6947 E 6th St., Scottsdale, AZ 85251

Sunshine Apartments is an 8-unit garden-style apartment community that was completely renovated and repositioned in 2013. Built in 1956, the property is made of block construction with new pitched composition shingle roofs and is individually-metered for electricity. The property has a unit mix consisting of all one bedroom floor plans that average approximately 650 square feet and are extremely well designed. The units have been renovated with 18” ceramic tile flooring, new espresso stained cabinetry with brushed nickel hardware, new countertops with glass tile backsplashes, porcelain tile shower surrounds, new contemporary bathroom vanities, brushed-nickel lighting fixtures, upgraded vertical blinds, 4” baseboards and new black electric appliances. Exterior improvements include a new roof, new HVAC units, upgraded exterior lighting, new exterior paint and trim, new dual-pane windows and new walkway railings and decking. The subject property is situated on approximately 0.31 acres and has attractive low water use desert landscaping. Additional community amenities include an on-site laundry facility and covered parking. Sunshine Apartments offers an investor the rare opportunity to acquire an extensively renovated asset located in a dynamic Scottsdale location priced at a fraction of replacement cost. In the second quarter of 2014, the submarket rents averaged $1.10 per square foot with an average occupancy of 94%, both of which far outperform the metropolitan Phoenix average. This helps to further illustrate that the south Scottsdale submarket is one of the most stable and highly performing submarkets in metro Phoenix. This offering also represents the opportunity for a future redevelopment as an additional exit strategy. The neighboring property on the same footprint was recently redeveloped into a 5 unit townhome community and there are currently two units for sale in the complex with a list price of $450K and respectively $475K. Additionally, the land parcel across the street is currently in the process of being developed into a 24 unit townhome community. These developments are a testament to the strength of the Old Town Scottsdale location and rental market.