Point Park North is an attractive 13-unit, garden-style apartment community located in an desirable central Phoenix neighborhood with high barriers to entry. Built in 1958 the property is made of block construction with pitched composition shingle roofs, and is individually-metered for electricity. The unit mix consists of studio, one and two-bedroom floor plans that are spacious and extremely well designed. Interior unit amenities include fully appointed kitchens with full sized appliances, ceiling fans, ample closet space, vertical blinds, screen doors and individual storage for select units. The property is situated on approximately 0.54 acres and is landscaped with turf and mature shade and fruit trees. Community Amenities include a large sparkling swimming pool, exterior lighting, covered parking and an on-site laundry facility. Point Park North offers an investor a unique value-add/reposition opportunity by establishing an interior/exterior upgrade program as well as purchasing in a submarket that has demonstrated strong effective rent growth. By implementing these enhancements, a seasoned investor will have the ability to 'rebrand' the community to match the strength of the submarket by creating modern apartments in a core location with affordable rental rates. In the first quarter of 2015, the submarket rents averaged $1.10 per square foot, 12% greater than the metropolitan Phoenix average and one of the highest submarkets overall. With the strong submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Point Park North is well positioned to a achieve substantial increase in revenue.
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