4130 N 12th St., Phoenix, AZ 85014

The Studio on 12th Street is a 41-unit retro-style apartment community located in a desirable central Phoenix location that was completely renovated and repositioned in 2014. The property is made of block construction with flat roofs and is individually-metered for electricity. The unit mix is composed of studios and one bedroom floor plans that are spacious and very well designed and range in size from 495 to 600 square feet. The units have been completely renovated with 18" porcelain tile flooring, new countertops and cabinets with brushed nickel hardware, decorative glass tile backsplashes, ceramic tile shower surrounds with new brushed nickel fixtures, brushed-nickel lighting fixtures and Retro accent wall decorations. The property is situated on approximately two-thirds of an acre and has attractive, professionally designed low water use desert landscaping. Exterior renovations include an artistic two-tone exterior paint scheme with rustic wood siding, a contemporary metal monument sign, secured entry gates, upgraded lighting and courtyard pavers with inlaid faux turf. The Studio on 12th Street offers an investor the rare opportunity to acquire an extensively renovated asset located in a dynamic central Phoenix location priced substantially below replacement cost. In the second quarter of 2015, the submarket rents averaged $1.15 per square foot, 15% greater than the metropolitan Phoenix average. Additionally, ownership has recently implemented a RUBS system in which residents are billed back for a portion of the water usage, further reducing the property's already minimal expenses and reducing water costs by nearly 80% by the end of the year. With the strong submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, The Studio on 12th Street is well positioned to achieve continual revenue increase.