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$1,650,000
6426764 MLS
Hatcher 10 is a value-add single story10-unit community located in NorthCentral Phoenix. Current ownership hasfully renovated six of the ten units with newwhite shaker cabinets, new countertops, newstainless steel appliances including dishwasher, new modern gray plank tile flooring throughout, new bathroom vanities, new tile shower surrounds with decorative tile shower pan, new toilets, two tonepaint, new baseboards, dual draft ceilings fans, brushed nickel hardware and light fixtures. These proven strategic interior improvements have led to $400+ rental rate increases and provide significant upside for new ownership. Current ownership has madesignificant major mechanical system and exterior capital improvements during their ownership tenure. Exterior capital improvements inc all new roofs, all new windows, fenced outdoor patios to each unit along with low maintenance desertscape landscaping with native plants. Major mechanical replacements include new ABS sewer lines on the southern and western buildings, new Pex water supply lines on the southern and western buildings, eight new HVAC units, and new electric in the southern building. New ownership has the opportunity to add washer/dryer in each unit resulting in rent premiums of $100 above current rents. Properties with washer/dryer in unit typically lead to higher resident attraction and retention, boosting returns for ownership. New ownership has the opportunity to individually meter each unit for electricity with the tenants becoming responsible for the associated electric costs, significantly reducing the utility expenses moving forward. The Property is just a 5-minute commute to the Central Corridor and 10-minute commute to the Camelback Corridor. These employment centers hosts a dynamic mix of premier office, high end retail and hospitality development serving as a focal point for business and entertainment activity in Phoenix. The Central Corridor is a vibrant infill location experiencing a residential revival that has led to unprecedented rental demand that is now being pushed north into the neighborhood Hatcher 10 is located in.

513 E Hatcher Road, Phoenix

Listing courtesy of Apartment Realty Advisors of A.

All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Copyright 2022 Arizona Regional Multiple Listing Service, Inc. All rights reserved.

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