1420 E Bethany Home Rd Phoenix, AZ 85014

Listing details for 1420 E Bethany Home Rd, Phoenix, AZ 85014 : Bethany Gardens is an attractive 35-unit garden-style apartment community located in a dynamic central Phoenix neighborhood with high barriers to entry. Built in 1978, the property is made of block construction with built-up roofs, and is individually metered for electricity. The unit mix consists of all two-bedroom, two bathroom floor plans that are spacious and extremely well designed and average 925 square feet. Four of the units have been completely renovated with wood vinyl flooring, GE faux metallic electric appliances including dishwashers, decorative glass tile kitchen backsplash, new cabinets and countertops breakfast bars, brushed nickel fixtures and lighting, contemporary bathroom vanities, energy efficient hot water heaters, and full-size stack washer/dryers. These upgraded units rent at over a $150 premium compared to the standard units, leaving significant value-add potential for an investor to continue interior upgrades to the remaining units. The property is situated on approximately 2.32 acres and is attractively landscaped with lush turf and mature shade trees. Community Amenities include covered parking, an attractive courtyard with a large sparkling swimming pool, and exterior lighting. Bethany Gardens offers an investor the rare opportunity to acquire a pride of ownership urban core asset located in an irreplaceable central Phoenix location with additional value-add potential. Over the last year, the north/central Phoenix submarket average occupancy increased by 588 basis points, seven times more than the metropolitan Phoenix average. Furthermore, the average submarket rent has increased by 7.5% over the same time period. With the improving submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Bethany Gardens is well positioned to achieve continual revenue increase. In addition, this offering allows a seasoned investor the opportunity to convert the property into condominiums or redevelop into new high-end townhomes.