|Price/Rent PSF||$ 13,299,000.00|
|SQ. FT. Available||71,034|
The subject property is an infill area of Northwest Phoenix. It is located north of the NWC of 43rd Avenue and Cactus Road. The site is divided by Charter Oak Road, which runs east/west from 43rd Avenue and then curves south to connect with Cactus Road. A Fry’s grocery-anchored shopping center is located directly across 43rd Avenue from the subject, easily walkable. Further, there is a Walgreens and YouFit just south of the subject, which are located in a smaller retail strip center.
Per a market study prepared by Belfiore Real Estate Consulting, the Central Glendale submarket is a mature area with a diverse core of residents. Due to its geographical location, interest in the area is high with very little new product offered for rent or sale in the past 15 years. A total of 158,037 people presently lives within 3 miles of the subject, which is expected to increase by .99% per year for the next 5 Years.
Average household income in a 3-mile radius is $66,182 with an average household size of 2.68
persons. The number of households is 58,184, which is projected to increase to 61,027 within 5
years. 30.5% of residents have an Associate or higher college degree.
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Metro Living at Cactus Park is a proposed 53-home single-family detached Build for Rent (BFR) community. The BFR segment has seen remarkable success in the Phoenix Metro market with builders such as Avilla Homes and Cavan Communities. Further demand is evidenced by a growing demographic who are renters by choice.
Metro Living at Cactus Park is planned to be constructed in phases. At this time, 2 homes are built and in the process of being leased. Phase 1 of the community, 13 homes, should be completed within approximately 8 months. The community is permit ready, which can be pulled within one month. Phase 2 can commence with horizontal construction during that time with an interested investor. The Seller can either rent the homes as construction progresses and sell leased homes or sell to an investor at certificate of occupancy. Seller anticipates being able to complete approximately 4 -5 homes per month after the initial lead period.
The community is being developed and constructed by a 3d generation Phoenix area development family. The current members of the groups have extensive experience on the Phoenix Planning Commission, entitlements, acquisitions, site infrastructure and development, and home building.
The community will consist of two floorplans, each with different elevations to give the community a strong curb appeal. Each floorplan will have 3-bedrooms and 2.5-bathrooms, a 1-car garage and additional uncovered parking, and be 2-stories. The smaller home, the Ashland, will have 1,298 square feet. The larger home, the Fairview, will have 1,378 square feet. The community is master metered for water and sewer, allowing an owner to implement a RUBS program to recoup. Residents pay their own electric.
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