$725,000
Phoenix, AZ 85006
MLS# 5684732
Status: Closed
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Property Description
In the Opportunity Zone! Incredible opportunity to purchase a fully operating short term/nightly stay facility with many other possible uses. The property lends itself to a possible assisted living, rehab center or a group home facility. The current owners use part of the property for personal office and storage. To make additional income, they rent out bedrooms with common area bathrooms and bedrooms on a short term basis. Someone could continue running it this way, and possibly convert the two offices to bedrooms and make them part of the rental mix. The property sets up well for a rehab center or possibly an assisting living facility. It could also be an office or a variety of other uses.
Details
Maps
Contract Info
Current Price: $725,000
Sold Price: $725,000
Status: Closed
List Date: 2017-11-07
Ownership: Fee Simple
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: P34
House Number: 2627
Compass: N
Street Name: 7TH
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85006
Zip4: 1002
Country: USA
County Code: Maricopa
Legal Description (Abbrev): COUNTRY CLUB PARK MCR 26/31 LOT 4 & ALSO S 15F OF LOT 2 & ALSO ALL LOT 6 & ALSO N 25F LOT 8 BLK 10 E
Subdivision: COUNTRY CLUB PARK BLK 3-10
Assessor's Map #: 29
Assessor's Parcel #: 164
Assessor Parcel Ltr: B
Add'l Parcels: No
Assessor Number: 117-29-164-B
Legal: COUNTRY CLUB PARK MCR 26/31 LOT 4 & ALSO S 15F OF LOT 2 & ALSO ALL LOT 6 & ALSO N 25F LOT 8 BLK 10 E
Census Tract: 111700
Tax Municipality: Phoenix
Taxes: 8292
Tax Year: 2018
Marketing Name: Coronado House
General Property Description
Lot Size Dimensions: 123 x 140
Year Built: 1951
Uncvrd Parking Spcs: 4
Total # of Units: 10
# of Buildings: 2
Zoning: R5
Elementary School District: Phoenix Elementary District
High School District: Phoenix Union High School District
Remarks & Misc
Cross Street: 7th Street and Thomas
Directions: South on 7th Street to Property on East side of Street.
Geo Lat: 33.477497
Geo Lon: -112.064756
Status Change Info
Status Change Date: 2019-11-26
Off Market Date: 2019-11-26
Under Contract Date: 2019-10-30
Close of Escrow Date: 2019-11-22
Sold Price: $725,000
Legal Info
Township: 2N
Range: 3E
Section: 33
Block: 10
Lot Number: 2
Income & Expenses
Owner Association: No
Operating Exp: 8292
Pmt & Rate Info
Equity: 999000
Efficiency Units
# Efficiency Units: 10
Sold Info
Loan Type: Carryback
Loan Years: 2
Payment Type: Balloon
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession to Buyer: 4000
Seller Concession $/%: $
Property Features
Project Type: Other (See Remarks)
Other Type: Other (See Remarks)
Construction: Other (See Remarks)
Const - Finish: Painted; Stucco; Brick Trim/Veneer
Roofing: Tile
Floors: Other
Sale Includes: Land & Building
Community Amenities: Manager Res/Office; Community Showers; Other; See Remarks
Exterior Amenities: Other (See Remarks)
Interior Amenities: Other (See Remarks)
Appliances Included: Other (See Remarks)
Heating: Other; See Remarks
Cooling: Other; See Remarks
Water: Other; See Remarks
Sewer: Sewer - Public
Electric: Other (See Remarks)
Gas: Other (See Remarks)
Parking: Carport; Free; Paved Parking; Other (See Remarks)
Roads/Streets: Asphalt
Owner Pays: Water; Electric; Gas; Trash Collection; Cable TV; Landscaping
Tenant Pays: None
Source of Fincl Data: Provided by Owner
Lockbox Type: None
Existing 1st Loan: Treat as Free&Clear
Existing 1st Ln Type: Not Applicable
Existing 1st Ln Trms: Not Applicable
Existing 2nd Loan: Treat as Free&Clear
Existing 2nd Ln Type: Not Applicable
Existing 2nd Ln Trms: Not Applicable
Existing 3rd Loan: Treat as Free&Clear
Existing 3rd Ln Type: Not Applicable
Existing 3rd Ln Trms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Seller May Carry; 1031 Exchange; Other (See Remarks)
Reports/Disclosures: None
Environmental: None
Supplements
Located in the heart of Midtown Phoenix's 7th Street Corridor, this property is minutes from Phoenix Country Club to the north, the I-10 Freeway to the south, 51 Freeway to the east, and roughly 2 miles to Chase field and the Downtown Phoenix Stadium District. This portion of 7th Street has been extremely popular for revitalization and adaptive re-use projects, with old buildings or historic houses being converted into vibrant, cool, hip restaurants and cafes. Buyer to verify zoning and possible uses. The property is located on the east side of 7th Street just south of Thomas Road and offers 140 feet of prime 7th Street frontage with signage. The 2 buildings sit on one parcel totaling 17,220 total square feet. The property is approximately 3,556 square feet, has both covered and uncovered parking spaces, and already has fire sprinklers. Given its location in the heart of midtown and its close proximity to Uptown and Downtown Phoenix, significant employers in proximity to the property include major financial institutions, large banks, law offices, and government agencies.
Currently operating as a 9 bedroom short term/nightly stay facility, with a possible 10th suite. Nightly rates range from $28-55 May-August & $30-75 September to April.
Listing Office: ABI Multifamily
Last Updated: August - 06 - 2021
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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