7122 N 48th Ave., Glendale, AZ 85301

See document tab for financials. ARA is pleased to announce the availability of Glen Square, an 11 unit Apartment Community located within walking distance of Historic Downtown Glendale known for its famous antique stores, ethnic eateries, brick trimmed sidewalks, glowing gas lamps, and white picket fenced neighborhoods. Within 10 minutes of the property is Westgate City Center, offering residents plenty of employment and entertainment via 6.5 million square feet of restaurants, bars, retail, and offices. Westgate is also home to Jobing.com Arena, home to the Phoenix Coyotes and University of Phoenix Stadium, home to the Arizona Cardinals. This location is also within close proximity of ASU West, Glendale Community College, and Grand Canyon University. Furthermore, Glen Square is just a one minute walk from Melvin E. Sine Elementary School and Delecias Park providing a tremendous benefit to residents and their families and a huge rent driver for ownership. Glen Square is a two-story community built in 1975 of wood frame construction. The property shows well and has good curb appeal and frontage along 48th Avenue. The property has low-maintenance desert landscaping with a few mature trees, bushes, and saguaro cactus. The property has plenty of parking in the rear of the property plus an additional 5 covered parking spaces that are tucked under the rear of the property. The community has laundry equipment that is not on a laundry lease and will convey with the property. In addition, there is a large storage and maintenance room that potentially could be converted to a studio unit. The property offers a balanced unit mix consisting of 1 studio, 4 one bedrooms and 6 two bedroom one and a half baths. Ownership has done partial upgrades to a majority of the units, which included wood looking vinyl, painted cabinets, resurfaced countertops, new appliances, new fixtures and paint. There are many long term residents and below market rents. New ownership has the upside to provide further upgrades to the units and increase rents $50-$100. Glen Square offers an investor a value-add opportunity priced at only $49,545/unit that is on a quiet street near charming downtown Glendale and is within walking distance of the neighborhood elementary school and park. ⢠Value-Add Opportunity Priced at only $49,545/unit ⢠Below Market Rents - Rental Upside of $50-$100 ⢠Good Unit Mix; 1 Studio, 4 One Bedrooms, 6 Two Bedrooms ⢠Low-Maintenance Desert Landscaping ⢠Great Curb Appeal and Frontage on 48th Avenue ⢠1 Minute Walk to Neighborhood School & Park ⢠Close to Historic Downtown Glendale ⢠10 Minutes to Westgate Entertainment District & AZ Cardinals Stadium ⢠7.05% Proforma Cap Rate and 8.35% Cash-on-Cash Return