1122 E Portland Street

Description

Portland 4 provides a tremendous opportunity to purchase 4 rental homes on 2 large lots/parcels situated in the heart of the gentrifying Garfield Historic District and Roosevelt Row in Downtown Phoenix. 1122 E. Portland consists of a 3 bedroom rental home that fronts Portland and a separately detached 2 bedroom rental home in the back of the lot. 1130 E. Portland consist of a 3 bedroom house that fronts Portland and a another separately detached 3 bedroom house in the back of the lot. Each lot is 9,500 SF totaling 19,000 SF of land, equating to 4,750 SF of land per unit. This extremely low-density layout lends itself to creating the largest-in-class back and front yards for each rental home. The oversize yards coupled with the gentrifying neighborhood lead to heightened tenant attractioand retention, resulting in top-of-market rental rates. Significant capital improvements were made in 2023 by current ownership that transformed the 4 rental homes and they were quickly leased up. Modern interior upgrades include installing modern plank wood flooring, modern white shaker cabinets, quartz countertops, modern subway tile backsplash, stainless-steel under mount sinks with modern retractable gooseneck faucets, new stainless steel appliances including built-in microwaves. In the bathrooms, new vanities with quartz counters, low flow toilets, tiled showers with modern lighting/faucets/fixtures. Recessed lighting was installed throughout the unit, new ceiling fans, wood-faux blinds, 4 inch trim, new lighting/hardware/fixtures and new interior and front doors. Furthermore, each unit has its own in-unit washer/dryer. Quality exterior capital improvements were made by ownership further enhancing the communities appeal and new ownership moving forward. New full exterior two tone paint (body, trim, doors) is complimented by all new attractive low-maintenance landscaping which include several large artificial grass areas with paver borders, new sidewalks, native desert trees, desert rock throughout highlighted by flowering lantana's that provide great curb appeal for the community. Portland 4 is situated in the heart of the booming Garfield Historic District. This gentrifying neighborhood is highlighted by its Late 19 and 20th Century Revival, Tudor Revival, and French Colonial architecture. Garfield Historic District has an eclectic arts and dining scene punctuated by the easily walkable First Friday events. The neighborhood includes a rapidly growing number of fun, vibrant and funky restaurants and coffee shops like Welcome Diner, Gallo Blanco, Tastybox, Xandadu Coffee Co. and Street Coffee. Portland 4 is also a short walk to the Roosevelt Row Arts District, home to award- winning art galleries, renowned artists, hip restaurants, and a vibrant urban culture. Roosevelt Row is one of the most Instagrammed art spaces in the US. The districts monthly First Friday's event is one of the nation's largest, self guided art walks and has been highlighted by USA Today as "The Top 10 Arts Districts in the US." The property is surrounded by crafty cocktail lounges and trendy restaurants such as Taco Chelo, Tap That Downtown, Greenwood Brewing, Bliss ReBAR, Cambria Hotel's Breakfast Bitch, Golden Margarita, Arizona Wilderness DTPHX, Carly's Bistro, Black Bird Bike, The Theodore Beer + Wine Bar, The Nash Jazz Club, The Churchill Phoenix, FOUND:RE Phoenix's the Match Market & Bar, Snooze, Pita Jungle, Cibo, and The Vig Fillmore