Orangewood Apartments
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Orangewood Apartments 2020 WEST ORANGEWOOD AVENUE // PHOENIX, AZ OFFERING SUMMARY PROPERTY NAME Orangewood Apartments ADDRESS 2020 West Orangewood Avenue CITY, STATE Phoenix, Arizona 85021 PARCEL NUMBER 157–19–141 ZONING R–4, Phoenix Orangewood TOTAL UNITS 27 YEAR BUILT 1986 Apartments TOTAL SQUARE FEET 13,758 PARCEL SIZE 0.94 AC DENSITY 27.72 Units per Acre Orangewood Apartments Marcus & Millichap is pleased to announce the opportunity to acquire PRICE $2,400,000 Orangewood Apartments, a 27–unit multifamily community located in Phoenix, Arizona. Situated a block west of 19th Avenue and a half mile south UNITS 27 of Northern Avenue in the Christown submarket, where multifamily renovation and development is burgeoning. Anchoring the neighborhood is PRICE PER UNIT $88,889 the 1 million square foot Christown Spectrum Mall with its 50+ stores including Costco, Walmart, Target and many others. Within walking distance TOTAL SQUARE FEET 13,758 is Albertsons as well as Fry’s grocers. PRICE PER SQUARE FOOT $174.44 Listed at $2,400,000 Orangewood offers an investor the ability to pay a below–market price in an up–and–coming submarket. Built in 1986, the unit mix is comprised of (24) studios, (2) one bedroom–one bath units and (1) Phoenix metro will experience faster job growth than the two bedroom–one bath townhome style unit. The tenants enjoy large mature national rate during the next five years. shade trees, grass–covered open spaces as well as a gated pool and lounge area. Deliveries pick up in 2019 as Phoenix receives 10,600 new Within walking distance to the property is the Northern/19th Avenue Phoenix units. Metro Light Rail Station, which becomes an invaluable benefit to residents requiring transportation flexibility. The 28.2–mile line is currently expanding to Metro Center Mall to the north and into east Mesa. Also in the immediate Phoenix’s average effective rent grows by more than 6 vicinity is the Abrazo Central Medical Center which employs over 320 doctors serving the 221–bed facility and Grand Canyon University with its percent, moving the figure to $1,136 per month. 21,000 on–campus students. Please contact the listing agent if you would like to schedule a property tour. Do not contact the on–site manager. UNIT MIX SUMMARY CURRENT RENTS TYPE COUNT UNIT SF TOTAL SF UNIT RENT RENT PER SF TOTAL RENT Studio / 1 Bath 24 467 11,208 $655 $1.40 $15,720 1 Bed / 1 Bath 2 800 1,600 $820 $1.03 $1,640 2 Bed / 1 Bath 1 950 950 $920 $0.97 $920 Total / Average 27 510 13,758 $677 $1.33 $18,280 Annualized Rents $219,360 EXCLUSIVELY LISTED BY RICHARD BUTLER Senior Vice President Investments Director - National Multi Housing Group Phoenix Office Tel: (602) 687-6782 Fax: (602) 687-6710 [email protected] License: AZ SA031210000 SEAN CONNOLLY Multifamily Advisor National Multi Housing Group Phoenix Office Tel: (602) 687-6744 Fax: (602) 687-6710 [email protected] License: AZ: SA673848000 RYAN SARBINOFF Arizona Broker of Record License #BR675146000 2398 E. Camelback Rd. Suite 300 Phoenix, AZ 85016.