Property Description:

Luxury studio, one-bedroom, and three-bedroom furnished and unfurnished apartments at 355 N Central Ave, Phoenix, AZ 85004, offering high-end living in the heart of downtown Phoenix. Located steps from the Central Ave Light Rail, with easy access to grocery stores, nightlife, and major employers, this pet-friendly, tech-forward community is ideal for corporate housing, coliving, and extended stays. Rents and deposits can be negotiated depending on how many units leased.

Investment Highlights

• Jr. 1-Bedroom Furnished: Rent: $1,725 | Annual Revenue: $53,484+ | Monthly Profit: $2,507+
• 1-Bedroom Furnished: Rent: $1,975 
• Studio Furnished: Rent: $1,590 
• 3-Bedroom, 3-Bath Furnished: Rent: $3,750 
• Security Deposit: $500 - 1 month’s rent (based on corporate screening)
• Corporate Discounts Available: Savings on application fees, admin fees, parking, and rent for 5+ units leased for 12+ months

Apartment Features

• Fully furnished or unfurnished options with Kenect custom furniture
• High ceilings & floor-to-ceiling windows
• Energy-efficient stainless steel appliances
• Fully equipped kitchens with dishwasher
• Mobile kitchen island (select units)
• Grohe designer finishes & rainfall showers (select units)
• Electronic key fob + Bluetooth entry
• Smart TV included (select units)
• In-unit washer & dryer
• Indoor refuse chutes on each floor

Community Amenities

• Rooftop pool & sundeck
• Fitness center & training bays
• Community workspace & meeting rooms
• Private phone booths & printing/scanning access
• Onsite restaurant & retail shops
• Full-time front desk team & white glove package delivery
• Social events & networking meetups
• Pet-friendly with dog run & pet office pods
• Indoor bike storage
• Overnight courtesy patrol
• Lightning-fast internet access

Nearby Attractions & Distances

• Downtown Phoenix: Walking distance
• Phoenix Sky Harbor Airport: 4 miles (10-minute drive)
• Chase Field (Arizona Diamondbacks): 0.5 miles (5-minute drive)
• Phoenix Convention Center: 0.7 miles (5-minute drive)
• Arizona State University Downtown Campus: 0.2 miles (2-minute walk)
• Phoenix Art Museum: 1 mile (5-minute drive)

Corporate Lease & Volume Discounts

• Minimum Lease Term: 12 months
• Application & Admin Fees Waived for 5+ Units Leased
• Locked Annual Rent Increase for Renewals
• Discounted Parking: $102.99/month for 5+ leased units | $132.99/month for single units
• Housekeeping Services Available ($150 per cleaning)

Requirements for Corporate Housing Partner Approval

• Completed Corporate Application
• Three Current Business References (Preferably in Our Markets)
• Latest Balance Sheet
• Total Units Managed in the U.S.

Phoenix, Arizona allows non-owner occupied short-term rentals (STRs) but has implemented regulations to govern their operation. As of January 15, 2024, all STR operators in Phoenix must obtain a permit from the city3. This applies to both owner-occupied and non-owner occupied properties.Key regulations for non-owner occupied STRs in Phoenix include:

1. Registration and Permitting: Operators must register with the city and obtain a STR permit, which costs $250 for initial application and renewal3.
2. Insurance: Maintain liability insurance coverage of at least $500,000 per property1.
3. Display of Permit: The STR permit/license number must be displayed on all advertisements for the rental3.
4. Neighbor Notification: Operators must inform adjacent properties of their intent to operate an STR3.
5. Prohibited Uses: STRs cannot be used for large events like parties or weddings1.
6. Penalties: Violations can result in fines ranging from $500 for the first offense to $3,500 for the third offense1.
7. Taxes: STR operators must pay a combined tax rate of 12.57% for all state, county, and city taxes5.

Phoenix's regulations are considered relatively host-friendly compared to other major U.S. cities, as they do not restrict non-owner occupied STRs6. However, operators must comply with all city ordinances to avoid penalties and potential permit suspension13