Conveniently located less than a mile south of Interstate 10 and minutes from Downtown Phoenix sits Melvin Street (''the Property''), a 40-unit apartment community comprised of individually-parceled contiguous buildings. Its nearby proximity to Interstate 17, Interstate 10, and Loop 202 (South Mountain Freeway), three major transportation arteries, affords residents direct access to simple passage within desirable commute times to nearly any destination across The Valley. Some of those nearby destinations include a number of the most prominent employment and entertainment corridors in the state. Downtown Phoenix (?100,000 employees | ?700 businesses) and the Innovation Employment Corridor (?71,000 employees | ?1,100 businesses), present employment opportunities from some of the most prolific companies in Arizona such as United Healthcare Bank of America, Freeport-McMoran, Banner Health, and IBM. Additionally, Arizona State University - Downtown Campus and Grand Canyon University are less than 5 miles from the property, with an on-campus enrollment of ?11,700 and ?25,000 students, respectively.
Completed in 1984, Melvin Street is comprised of 100% two-bedroom floorplans, offering an average of 750 square feet. Current ownership has invested over $700,000 of capital improvements inclusive of complete exterior renovations with new paint/stucco, landscaping, repaved parking lot, dual pane windows, new roof-mounted HVAC systems (all units) and 21 units equipped with in-suite laundry. In addition, the interiors of 20 units have been fully renovated with new appliances, countertops, cabinets, flooring, interior paint, and upgraded fixtures. Future ownership will have the opportunity to exit on an individual fourplex basis as the property consists of individually-parceled contiguous buildings.
