1110 E Highland Ave Phoenix, AZ 85014

Listing details for 1110 E Highland Ave, Phoenix, AZ 85014 : Highland Villa is a 36-unit garden-style apartment community located in a dynamic central phoenix neighborhood. Built in 1955 and 1975, the property is made of block construction with new pitched composition shingle roofs and has individual HVAC units with a central meter for electricity. There are sub-meters currently in place for electricity, but not in use. The property has a unit mix consisting of studio, one, two and three-bedroom floor plans that average approximately 601 square feet and are extremely well designed. Nearly one-third of the units have been renovated with fully appointed kitchens with new countertops and cabinets with chrome hardware, stainless steel sinks, porcelain tile kitchen backsplash, ceramic tile flooring, crown molding, 4" baseboards, ample closet space, vertical blinds, ceramic tile shower surrounds, ceiling fans and solid core interior and exterior doors. All units have new full-size electric appliances and new energy efficient hot water heaters. These upgraded units command a 10% premium compared to the standard units, providing significant value-add potential for an investor to continue upgrades to the remaining units. Highland Villa is situated on approximately 0.91 acres and has low maintenance landscaping with mature trees and low water use plants. Additional community amenities include a spacious on-site laundry facility, security doors, security surveillance system and a dog run. A seasoned investor would have the ability to immediately increase revenues by implementing a RUBS system in which residents are billed back for their water usage or by activating the sub-metering system in-place for electricity. This would reduce the utility burden on the property and pass it on to the residents. Highland Villa offers an investor the rare opportunity to acquire a pride of ownership asset located in a dynamic central Phoenix location priced at a fraction of replacement cost with additional value-add potential. In the second quarter of 2014, the submarket rents averaged $1.06 per square foot, 12% greater than the metropolitan Phoenix average. With the strong submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Highland Villa is well positioned to achieve continual increases in revenue.