6315 N 16TH Street 101, Phoenix, AZ 85016 (MLS# 5342481)

Project Type: 51 - 99 Units

Construction: Block; Wood Frame

Const - Finish: Painted; Stucco

Roofing: Composition; Foam

Floors: Wood

Sale Includes: Land & Building

Community Features: Pool; Play Area; Barbecue

Exterior Amenities: Green Landscaping; Patio/Balcony

Interior Features: Unfurnished

Appliances Included: Free-Standing Range; Dishwasher; 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

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

North Point Condominiums have a desirable unit mix consisting of all two and three-bedroom floor plans that average approximately 908 square feet and are extremely spacious and well designed. Over half of the units have been renovated with stacked washers and dryers, stainless steel appliances, new cabinetry, faux-wood vinyl flooring, granite countertops, ceiling fans and new vanities and sinks. Additional unit amenities include microwaves, dishwasher, garbage disposals, walk-in closets and security screen doors. Situated on 3.25 acres, North Point Condominiums have attractive landscaping consisting of lush turf and mature trees. The current HOA in place at North Point Condominiums is generally responsible for common-area expenses including, but not limited to, water, sewer, and trash collections. The building have been recently painted, as the parking lot is newly paved. Exterior amenities include an on-site laundry facility, large sparkling swimming pool, gazebos, barbeques, children's playground and covered parking spaces. North Point Condominiums offers an investor the rare opportunity to acquire an extensively renovated urban core asset located in an irreplaceable central Phoenix location priced at a fraction of replacement cost. Over the last year, the average submarket rent has increased by 14%, significantly greater than the metropolitan Phoenix average. Additionally, since the first of quarter 2015, the average submarket vacancy has decreased by 154 basis points. With the strong submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, North Point Condominiums are well positioned to achieve continual revenue increase.