6923 N 80th Ave Glendale, AZ 85303

Listing details for 6923 N 80th Ave, Glendale, AZ 85303 : Setting Sun is an attractive 28-unit apartment community located in a desirable Glendale neighborhood. Built in 1983, the property is made of wood frame and stucco construction with pitched composition shingle roofs, and is individually metered for electricity. The community has a unit mix consisting of all two-bedroom floor plans that are spacious and well designed and average approximately 750 square feet. The current owner has implemented capital improvements to the majority of the units including new ceramic tile flooring, water heaters, appliances and HVAC units. Additional unit amenities include an open layout and spacious closets, vertical blinds, fully appointed kitchens with electric appliances, breakfast bars, garbage disposals and are cable television ready. Setting Sun is situated on approximately 1.36 acres and features attractive desert landscaping and mature shade trees. Community amenities include a sparkling swimming pool, exterior lighting and a remodeled on-site laundry facility. Recent exterior capital improvements include deck repairs, paint and trim, parking lot, curbing, playground equipment, landscaping and a renovated common area with new picnic table and barbeque grill. Setting Sun offers an investor the rare opportunity to acquire an attractive apartment community located in a desirable Glendale submarket with in-place cash flow and additional value-add potential. Over the last year, the Glendale submarket average occupancy increased by 252 basis points, more than two times that of the metropolitan Phoenix average. Furthermore, in the fourth quarter of 2014, the submarket rents averaged $0.86 PSF as compared to $0.75 PSF at the subject property. With the improving submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Setting Sun is well positioned to achieve continual increases in revenue.