2947 N 39TH Street, Phoenix, AZ 85018 (MLS# 5321235)

Project Type: 5 - 12 Units

Construction: Block

Const - Finish: Painted

Roofing: Composition

Floors: Ceramic Tile

Sale Includes: Land & Building

Community Features: No Pool

Exterior Amenities: Security Light(s)

Interior Features: Vertical Blinds; Mini Blinds

Appliances Included: Free-Standing Range; W/D Hookup

Heating: Individual

Cooling: Window/Wall Unit; Individual

Water Source: Individual Meter

Sewer: Sewer - Public

Electric: APS; Individual Meter

Gas: Master Meter

Parking Features: Carport

Road Surface Type: Asphalt

Owner Pays: Gas

Tenant Pays: Water; Sewer; Electricity

Source of Fincl Data: Owner

Existing 1st Loan: Conventional

Existing 1st Loan Type: Fixed

Existing 1st Loan Terms: Not Applicable

Existing 2nd Loan: Treat as Free&Clear

Existing 2nd Loan Type: Not Applicable

Existing 2nd Loan Terms: Not Applicable

Existing 3rd Loan: Treat as Free&Clear

Existing 3rd Loan Type: Not Applicable

Existing 3rd Loan Terms: Not Applicable

Existing Othr Ln Trm: Not Applicable

New Financing: Conventional

Environmental: None

The unit mix consists of one and two-bedroom floor plans that are spacious and well designed and average 817 square feet. Interior unit features include fully appointed kitchens with electric appliances, ceramic tile and wood plank flooring, double walk-in closets, security doors, storage units, vertical/mini blinds and private patios with washer/dryer hookups in select units The property is situated on approximately three quarters of an acre and is attractively landscaped with low water use desert landscaping. Community amenities include a laundry facility, exterior lighting and covered parking. Desert Jewel offers an investor the opportunity to acquire a single story, garden-style apartment community located in a strong east Phoenix submarket with in-place yield and additional value-add potential. By implementing interior unit upgrades a seasoned investor would have the ability to 'rebrand' the community and attain significant rent premiums already proven by renovated neighboring properties. Additional revenue enhancement could also be achieved by installing washer/dryers. In the first quarter of 2015, the submarket rents averaged $1.09 per square foot as compared to $0.98 per square foot for the metropolitan Phoenix average. Additionally, the submarket average rent has increased by 8% over the past year. With the improving submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Desert Jewel is well positioned to achieve continual increases in revenue.