Metro 8 Townhomes | 1608 W Medlock Dr
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Metro 8 Townhomes 1608 W Medlock Dr
8 Unit Apartment Building For Sale Phoenix, AZ 85015
Investment Highlights
- Irreplaceable, urban-living, 8-unit townhome opportunity centrally located in the within the heart of Phoenix near the most vibrant live-work-play dis
- Top-of-marketing interiors featuring quartz countertops, quartz kitchen backsplashes, light oak cabinets with black chrome hardware, wood-inspired flo
- The gated townhome community offers the feeling and security of homeownership without the hassle of homeowner maintenance
- Spacious, luxury-built, townhomes comprising 100% 3BD/2.5BA floorplans averaging 1,900 sf with attached two-car garages and large private backyards wi
- Metro 8 offers high-end fixtures and detailing including crown molding, pull-down gooseneck faucets, modern wallpaper, tiled bathroom accent walls, te
- Organic rent growth opportunity as similar townhome competitors lease three-bedroom units for over $330/unit/month higher than Metro 8 on average
Executive Summary
Metro 8 is an 8-unit, irreplaceable, luxury-built townhome community situated in the heart of Central Phoenix within the Melrose, Uptown, and Midtown submarkets. This lively live-work-play district is known for its proximity to high-end retail, restaurants, bars, and nightlife including The Biltmore Fashion Park, Camelback Colonnade, Melrose District, Park Central, The Colony, Uptown Plaza, and The Frederick on Missouri. Metro 8 is located within the prominent Camelback Corridor of Phoenix which is one of the region’s most active commercial zones featuring a mix of retail, office space, and medical buildings, offering a diverse range of services. It is also within a 10-minute drive of the heart of Downtown Phoenix which has the highest concentration of jobs in the entire Phoenix MSA. Metro 8 is located adjacent to the Valley Metro Light Rail, providing convenient access to the Downtown employment center and entertainment districts, Tempe, and Mesa.
The asset comprises 100% three bedroom, two-and-a-half-bath townhomes with two-car garages and expansive backyard patios with pavers and astroturf. Metro 8 features top-of-market interiors with quartz countertops, quartz backsplashes, light oak cabinets with chrome hardware, wood-inspired flooring, modern farmhouse-inspired light fixtures, sliding glass doors to patio, kitchen islands, stainless steel appliances, recessed lighting, barn doors in bedrooms, double vanity master bathrooms, walk-in glass showers, large soaking tubs, and expansive walk-in closets with built-in storage.
The property is positioned for organic rent growth as submarket competitors lease their three-bedroom units for over $330/month higher than Metro 8 on average. Other income opportunities include implementing a RUBS billback system to recoup an estimated 95% of utility expenses. Installing a technology package could also generate a potential ±$85/unit month.
This is a premier opportunity to acquire a legacy asset in the build-to-rent space, which has outperformed traditional multifamily assets. The opportunity is offered at a discount to nearby sales comps which include The Hera which sold for $522,500/unit in May 2024 and Clarendon which sold for $550,000/unit in April 2024.
The asset comprises 100% three bedroom, two-and-a-half-bath townhomes with two-car garages and expansive backyard patios with pavers and astroturf. Metro 8 features top-of-market interiors with quartz countertops, quartz backsplashes, light oak cabinets with chrome hardware, wood-inspired flooring, modern farmhouse-inspired light fixtures, sliding glass doors to patio, kitchen islands, stainless steel appliances, recessed lighting, barn doors in bedrooms, double vanity master bathrooms, walk-in glass showers, large soaking tubs, and expansive walk-in closets with built-in storage.
The property is positioned for organic rent growth as submarket competitors lease their three-bedroom units for over $330/month higher than Metro 8 on average. Other income opportunities include implementing a RUBS billback system to recoup an estimated 95% of utility expenses. Installing a technology package could also generate a potential ±$85/unit month.
This is a premier opportunity to acquire a legacy asset in the build-to-rent space, which has outperformed traditional multifamily assets. The opportunity is offered at a discount to nearby sales comps which include The Hera which sold for $522,500/unit in May 2024 and Clarendon which sold for $550,000/unit in April 2024.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Third Party Reports
Property Facts
| Sale Type | Investment | Lot Size | 0.42 AC |
| No. Units | 8 | Building Size | 15,200 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 2023 |
| Apartment Style | Townhome | Opportunity Zone |
Yes
|
| Building Class | B |
| Sale Type | Investment |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | B |
| Lot Size | 0.42 AC |
| Building Size | 15,200 SF |
| No. Stories | 2 |
| Year Built | 2023 |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Microwave
- Storage Space
- Washer/Dryer
- Ceiling Fans
- Crown Molding
- Double Vanities
- Eat-in Kitchen
- Hardwood Floors
- Stainless Steel Appliances
- Yard
- Dining Room
- Double Pane Windows
- Island Kitchen
- Patio
- Window Coverings
Site Amenities
- Gated
- Grill
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2.5 | 8 | $3,000 | 1,900 |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $32,505 | Total Assessment | $32,505 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$32,505
Improvements Assessment
$0
Total Assessment
$32,505
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Metro 8 Townhomes | 1608 W Medlock Dr
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