706 W Taylor St., Phoenix, AZ 85007

Presidential is a 10-unit garden-style apartment community located in a dynamic downtown Phoenix location in the path of development. Built in 1941, the property is made of block construction with pitched tile roofs and is individually-metered for electricity. The unit mix consists of studios and two-bedroom floor plans that are very well designed. Interior unit features include fully appointed kitchens with fullsized appliances, Saltillo tile flooring in select units, ceramic tile shower surrounds, brushed nickel fixtures and ceiling fans. The property is situated on approximately 0.68 acres and is landscaped with low water use shrubs and mature shade trees. With its current zoning of DTC and C-3, the site is primed for redevelopment and is allowed to be built up to 58 in vertical feet. Presidential offers an investor the opportunity to acquire a garden-style apartment community located in a strong downtown Phoenix submarket with in-place yield and additional redevelopment potential. In the fourth quarter of 2014, the submarket rents average $1.20 per square foot as compared to $0.95 per square foot for the metropolitan Phoenix average, and has experienced consistent increases in occupancy levels above those of the metro Phoenix area as well.