PHOENIX, Arizona– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Oak Street, a 8-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,250,000 ($156,250 per unit).
Paul Bay, investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, both developers. “The developer of Oak Street was able to leverage the property’s central location and proximity to the redeveloped Papago School to attain a strong renovation premium for the area,” Bay explained. “These desirable features allowed us to prove the asset’s true potential to interested investors, ultimately securing the buyer with the most optimistic outlook for future revenue.”
Oak Street is located at 3631 East Oak Street in Phoenix, Arizona. This 6,992-square-foot property is situated on 0.16 acres and consists of eight two-bedroom/one-bathroom units. The community is encompassed by several of Phoenix’s prominent employment cores with expedient access to the Loop 202 providing valley-wide connectivity. Developed in 1957 and renovated in 2018, the single-story property includes completely renovated interiors. Oak Street’s community amenities have received significant capital improvements through new windows, updated HVAC units and refreshed landscaping featuring native desert plants.