Description

Offered with assumable financing, the Old School Apartments is a prime investment opportunity in the heart of Williams, AZ. This 27-unit property is located within walking distance (about three blocks) to the heart of downtown Williams and the Grand Canyon Railroad, offering a fantastic option for workers in the bustling tourist town. It also offers a short-term rental opportunity to families visiting the Grand Canyon Railroad, which is an all-year attraction with The Polar Express experience in the winter and visitors to the Grand Canyon National Park all year long. The property consists of 27 fully remodeled units. There is a great unit mix of (5) studios, (2) one-bedroom / one-bathroom units, and (20) two-bedroom / one-bathroom units. SEE MORE Offered with assumable financing, the Old School Apartments is a prime investment opportunity in the heart of Williams, AZ. This 27-unit property is located within walking distance (about three blocks) to the heart of downtown Williams and the Grand Canyon Railroad, offering a fantastic option for workers in the bustling tourist town. It also offers a short-term rental opportunity to families visiting the Grand Canyon Railroad, which is an all-year attraction with The Polar Express experience in the winter and visitors to the Grand Canyon National Park all year long. The property consists of 27 fully remodeled units. There is a great unit mix of (5) studios, (2) one-bedroom / one-bathroom units, and (20) two-bedroom / one-bathroom units. SEE MORE Offered with assumable financing, the Old School Apartments is a prime investment opportunity in the heart of Williams, AZ. This 27-unit property is located within walking distance (about three blocks) to the heart of downtown Williams and the Grand Canyon Railroad, offering a fantastic option for workers in the bustling tourist town. It also offers a short-term rental opportunity to families visiting the Grand Canyon Railroad, which is an all-year attraction with The Polar Express experience in the winter and visitors to the Grand Canyon National Park all year long. The property consists of 27 fully remodeled units. There is a great unit mix of (5) studios, (2) one-bedroom / one-bathroom units, and (20) two-bedroom / one-bathroom units. All the units except one are individually metered for electricity, water, and gas which keeps the overall expenses extremely low. Originally built as a school, the property was constructed in 1936. Built primarily of block and concrete, the building is extremely solid and fire-resistant. The current owner replaced all the major systems including electrical, plumbing, heating, fire sprinklers, etc. All 27 units are very nicely updated and partially furnished (dressers, beds, etc.). There is also approximately 9, 000 square feet of space that has not been refurbished including a large gym space, old locker room area, common area rooms, old kitchen area, etc. These areas could be used for beautiful amenity spaces, common area amenities for hospitality (if the property was converted to short-term rentals), or commercial space. The city has indicated they would like to see some commercial space added to these vacant areas. Basic plans have been done to show the addition of 4 loft units in the old gym space as well as adding 4 units to the courtyard area that currently hasn't been cleaned up in some time. Value-add opportunities exist through adding these units, adding commercial tenants, giving the exterior and landscaping a facelift, raising rents, or converting to a short-term rental model. The Old School Apartments offers an investor a nice sized project in the heart of a popular area where multifamily residential investment opportunities are rare and where inventory is relatively non-existent. With affordability and inventory at an all-time low in Flagstaff (34 miles east), this property would attract residents / workers from Flagstaff looking for a more attainable housing option. As a result of all these fact

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Listed by: Patrick Burch