 employment corridor, the $1B Metrocenter redevelopment, and ample retail and dining options. Strong demand drivers have increased demand for multifamily housing in the area.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Multifamily type: | Apartments |
| Price: | $5,350,000 |
| No. of Units: | 26 |
| Year Built: | 1968 |
| Building Size: | 20,332 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $205,769 |
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