$725,000
2627 N 7TH Street
Phoenix, AZ 85006
MLS# 5710423
Status: Closed



2627 N 7TH Street, Phoenix, AZ 85006
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2627 N 7TH Street, Phoenix, AZ 85006 2627 N 7TH Street, Phoenix, AZ 85006 2627 N 7TH Street, Phoenix, AZ 85006 2627 N 7TH Street, Phoenix, AZ 85006 2627 N 7TH Street, Phoenix, AZ 85006 2627 N 7TH Street, Phoenix, AZ 85006 2627 N 7TH Street, Phoenix, AZ 85006 2627 N 7TH Street, Phoenix, AZ 85006 2627 N 7TH Street, Phoenix, AZ 85006 2627 N 7TH Street, Phoenix, AZ 85006 2627 N 7TH Street, Phoenix, AZ 85006 2627 N 7TH Street, Phoenix, AZ 85006

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: 2018-01-17
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
Census Tract: 111700
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
Tax Municipality: Phoenix
Taxes: 8292
Tax Year: 2018
General Property Description
Ttl Apx SqFt Bldg: 3558
# of Buildings: 2
Year Built: 1951
Uncvrd Parking Spcs: 4
Zoning: R-4
Remarks & Misc
Cross Street: 7th Street & McDowell
Directions: North on 7th Street to Property on the East Side of 7th 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
Lot Number: 2
Income & Expenses
Owner Association: No
Operating Exp: 8292
Pmt & Rate Info
Equity: 850000
Sold Info
Loan Type: Carryback
Loan Years: 2
Payment Type: Balloon
Clsing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession to Buyer: 4000
Seller Concession $/%: $
Property Features
Building Type: Commercial; Office; Other (See Remarks)
Current Use: Other; See Remarks
Stories: 1 Story
Construction: Stucco; Frame - Wood
Roofing: Other (See Remarks)
Floors: Other
Ceiling Height: 8 Feet or Less
Heating: Other; See Remarks
Cooling: Other; See Remarks
Loading Facilities: Other (See Remarks)
Interior: Other (See Remarks)
Exterior: Other (See Remarks)
Fencing: Block; Other; See Remarks
Parking: Fenced; Other (See Remarks)
Electric: Other (See Remarks)
Gas: Other (See Remarks)
Water: City Franchise
Sewer: Sewer - Public
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: None
Source of Fincl Data: Other (See Remarks)
Existing 1st Loan: Other (See Rmks)
Existing 1st Ln Type: Not Applicable
Existing 1st Ln Trms: Not Applicable
Existing 2nd Loan: Other (See Remarks)
Existing 2nd Ln Type: Not Applicable
Existing 2nd Ln Trms: Not Applicable
Existing 3rd Loan: Other (See Remarks)
Existing 3rd Ln Type: Not Applicable
Existing 3rd Ln Trms: Not Applicable
Existing Othr Ln Trm: Not Applicable
Traffic Count: 15,001 to 25,000; 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

2627 N 7TH Street, Phoenix, AZ 85006 - MLS# 5710423
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