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4020 N Parkway Ave

Scottsdale, AZ 85251

$3,250,000

Apartments For Sale  •  12,400 Sq Ft

Property Details

  • Property Type Apartments
  • Total Building Size 12,400 Sq Ft
  • Lot Size 0.53 ac
  • Building Class C
  • Year Built 1970
  • Cap Rate 6.61 %
  • Zoning R-5, Scottsdale
52 Transit Score
76 Walk Score

Description

Tides at Scottsdale is a 24-unit garden-style apartment community located in an irreplaceable Scottsdale location that was recently renovated and repositioned. The property is situated on the southwest corner of 1st Avenue and Main Street just south of Indian School Road.  Built in 1970, the property is made of block construction with built-up roofs and is individually-metered for electricity. 
The unit mix is comprised of studio and one-bedroom floorplans that are extremely spacious, very well designed and range in size from 500 to 700 square feet.  Interior unit features include fully appointed kitchens with full-size stainless-steel appliances, new shaker style kitchen cabinets and quartz countertops, individual water heaters, ceiling fans. The property is situated on approximately .53 acres and is professionally landscaped with lush turf, mature shade trees and low maintenance desert plants.  Exterior amenities includea resort style swimming pool with pool furniture and gas barbeques, exterior lighting, on-site laundry facility.
Tides at Scottsdale offers an investor the rare opportunity to acquire a recently renovated asset located in an exceptional south Scottsdale location. In the first quarter of 2018, the submarket rents averaged $1.47 and have increased 8% over year. Furthermore, the average submarket vacancy has steadily decreased over the last several quarters with occupancy rates steadily remaining over 94% year-over-year, significantly greater than the metro Phoenix average.  Strategic path of growth positions Regency Park to benefit from accelerating fundamentals across the Phoenix metro.  Numerous economic forecasts project Phoenix to lead major western markets in employment and population growth through 2018.

Highlights

High Demand Downtown Scottsdale Rental Market with Strong Fundamentals
Prestigious Downtown Scottsdale Location with Extremely High Barrier to Entry
Pride of Ownership Community
Attractive Mid-Century Modern Design with a Contemporary Wood Styling
Low Maintenance Asset Provides Ease of Management for Out-of-State Ownership
Within Walking Distance to Old Town Scottsdale and Scottsdale Greenbelt, Entertainment District and Civic Center Plaza

Financial Summary

Cap Rate: 6.61 %

Amenities

  • Balcony
  • Disposal
  • Laundry Facilities
  • Microwave
  • Ceiling Fans
  • Kitchen
  • Refrigerator
  • Oven
  • Grill
  • Breakfast Nook

Public Transportation

AirportDriveWalkDistance
Phoenix Sky Harbor International Airport 17 min - 12.5 mi

Parking Details

Parking Available: No
Reserved: No
Type: Covered
Included in Rent: Yes
Brian Smuckler 602-735-5688 CBRE, Inc.
Brian Smuckler 602-735-5688 CBRE, Inc.