McLellan Apartments 2551 W Mclellan Blvd Immeuble residentiel 38 lots 5 751 095 € (151 345 €/Lot) Taux de capitalisation 6,47 % Phoenix, AZ 85017

McLellan is a well maintained 38 unit multifamily community that has been owned and operated by current ownership for the past 10 years. This 2 story community was built in 1982 with pitched roofs, is individually metered and is situated on 1.16 acres. McLellan has a favorable unit mix of 14 one bedrooms at 625 SF and 24 two bedrooms at 825 SF. The downstairs units benefit from having large private back patios. Additional community amenities include a new gazebo and grill area, new playground and play areas for residents and their families to enjoy.

Current ownership recently completed significant exterior capital improvements, greatly enhancing the property’s curb appeal and tenant amenities. These exterior capital improvements will have a direct positive effect on tenant attraction and retention by enhancing the resident living experience leading to elevated rents, stable expenses and increased returns for new ownership. Recent capital improvements include the following: New Modern Exterior Paint, Newly Resurfaced and Striped Parking Lot, New Landscape(New Granite Rock, New Native Plants, Native Shade Trees) Newer Roofs, New Patio Fencing, New Children’s Playground and Play Areas, New Gazebo and Grill Area

Current ownership has owned the property for 10 years and has kept the property at below market rents, giving new ownership the tremendous opportunity to significantly bump rents by updating the unit interiors and adding washer/dryer in-unit as the units are in classic condition yet have modern systems such as individual HVAC units, copper plumbing, ABS sewers and 100amp electric service to each unit. Interior modern upgrades to classic units could include the following: New Shaker or Refaced Cabinet Doors, Quartz or Hard-Surface Countertops, Modern Laminate Flooring or Concrete Stained Floors, Stainless Steel Appliances, Matte Black or Brushed Steel Hardware and Fixtures, Modern/Upgraded Gooseneck Faucets & Undermount Sinks, New Bathroom Vanity Quartz Counter with Subway Tile Surround, Install In-Unit Stackable Washer/Dryer,(Currently Have 100 Amps Per Unit).

The residents of McLellan also benefit from being a short walk from Washington Park and Activity Center a 52 acre public park and community center offering a wide variety of activities and services to the public at a minimal cost, including programs for toddlers, youth, teenagers, adults and seniors. The center provides a full size gymnasium with basketball courts and sits adjacent to Washington Park, which boasts open green space and traditional park amenities of basketball and volleyball courts, softball and soccer fields and a PetSmart Dog Park. Additionally adjacent to the park is Phoenix Tennis Center offering 28 Tennis and Pickleball courts. With multiple schools ranging from elementary to high school located within 1-2 blocks, McLellan holds a significant advantage over competing properties in both tenant attraction and retention. The most prominent nearby school is just around the corner and a 1 minute walk from McLellan is Saint Simon & Jude Cathedral School and Catholic Church. This K-8th grade Catholic School opened in 1954 and has been a tremendous benefit to the neighborhood providing education, after school programs and community outreach programs. Other nearby schools include Washington Elementary, Palo Verde Middle School, Washington High School.

Within 10 minutes of McLellan is the Midtown Phoenix and the Central Office Corridor which hosts over 1,100 businesses and 71,000 employees. Major employers include Dignity Health, Banner Health, IBM, Century Link, Uhual Corporate Headquarters, Cigna Medial Group, Copper Point Insurance Companies. Also within 10 minutes of McLellan is Creighton University Health Sciences Campus. In 2021 Creighton University built the $150 million medical campus next to St. Joseph’s Hospital and Medical Center. The 195,000 SF Campus is a four year medical school and is home to nearly 1,000 health sciences students, including medical, nursing, occupational and physical therapy, pharmacy and physician assistant. Creighton University has an alliance and works with neighboring Dignity Health St. Joseph’s Hospital and Medical Center sending medical students for clinical rotations. St. Joseph’s Hospital and Medical Center is one of the largest in the state with 4,200 employees and offers a wide range of medical services including cardiovascular, neurological, cancer care, orthopedics and sports medicine, transplant services, emergency and trauma.