The Hepburn

07-29-2022
08-07-2022

631 N 4th Ave, Phoenix, AZ 85003

Property Description

The Hepburn is a fully renovated 16-unit apartment community located in the heart of Downtown Phoenix just off Roosevelt Row, Phoenix’s most sought-after historic district. The property is .7 miles from the downtown campus of Arizona state University, one of the nation’s largest universities with an enrollment of over 75,000 students with the downtown campus hosing its graduate college, the Sandra Day O’Connor college of law and the Walter Cronkite School of Journalism. Comprised of 4 one bedroom one bath floorplans and 12 studios these well-designed floorplans are in high demand for the submarket. The Hepburn was built in 1957 and underwent significant renovations in 2022 which include a new roof, all new plumbing, all new electrical including new wiring, panels and meters, new kitchens with new cabinets, quartz countertops, new stainless steel appliances including dishwashers, in suite washer and dryers, new exterior and interior doors, new lighting, new bathrooms with custom tiled showers, vanities, new exterior paint, courtyard landscaping, new fencing, gates and asphalt parking. The current owner spent $718,400 in renovations or approx. $45,000 a unit.
The property is walking distance from iconic restaurants such as the Vig Fillmore, CiBo Pizzeria, Pita Jungle Downtown, Snooze A.M Eatery along with numerous posh entertainment venues including the Orpheum Theater, the Herberger Theater and Arizona Federal Theater. Also in walking distance is Civic Space Park and the Roosevelt/Central Phoenix Metro Light Rail train station. The Hepburn is conveniently located just east of Interstate 10 and north of Interstate 17, both major freeways providing access to Phoenix International Sky Harbor airport, downtown Tempe and the east valley cities of Chandler, Gilbert, and Mesa. Downtown Phoenix boasts the densest employment in the metro area with close to 11.4 million square feet of office space in the Downtown Phoenix employment center, including 6.1 million square feet of Class A space. More than $4 billion has been invested in downtown Phoenix during the past decade. The area also has one of the lowest vacancy rates in the region. Downtown Phoenix is a center of major league sports activities, live concert events, and is an equally prominent center of banking and finance in Arizona. Regional headquarters for several major banks, including JP Morgan Chase, Wells Fargo, US Bank, Bank of America, Compass Bank and Midfirst Bank are all located within the area.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 4,500,000
No. of Units
16
Cap Rate
4.63%
Year Built
1957
Year Renovated
2022
Building Size
7,120 Sq ft
No. of Stories
2
Opportunity Zone
No
Price per unit
$ 281,250
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33.455924, -112.078586

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