investment highlights
- SIGNIFICANT UPSIDE IN OCCUPANCY & RATES // Since the on-site manager was let go over a year ago, the property has been managed off-site by one of the out-of-state owner’s apartment community teams that’s in the area leading to a notable drop in operations. There is a significant opportunity in implementing professional management to drive revenue and returns in the first years of ownership.
- UPSIDE IN DIVERSIFIED REVENUE STREAMS // On-site management disruption forced the owner to shut down a highly successful Penske truck rental service that generated over $40K in commissions. In addition, there are 19 larger commercial storage units that historically stay near 100% occupied that are now 70% due to lack of managerial oversight and the recent COVID pandemic.
- RECENT CAPITAL IMPROVEMENTS // Over $147,597 has been reinvested back in the property in recent years highlighted by HVAC replacement and service, door upgrades and replacement, on-site managers apartment remodeled and asphalt repair.
- EXCELLENT LOCATION // Located in a dense infill suburban market in Phoenix’s northwest side on a heavily traveled six lane highway with turn lane. Average occupancy in the trade area is +/- 90% with limited new supply recently delivered or in the pipeline.
