Phoenix,  AZ

9411 N 13th Ave

VALUE ADD 25 units in phoenix

Westmere is a low density, garden style community of 25 units in North Phoenix. Constructed in 1976,the community is comprised of 24 one and two bedroom units and a converted laundry room. Average unit size is 602 SF. Roofs were recently redone and a majority of the rooftop ACs are new. Some interior units have been upgraded. The property is individually metered for electricity and water. Westmere represents a great value add opportunity for a new owner through continued unit upgrade/conversion and lease burn-off/increases. (seven of the units have been converted from 1-bed units to 2-beds.) Unit conversions bring an approximate $200 per unit increase. A new owner can further enhance the asset by converting eight more units into 2-beds, adding backyards and converting the laundry room back into a rental unit. This North Phoenix neighborhood is a high demand area situated close to the Phoenix core and is fast evolving with new development and apartment upgrades. Westmere represents a great value, both on a price per unit and price per square foot basis.

*DISCLAIMER: Westmere is currently operating as 24 livable units and one unit converted to a laundry facility. A strong value add opportunity exists in converting the laundry facility into a two bedroom unit. Additionally, eight more units can also be converted from one bedroom floorplans into two bedroom floorplans with concept already proven in seven units. Buyer to verify zoning, unit counts, and all facts regarding conversion.

NUMBER OF UNITS

*25

YEAR BUILT

1976

NET RENTABLE SF

15,050 SF (est)

PRICE

$2,750,000

PARCEL SIZE

1 Acres

STAY REAL ESTATE INTELLIGENT