317 W Mcdowell Rd, Phoenix, AZ 85003

Laird is a 12-unit garden-style apartment community located in a dynamic downtown Phoenix location in the path of development. The community is situated on McDowell Road just west of Central Avenue in a very trendy, revitalized part of downtown phoenix. Built in 1941, the property is made of brick construction with new built-up foam roofs and is individually-metered for electricity. It has recently been renovated but still maintains the unique mid-century modern character of the community. The unit mix consists of studios and one-bedroom floor plans that are spacious and very well designed and average approximately 633 square feet. Interior unit features include fully appointed kitchens with electric appliances, hardwood flooring, crown molding, ceramic tile shower surrounds, brushed nickel fixtures and ceiling fans. Laird is situated on approximately 0.25 acres and has attractive landscaping lined with mature trees and lush turf. Community amenities include secured access, a recently renovated card-operated on-site laundry facility, BBQ and outdoor sitting area. Laird offers an investor the opportunity to acquire a pride of ownership garden-style apartment community located in a strong downtown Phoenix submarket with in-place yield and additional value-add potential. In the fourth quarter of 2014, the submarket rents average $1.20 per square foot as compared to $0.95 per square foot for the metropolitan Phoenix average, and has experienced consistent increases in occupancy levels above those of the metro Phoenix area as well.