Melrose On 5th

12 Units, Built in 1961: The property consists of 12 units constructed in 1961, offering a classic garden-style multifamily asset.
Spacious Floor Plans: Each unit features a rare 3-bedroom, 2-bathroom layout with approximately 1,200 SF of living space.
Fully Renovated Interiors: Interiors are upgraded with washer/dryer, stainless steel appliances, faux vinyl wood flooring, and modern bathrooms.
Attractive Community Amenities: Residents enjoy gated entry, swimming pool, BBQ grills, covered parking, and low-maintenance landscaping.
Prime Midtown Location: Located in the heart of Midtown Phoenix’s Melrose District, a rapidly redeveloping and walkable urban neighborhood.
Immediate Transit Access: Property benefits from immediate access to Valley Metro Light Rail and major freeways (SR-51, I-10, I-17).
Strong Rent Growth Potential: Limited supply of large-unit apartments and continued demand for centrally located workforce housing.
High Occupancy: The property is currently 100% occupied, reflecting strong tenant demand.
Proven Value-Add: Extensive repositioning completed in 2016, blending mid-century architecture with modern finishes.
Surrounded by Amenities: Walking distance to dining, retail, entertainment, and major employment centers.

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