1916 N 32nd St Phoenix, AZ 85008

Listing details for 1916 N 32nd St, Phoenix, AZ 85008 : See documents tab for financials. Rare 1985/2018 Construction in Sub 100 Unit Marketplace With over 90% of sub 100 unit buildings in the Phoenix Metro market having been constructed from 1950-1980, 32 North provides an investor the rare opportunity to acquire an investment built to modern standards and code. 8 of the 16 units were rebuilt in 2018 and abide by modern code, including fire sprinklers, fire riser, ABS sewer lines, high efficiency HVAC units, new parking lot, new covered parking, etc. Current ownership is extremely experienced in all aspects of construction having built or renovated 40+ properties each year for nearly a decade with meticulous attention to detail throughout all phases of the construction process. Unit Mix, Amenities, and Modern Finishes Provide Competitive Advantage Within the Submarket 32 North is comprised of Eight 1 Bedroom/1 Bath and Eight 2 Bedroom/2 Bath units with washer and dryers in each individual unit. The washer and dryers coupled with the high end, hard surface flooring Quartz countertops, shaker cabinets, modern faucets, lighting fixtures, sinks and appliances in the spaciously designed units attract and retain an upgraded residential profile. Individually Parceled Units Provide Multiple Exit Strategies 32 North community is comprised of 16 individually parceled units. New ownership will reap the benefits of operating the property as an apartment community as the condo market continues to increase in value while simultaneously preserving the option to sell off the condos individually, providing multiple exit strategies for the disposition of the asset. Proven Results Through Strategic Interior Renovation 32 North's upgraded interior renovations have been proven by current ownership to provide significant rent premiums. New ownership will have the opportunity to continue upgrading the remaining 33% of units with new hard surface flooring, Quartz countertops, shaker cabinets, modern faucets, lighting fixtures, and sinks to realize the $200 monthly rent premiums, per unit. Proximity to Camelback Corridor Located just minutes away from the Camelback Corridor, 32 North provides endless entertainment, lifestyle and employment opportunity for it's residents. The Camelback Corridor is one of the most desirable locations for "A" quality office space in the entire Metropolitan area. High-end shopping and dining can be enjoyed at the Biltmore Fashion Park at the corner of 24th Street and Camelback Road, containing 535,430 square feet of open-air shop space and many of renowned Fox Restaurants including True Food Kitchen, Zinburger, and Blanco Tacos + Tequila. Retailers within the Fashion Park include Saks Fifth Avenue, Macy's, Ralph Lauren, Apple, and Pottery Barn. Proximity to Downtown Phoenix Downtown Phoenix boasts over 120,000 employees and more than 20 million square feet of office space providing 32 North residents with abundant employment opportunities. With more than $4 Billion newly invested in Downtown Phoenix, the area has become a hotbed for new projects, including creative open offices, trendy bars and restaurants and eclectic event venues. Prominent employers include the City of Phoenix, Maricopa County, the State of Arizona, Wells Fargo, Bank of America, Ernst & Young, United Healthcare, Cigna Healthcare. Additionally, the ASU Downtown Campus is home to 11,500 students enrolled in the Journalism, Nursing, and Law programs, each of which are nationally ranked top 25 programs.