Central Oasis is a 14-unit garden-style apartment community located in a dynamic downtown Phoenix neighborhood that is currently undergoing one of the fastest regentrifications in all of Phoenix Metro. Built in 1958, the property is made of block construction with flat roofs and is individually-metered for electricity.
The unit mix is comprised of studio, one-, two- and three-bedroom floorplans that are extremely spacious, very well designed and range in size from approximately 408 to 912 square feet. While the property has been very well maintained over the last 12 years under current ownership, there is an opportunity for a new owner to update the units with premium finishes and take advantage of an improving rental market.
The property is situated on .46 acres and has attractive low-water use desert landscaping and mature shade trees. Exterior amenities include a large central courtyard and an on-site laundry facility.
Central Oasis offers an investor the rare opportunity to acquire a value-add deal in a dynamic downtown Phoenix location. In the fourth quarter of 2018, the submarket rents averaged $1.09 and an average submarket vacancy rate of 1.56% 401bp lower than the metro average and a 313bp drop over the same time last year. With the strong submarket fundamentals couples with the Phoenix market’s continual improvement and recovery, Central Oasis is primed for a value-add investor to take over and help this property realize its full potential.
