$5,895,000

Description

Ideally positioned immediately north of Central Phoenix's largest major employment corridor, The Vue Townhomes (''the property'') is a 26-unit majority townhome community located at the southwest corner of the 15th Avenue and Missouri Avenue intersection. The property sits within a desirable residential neighborhood, surrounded by the growing lifestyle opportunities of a rapidly improving area and the natural beauty of the North Mountain Preserve. The adjacent city-endorsed North Mountain Redevelopment Area, a defined area within the Phoenix MSA currently undergoing transformative redevelopment efforts, provides assistance to residents and business owners in taking advantage of funding mechanisms designed to improve the region through advancement of underutilized properties, expanded infrastructure, and the creation of additional employment opportunities with current capital investment of $179M, and lead by a revitalization of the iconic Metrocenter Mall. Ample employment opportunities are found through the nearby I-17 Employment Corridor, boasting more than 43,000 employees across ±1,200 businesses, featuring employers such as BlueCross BlueShield, Wells Fargo, Waste Management. Completed in 1967, The Vue at 1501 is comprised of 8 one-bedroom (31%) and 18 two-bedroom townhome (69%) floorplans, offering an average of ±823 square feet per unit. All units have been fully renovated with new countertops, cabinets, stainless steel appliances, upgraded electrical panels and in-unit washer/dryers. In addition, the roof and pool have been recently updated leaving additional upside of enhancing the curb appeal through common area capital expenditures such as exterior paint and landscaping. Future ownership will have the opportunity to receive enhanced operational performance and desirability resulting from the property's extremely rare majority-townhome mix in a rapidly-transforming, centralized location with immediate access to desirable amenities such as schools, retail and major employment corridors. With $2,308 average on-market rent for townhomes within a one-mile radius of the property, new ownership will have a clear competitive advantage to push market rent while remaining the lower cost option amongst competitive units in the submarket.