Marcus & Millichap announced the sale of Alvarado Apartments, a 10-unit apartment property located in Phoenix, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $425,000.
Chris Lake, Brian Tranetzki, and Richard Butler, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.
Alvarado Apartments is located at 376 East Alvarado Road in Phoenix. This single-story, block constructed apartment community was built in 1958 and consists of six well designed one-bedroom units at 600 square feet and four two-bedroom units at 775 square feet. The subject property is individually metered for electricity, has pitched asphalt shingle roof and has individual water heaters located in the units. The buyer took advantage of this opportunity to purchase one the few remaining non-renovated multifamily properties in the downtown area. Due to its location and close proximity to some of the most preeminent attractions in central Phoenix, this property is a prime candidate for the buyer to reposition.