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1518 W Colter Street, Phoenix, AZ – $6,200,000

  • $6.2M Price
  • $6.2M Price

1518 W Colter Street

The DC is a 35-unit apartment community located in the heart of North Central Phoenix on a nice, clean, quiet street where many revitalization efforts are taking place. It is less than 1 mile from 3 different light rail stations with the closest one being less than a half-mile away. The Christown Spectrum Shopping Center is approximately 3/5 of a mile away, featuring Costco, Target, Walmart, Harkins Theaters, and the light rail Park & Ride. The property's central location allows residents to enjoy, with ease, so much of what Phoenix has to offer. With many dining (the famed 7th Street Restaurant Row is less than 2 miles away), shopping, and entertainment options, as well as multiple freeway access points within minutes, The DC is an extremely desirable property for residents. The DC sits in a very well-located neighborhood in the midst of revitalization and just underwent an extensive interior and exterior renovation. All but 4 units have been fully remodeled. The renovation model in place is proven and provides an opportunity for an investor to add value by executing that proven model on the 4 unrenovated units. The remodel consisted of new tile/wood vinyl flooring, cabinets, tubs and bath surrounds, fixtures, appliances, windows, some new roofs and A/Cs, exterior landscaping, and more. All units have an in-suite full-size washer & dryer and many have private, fenced yards. The property was built in 1963 and its vintage, mid-century charm is becoming increasingly more popular, especially in this north central submarket. The property features block construction and all of the units are large two-bedroom, 910+ square foot apartments. They are all individually metered for electricity. Additionally, the property is equipped with security gates for both automobile and pedestrian traffic, offering tenants an extra sense of security. This opportunity offers an investor a phenomenal asset with a solid in-place cap rate/income stream in a great location.

Essential Information

  • MLS® #5946049
  • Price$6,200,000
  • Year Built1963
  • TypeMulti-Family
  • Sub-Type25 - 50 Units
  • StatusActive

Community Information

  • Address1518 W Colter Street
  • SubdivisionNILE TRACT BLK 2
  • CityPhoenix
  • CountyMaricopa
  • StateAZ
  • Zip Code85015

Amenities

  • AmenitiesNo Pool
  • Parking Spaces88
  • Parking1 Space/Unit, Carport

Interior

  • Interior FeaturesUnfurnished
  • HeatingIndividual
  • CoolingIndividual

Appliances

Refrigerator, BI Oven/Range, Disposal, Microwave, Washer/Dryer

Exterior

  • Lot DescriptionIRR
  • RoofRolled, Foam, Rock
  • ConstructionBlock

Exterior Features

Landscape Wtr System, Desert Landscaping, Fenced, Security Guard, Security Light(s)

School Information

District

001 - Phoenix Elementary District

Additional Information

  • ZoningR-3

Listing Details

  • OfficeABI Multifamily
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ABI Multifamily.

Information Deemed Reliable But Not Guaranteed. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. ARMLS Logo indicates that a property listed by a real estate brokerage other than Coldwell Banker Residential Brokerage. Copyright 2019 Arizona Regional Multiple Listing Service, Inc. All rights reserved.

Listing information last updated on July 22nd, 2019 at 2:18pm MST.