16645 N 31st St Phoenix, AZ 85032

Paradise Place is a 57-unit, garden-style apartment community located in a desirable north/central Phoenix neighborhood. Built in 1985 the property is made of block construction with pitched composition shingle roofs, and is individually-metered for electricity. The unit mix consists of one-bedroom, two-bedroom/one bath and two-bedroom/two bath floor plans that are spacious, well designed and average approximately 672 square feet. Interior unit amenities include fully appointed kitchens with full-size electric appliances, breakfast bars, vinyl flooring, ceiling fans, ample closet space and vertical blinds. The property is situated on approximately 2.16 acres and is landscaped with low water use desert plants mature shade trees. Community Amenities include a large swimming pool, children's playground, exterior lighting, an on-site laundry facility and covered parking.
Paradise Place offers an investor a unique value-add opportunity by establishing a moderate interior upgrade program as well as purchasing in a submarket that has demonstrated strong effective rent growth. Current ownership has implemented minor upgrades to the recently leased units and have achieved rental premiums of over $50. This leaves significant value-add potential for an investor to continue the improvements and capitalize on the rapidly increasing market rents.
Over the last year, the North/Central Phoenix submarket average rents increased by more than 6.5%. Additionally, the average submarket vacancy is one of the lowest in the valley at 4.76%, 92 bases points lower than the metropolitan Phoenix average. With the strong submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Paradise Place is well positioned to achieve substantial increase in revenue.