6315 N 16th St #101 Phoenix, AZ 85016

Listing details for 6315 N 16th St #101, Phoenix, AZ 85016 : The North Point Condominiums are located in a dynamic infill Phoenix location just south Maryland Avenue on 16th Street, a highly visible arterial through metropolitan Phoenix. This offering is for 60 of the 86 total units, allowing an investor to have majority control of the HOA. Built in 1969, the property is made of block and wood frame construction with built-up foam and pitched composition shingle roofs, and is individually-metered for electricity with roof-mounted HVAC units. 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.