MLS® ID: 5987818
1846 E WASHINGTON Street
Phoenix, Arizona, 85034 $1,050,000
Active UCB (Under Contract-Backups)
1846 is a boutique-style apartment community originally built in 1940, renovated in 2016 and extensively remodeled in 2019. The community offers a mix of studio, one- and two-bedroom rental units. The units provide the resident the comfort of individual AC and microwaves as well as other unit attributes. The 2019 renovation included two new main water heaters, new roofs on both buildings, exterior paint and stucco siding, electrical panels, three units completely rewired and rebuilt, 6 new AC units, new sewer main, new walkways and exterior awnings.At list price, 1846 produces a cap rate of 7.58% with room for future rent growth to the new investor.