Project Type: 25 - 50 Units

Construction: Slump Block

Const - Finish: Painted; Siding

Roofing: Built-Up

Floors: Vinyl; Wood

Sale Includes: Land & Building

Community Features: Pool

Exterior Amenities: Fenced; Patio/Balcony; Security Light(s)

Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Microwave; Washer/Dryer

Heating: Individual; Window/Wall Unit(s)

Cooling: Window/Wall Unit; Individual

Water Source: City Franchise; Master Meter

Sewer: Sewer - Public

Electric: Individual Meter

Gas: None

Parking Features: Paved

Road Surface Type: Asphalt

Owner Pays: Water

Tenant Pays: Electricity

Source of Fincl Data: Owner; Projected Proforma; Other (See Remarks)

Existing 1st Loan: Other (See Rmks)

Existing 1st Loan Type: Not Applicable

Existing 1st Loan Terms: Not Applicable

Existing 2nd Loan: Other (See Remarks)

Existing 2nd Loan Type: Not Applicable

Existing 2nd Loan Terms: Not Applicable

Existing 3rd Loan: Other (See Remarks)

Existing 3rd Loan Type: Not Applicable

Existing 3rd Loan Terms: Not Applicable

Existing Othr Ln Trm: Not Applicable

New Financing: Other (See Remarks)

Environmental: None

The unit mix consists of all two-bedroom, two bathroom floor plans that are spacious and extremely well designed and average 925 square feet. Four of the units have been completely renovated with wood vinyl flooring, GE faux metallic electric appliances including dishwashers, decorative glass tile kitchen backsplash, new cabinets and countertops breakfast bars, brushed nickel fixtures and lighting, contemporary bathroom vanities, energy efficient hot water heaters, and full-size stack washer/dryers. These upgraded units rent at over a $150 premium compared to the standard units, leaving significant value-add potential for an investor to continue interior upgrades to the remaining units. The property is situated on approximately 2.32 acres and is attractively landscaped with lush turf and mature shade trees. Community Amenities include covered parking, an attractive courtyard with a large sparkling swimming pool, and exterior lighting. Bethany Gardens offers an investor the rare opportunity to acquire a pride of ownership urban core asset located in an irreplaceable central Phoenix location with additional value-add potential. Over the last year, the north/central Phoenix submarket average occupancy increased by 588 basis points, seven times more than the metropolitan Phoenix average. Furthermore, the average submarket rent has increased by 7.5% over the same time period. With the improving submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Bethany Gardens is well positioned to achieve continual revenue increase. In addition, this offering allows a seasoned investor the opportunity to convert the property into condominiums or redevelop into new high-end townhomes.