revival - LoopNet · to develop their talents and explore new opportunities in addition to their...
Transcript of revival - LoopNet · to develop their talents and explore new opportunities in addition to their...
revivalMIDTOWN
Offering Summary
1220 E. Medlock Dr. | Phoenix, AZ
PRICING
LOCATION
PROPERTY
PRICE Unpriced
TOTAL UNITS 35
PRICE PER UNIT TBD
TOTAL SQUARE FEET 24,200
PRICE PER SQUARE FOOT TBD
CAP RATE TBD
PROPERTY NAME Revival Midtown
ADDRESS 1220 East Medlock Drive
CITY, STATE Phoenix, AZ 85014
PARCEL NUMBER 162–13–139
ZONING R–4
PARCEL SIZE 1.55 AC
YEAR BUILT / RENOVATED 1961 / 2018
NUMBER OF BUILDINGS 4
NUMBER OF FLOORS 2
DENSITY 22.58 Units per Acre
PARKING Covered & Uncovered
Investment Highlights
Marcus & Millichap is pleased to announce the opportunity to
acquire Revival Midtown, a completely renovated 35–unit
multifamily community ideally located in the heart of Phoenix’s
prestigious Camelback Corridor. Situated north of Camelback Road
and east of 12th Street, Revival Midtown is only minutes away from
upscale shopping, recreational activities, vast amounts of
entertainment and one of the most vibrant restaurant corridors in all
of Phoenix. The Valley Metro Light Rail station is less than two
miles away from the subject property, providing tenants with a low
cost and convenient transportation alternative to different parts of
the valley.
Built in 1961 and completely renovated in 2018, Revival Midtown is
comprised of recently remodeled and spaciously designed one and
two–bedroom apartment homes. All units include new flooring and
windows, en–suite washers and dryers, new bathrooms and
kitchens with stainless steel appliances, as well as private patios in
select units. In addition to the interior upgrades, the owner has also
invested in exterior enhancements including two new restricted
access gates, 35 new roof–mounted air conditioning units, as well
as a new leasing office.
Revival Midtown is located in close proximity to multiple grocers as
well as popular destinations such as the Arizona Biltmore Resort,
Biltmore Fashion Park and Camelback Mountain. With the growth
of award–winning restaurants, trendy coffee shops and bistros
prospering throughout the Camelback Corridor and Uptown
Phoenix, this location draws in young professionals and families
who desire to live an urban lifestyle. An added benefit to young
families is the proximity to the highly regarded Madison Elementary
School District which offers Signature Programs that allow students
to develop their talents and explore new opportunities in addition to
their regular academic classes.
Unit TypeUnit
Count
Square
Feet
Total
Square
Feet
Current Rent
Per Unit
Current Rent
Per SF
Gross
Potential
1 Bed / 1 Bath 16 625 10,000 $1,050 $1.68 $16,800
2 Bed / 1 Bath 19 800 15,200 $1,150 $1.44 $21,850
Total /
Average
35 720 25,200 $1,104 $1.53 $38,650
Phoenix’s average effective rent grows by more than 6
percent, moving the figure to $1,136 per month.
Deliveries pick up in 2019 as Phoenix receives 10,600 new
units.
Phoenix metro will experience faster job growth than the
national rate during the next five years.
revivalM I D TOWN
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