Parkside Palms — Sale in Avondale, AZ

  • Price: $9.6M
  • Listing type: For sale
  • Asset type: Business
  • Location: Avondale, AZ 85323

Description

Parkside Palms is a 55-unit apartment community located in the heart of Avondale, AZ. This low-density community is situated on over 4 acres on 3 separate parcels and consists of all single-story majority 2 and 3 bedroom units and is individually metered for electricity. Parkside Palms represents the rare opportunity to purchase a value-add apartment community with attractive Seller Financing(65% LTV at 4% Interest Only up to 5 years) to a qualified Buyer. Current ownership has owned and self-managed the property since 2017 and has kept the property consistently 100% occupied at below market rents with long-term tenants that are on month-to-month leases. With interior upgrades and the addition of in-unit washer/dryer, $200-$300 rent premiums are achievable for the property as the units are in classic condition yet have modern systems such as individual HVAC units, copper plumbing and 100amp electric service to each unit. Strategic Exterior Capital improvements to Parkside Palms’ 4 acres of land will significantly enhance tent attraction and retention by enhancing the curb appeal while providing additional tenant amenities, subsequently leading to new ownership achieving significant rental premiums coupled with low operating expenses moving forward. The single-story building layouts and low-density community allow for the addition of large front/back patios along with multiple tenant amenities.

Market Context

This commercial property in Avondale, AZ is listed for sale at $9,625,000. It has been on the market for 54 days. Compare it against other commercial property listings for sale in Avondale, AZ — view the full market.

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