17625 N 7th St, Phoenix, AZ 85022
- Premier opportunity to continue the proven interior renovation program and increase asking rents $200/unit. 7% of units are upgraded to a Platinum level featuring vinyl plank flooring, granite countertops, painted white cabinets with pull handles, kitchen backsplash, and LED lighting
- Opportunity to capitalize on organic rent growth. Current in-place rents are up to $400 below submarket averages.
- Current ownership recently invested $3.5 million into capital improvements and deferred maintenance so that the next investor can focus on value enhancing improvements
- Ancillary income opportunities such as implmenting a covered parking charge of $20/space/month
- The property features spacious one-, two-, and three-bedroom condominium quality units
The Stratford is a 308-unit condominium quality garden-style asset located in North Phoenix near the Deer Valley employment center. North Phoenix continues to experience unprecedented job growth and major economic developments in the area, which are fueling robust demand for multifamily housing in the submarket. The asset is poised for significant revenue growth via organic market rent increases; currently in-place rents are approximately ±$400 below the submarket. Investors have a tremendous opportunity to increase revenue and value by improving operations and continuing proven interior renovation program. Currently 23 units (7% of the property) are renovated to a platinum upgrade level featuring vinyl plank flooring, modern paint, granite white countertops, LED light fixtures, undermount sinks, stainless steel appliances, subway tile backsplash, painted cabinets, and new shaker doors, hardware and baseboards. Platinum units are renting for significant premiums averaging $200/unit. Investors also have the ability to capitalize on management inefficiencies and ancillary income opportunities such as renewing leases at current market rents and charging for covered parking.