Project Type: 51 - 99 Units

Construction: Slump Block

Const - Finish: Painted

Roofing: Composition

Floors: Vinyl; Wood

Sale Includes: Land & Building

Community Features: Pool; Play Area; Barbecue

Exterior Amenities: Desert Landscaping; Patio/Balcony

Interior Features: Vertical Blinds

Appliances Included: Free-Standing Range; Refrigerator; Microwave

Heating: Individual

Cooling: Individual

Water Source: City Franchise; Master Meter

Sewer: Sewer - Public

Electric: Individual Meter

Gas: Master Meter

Parking Features: Carport; Paved

Road Surface Type: Asphalt

Owner Pays: Water; Gas

Tenant Pays: Electricity

Source of Fincl Data: Owner

Existing 1st Loan: Conventional

Existing 1st Loan Type: Not Applicable

Existing 1st Loan Terms: Not Applicable

Existing 2nd Loan: Treat as Free&Clear

Existing 2nd Loan Type: Not Applicable

Existing 2nd Loan Terms: Not Applicable

Existing 3rd Loan: Treat as Free&Clear

Existing 3rd Loan Type: Not Applicable

Existing 3rd Loan Terms: Not Applicable

Existing Othr Ln Trm: Not Applicable

New Financing: Conventional

Environmental: None

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.