2032 W Orangewood Ave Phoenix, AZ 85021

Bougainvillea Garden Apartments is a 31-unit single-story garden-style multifamily community located in a desirable north Phoenix neighborhood with over 13-years of continuous ownership. The property was built in 1964 and is made of block construction with built up foam roofs and is individually metered for electricity. The unit mix is comprised of 97% Two-Bedroom/One-Bathroom floor plans that average 860 square feet and feature classic finish levels. All units have a large private front patio. This low-density community has an oversized courtyard and is situated on 2.36 Acres (13.14 Units/Acre). Bougainvillea Garden Apartments offers an investor the rare opportunity to acquire an untouched asset with significant value-add/rebranding potential as the community has not undergone any significant renovations and all the unit finish levels are of a classic scope. Renovated properties within the competitive landscape achieve rent premiums up to $300 per month higher than the subject property. In addition, the offering is attractively priced at $148,387 per unit and $175 per square foot, significantly below the metro Phoenix average.