2110 N 32nd St Phoenix, AZ 85008

Monte Vista Gardens is an 88-unit garden-style apartment community located in a desirable east Phoenix neighborhood. Built in 1982, the property is made of wood frame and stucco construction with flat roofs and is individually-metered for electricity. The property has a unit mix consisting of all one bedroom floor plans that average approximately 534 square feet and are extremely well designed. Interior unit features include fully appointed kitchens with electric appliances and dishwashers, ceramic tile flooring, ample closet space, dual pane windows, vertical and mini blinds, ceiling fans and private balconies/patios. Monte Vista Gardens is situated on a large lot of approximately 2.22 acres and is attractively landscaped with mature trees and low water use plants. Additional community amenities include a large sparkling swimming pool, an on-site rental office, children's playground, two picnic areas, a spacious laundry facility and covered parking.

Monte Vista Gardens offers an investor the rare opportunity to acquire an extensively renovated asset located in a dynamic east Phoenix location priced at a fraction of replacement cost. In the third quarter of 2014, the submarket rents averaged $0.98 per square foot and have increased by 7% over the past year. Additional revenue enhancement could be achieved by implementing a RUBS system in which residents are billed back for their water usage which will further reduce the property's already minimal utility expenses. With the strong submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Monte Vista Gardens is well positioned to achieve continual revenue increase.