SVN Desert Commercial Advisors is excited to announce the availability of the Palm Lane Apartments, a 12 unit apartment community located in Central Phoenix's Coronado District. These apartments are situated on over 25,000 SF of land, which includes extra undeveloped land that additional units could be built on. The property was built in 1961 but was renovated over the last three years with upgraded interiors and exteriors. Three units are master metered for electricity, however the rest of the units are individually metered. The community is comprised of 2 Small Studios, 3 Large Studios, 4 1BD/1BA & 3 2BD/1BA . The Palm Lane Apartments offers one third of its units furnished if a tenant prefers to not bring their own furniture. On the proforma rent roll, the Small Studios rent for $1,000 unfurnished and $1,200 furnished. The Large Studios rent for $1,100 unfurnished and $1,600 furnished. The one bedrooms rent for $1,300 unfurnished and $1,750 furnished. The two bedroom units are the only units that do not have the option to be furnished and they rent for $1,500. A buyer will appreciate the $500,000 worth of improvements this property has had since 2018. The current owner has been renting out the furnished units as Airbnb's, however, a buyer would be able to lease these units up to long term residents if they desire. There are no outstanding commitments on these 4 furnished units so a future owner can make the choice of how to proceed.
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Multi-Family Space
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