15435 N Cave Creek Rd Phoenix, AZ 85032

Listing details for 15435 N Cave Creek Rd, Phoenix, AZ 85032 : Park Pacific is a 26-unit garden-style apartment community located in a desirable north Phoenix neighborhood. Built in 1985, the property is made of wood frame construction with pitched composition shingle roofs, and is individually metered for electricity. The community has a unit mix consisting of all one-bedroom floor plans that are spacious and well designed and average approximately 580 square feet. Interior unit features include fully appointed kitchens with electric appliances, faux wood vinyl flooring, walk-in closets, mini blinds, ceiling fans and security doors in select units. The property is situated on approximately two-thirds of an acre and is landscaped with low water use plants and shrubs. Community Amenities include an on-site laundry facility, exterior lighting and covered parking. Park Pacific offers an investor the opportunity to acquire a garden-style apartment community located in a strong north Phoenix submarket with value-add potential. Over the past year the North Mountain submarket saw occupancy levels increase by 111 basis points. Additionally, the submarket average rents increased by more than 7% over the same timeframe. This allows an investor to capitalize on below market rents with significant upside. With the improving submarket fundamentals coupled with the Phoenix markets continual improvement and recovery, Park Pacific is well positioned to achieve increases in revenue. Furthermore, the property is priced below $37,000 per unit and $63 per square foot.