Fourplex in Papago Submarket Trades for $143,750 /unit

PHOENIX, ARIZONA — The Holly Street Fourplex sold this week for $575,000 or $143,750/unit. The propety is comprised of three 2 bed, 1 bath units and one 1 bed, 1 bath unit. All units have large private backyards with washer and dryer hookups and covered parking. Jonathan Coffen of ORION Investment Real Estate represented the Seller in the transaction, Kodiak Properties, LLC. The Buyers Scott E. Zaremba and Analise Zaremba, are excited about the opportunity to reposition within this gentrifying neighborhood of the Papago submarket.

4920 East Holly Street is ideally located, just south of Arcadia, in the shade of the gorgeous Papago Mountains, with easy access to multiple freeways. The property is minutes from Scottsdale, Tempe and Downtown Phoenix, offering tenants a variety of work and entertainment options. A short 7-minute drive to Phoenix Sky Harbor International Airport, multiple prominent employers such as Apollo Group, American Airlines, Honeywell, Bank of America, JP Morgan Chase, ON Semiconductors and Waste Management are easily accessible. Within a three mile radius of the subject property there exist over 180,000 jobs amongst over 4,300 employers not including the North Central and Downtown Phoenix Employment Corridors. These numbers are on the rise, as multiple major mixed-use developments surrounding the subject are being constructed. Just 3 minutes to the east is the Scottsdale Entrada, which will encompass 252,225-square-foot A-class office, 17,500-square-foot retail, and 745 residential units. The Grand at Papago Park, a 3.187 million-square-foot mixed-use development, is just 5 minutes south of the property, heading into Tempe.

Jonathan Coffen commented on the transaction, “Buyers have an excellent opportunity to reposition the property in a gentrifying neighborhood with rising rents and new construction. There are many existing properties in this submarket poised to go through the same repositioning and we are prepared to help the Buyers transact on these properties.”Friday, February 12th, 2021