915 E Missouri Ave, Phoenix, AZ 85014

Teakwood is an attractive 21-unit garden-style apartment community located in an irreplaceable central Phoenix neighborhood with high barriers to entry. Built in 1964, the property is made of block construction with pitched roofs, and is master-metered for electricity. The unit mix consists of studio, one and two-bedroom floor plans that are spacious and extremely well designed. Nearly 1/4 of the units have been renovated with faux wood plank vinyl or ceramic tile flooring, electric appliances, decorative glass tile kitchen backsplash, refinished cabinets with new countertops, brushed nickel fixtures and lighting, solid core front entry doors and contemporary bathroom vanities. These upgraded units rent at over an $85 premium compared to the standard units, leaving significant value-add potential for an investor to continue interior upgrades to the remaining units. 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. The property is situated on a large lot of approximately 1.12 acres and is attractively landscaped with lush turf and mature shade trees. Community Amenities include covered parking, an attractive courtyard with a large sparkling swimming pool, exterior lighting and an on-site laundry facility. Given the property's current layout and density, an investor would be able to develop additional units or redevelop the property into high-end townhomes. Teakwood offers an investor the rare opportunity to acquire a pride of ownership urban core asset located in an irreplaceable central Phoenix location with additional value-add potential. Over the last year, the north/central Phoenix submarket average occupancy increased by 588 basis points, seven times more than the metropolitan Phoenix average. Furthermore, the average submarket rent has increased by 7.5% over the same time period. With the improving submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Teakwood is well positioned to achieve continual increases in revenue.