1040 E Fairmount Ave., Phoenix, AZ 85014

Fairmount Eight was renovated in 2018 with approximately $20,000 per unit in improvements to the interiors and common areas. Interior renovations included upgrading kitchens, flooring, bathrooms, dual pane windows retextured ceilings, updated ceiling fans and fixtures. Fairmount Eight is located 0.5 miles from the Phoenix VA Hospital, 1 mile from Phoenix Indian Medical Center, 2 miles from Phoenix Children's Hospital and 1.5 miles from the Creighton University medical school, St. Joseph's Hospital and the Midtown Employment Corridor. Market comps suggest that there is more room in the market rents based on current condition. Additionally, new ownership will have the opportunity to incorporate a utility recapture or RUBS. Comparables in the area suggest a $45 monthly RUBS across all units.