37 W Medlock Dr - Apartments FOR SALE


Phoenix, AZ 85013
$3,525,000 USD
602-687-6679
37 W Medlock Dr, Phoenix, AZ for Sale
$3,525,000 USD
Apartments - FOR SALE
1/23
null | Request Cap Rate

37 W Medlock Dr
Phoenix, AZ 85013


OVERVIEW

Advantageously positioned just north of the Central Avenue and Camelback Road intersection, hidden within one of Central Phoenix's affluent residential areas is a 13-unit apartment community, Medlock Place (“the property”). Conveniently located in the heart of the historic uptown submarket, its nearby proximity to one of The Valley's major transportation arteries, State Route 51, affords residents direct access and simple passage to nearly any destination across The Valley. Positioned minutes from a long-standing landmark of Phoenix, Uptown Plaza blends mid-century modern charm with the high-rises that line both sides of Central Avenue. Anchoring the gateway to North Central Phoenix's historic core, Medlock Place presents outstanding walkable access to a mix of the best local and national retailers and restaurants including The Henry, Chula Seafood, Shake Shack, AJ’s, and West Elm. Recognized by its sprawling residential estates and scarcity of developable land, Uptown Phoenix offers a highly coveted neighborhood atmosphere, boasting an average single family home sale price of ±1,189,390 (last 90 days). In addition, Medlock Place benefits from long-term profitability of location due to Uptown Phoenix’s high barriers to submarket entry. Built in 1959 and fully renovated in 2020, Medlock Place is comprised of 10 two-bedroom floorplans (77%), 2 studio floorplans (15%), and 1 one-bedroom floorplan (8%) floorplans covering an average of ±773 square feet. All 13 units have been renovated with interior upgrades including new appliances, countertops, cabinets, flooring, fixtures, hardware and individual washer/dryers.

FOR SALE DETAILS

PRICE

$3,525,000 USD

PRICE/SF

$351 USD /SF

# OF UNITS

13

PRICE/UNIT

$271,154

CAP RATE

Request Cap Rate

% LEASED

98%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Medlock Place

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1959

PARKING SPACES

12

LAND DETAILS

LAND ACRES

0.44 AC

LAND SF

19,166 SF

ZONING

R-3, Phoenix

APN/PARCEL ID

162-23-084

ASK ABOUT THIS PROPERTY

Paul BayMarcus & MillichapMore Info
602-687-6679

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Paul BayMarcus & MillichapMore Info
602-687-6679

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.