$320,000
Phoenix, AZ 85013
MLS# 5954053
Status: Closed
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Property Description
Rare opportunity to own a building located on the ''curve'' right in the very heart of the vibrant, trendy and hip Melrose District with an eclectic mix of retail, food & drink and personal services surrounding it. Property has been in the family since the 1950s. Great owner/user or investor re-positioning opportunity. Buyer can either vacate one or both tenants for personal renovation and use, or push rents to significantly increase cash flow as current tenants are well below market rate of $13-$14/SF NNN. This single level, block constructed retail space is currently used by a Beauty Salon and an Herbal Medicine shop. Tenants have occupied the building since 1996 and 2006 respectively. C-2 zoning also allows for office use. High Visibility to 7th Ave with ±35,078 VPD
Details
Maps
Documents
Contract Info
Current Price: $320,000
Sold Price: $320,000
Status: Closed
List Date: 2019-07-01
Ownership: Fee Simple
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: P34
House Number: 4232
Compass: N
Street Name: 7TH
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85013
Zip4: 5018
Country: USA
County Code: Maricopa
Legal Description (Abbrev): LOT 3 BLOCK 1 WOODLEA BLK 3-6, 11, 12 MCR 002020
Subdivision: WOODLEA BLK 3-6, 11, 12
Assessor's Map #: 39
Assessor's Parcel #: 8
Add'l Parcels: No
Assessor Number: 155-39-008
Census Tract: 108901
Legal: LOT 3 BLOCK 1 WOODLEA BLK 3-6, 11, 12 MCR 002020
Tax Municipality: Phoenix
Taxes: 4104
Tax Year: 2018
Marketing Name: Melrose Retail/Office
General Property Description
Type of Property: Freestanding commercial bldg
Ttl Apx SqFt Bldg: 1760
# of Buildings: 1
Year Built: 1949
Uncvrd Parking Spcs: 5
Zoning: C-2
Remarks & Misc
Cross Street: 7th Ave & Heatherbrae Dr
Directions: From 7th Ave & Indian School Rd, go north on 7th Ave to Heatherbrae Dr. Bldg is on west side of 7th Ave next to Wag 'N Wash
Geo Lat: 33.497902
Geo Lon: -112.083887
Status Change Info
Status Change Date: 2019-12-03
Off Market Date: 2019-10-31
Under Contract Date: 2019-09-19
Close of Escrow Date: 2019-12-03
Sold Price: $320,000
Legal Info
Township: 2N
Range: 3E
Section: 19
Lot Number: 3
Income & Expenses
Annual Wtr/Swr Exp: 252
Owner Association: No
Gross Annual Sch Inc: 24640
Adjusted Gross Inc: 24640
Net Operating Income: 24387
Pmt & Rate Info
Cap Rate: 6.32
Equity: 386000
Sold Info
Loan Type: Cash
Payment Type: Other
Clsing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Property Features
Building Type: Commercial
Current Use: Service Business; Retail
Stories: 1 Story
Construction: Block
Roofing: Built-Up
Floors: Concrete; Ceramic Tile
Ceiling Height: 8.1 Feet to 10 Feet
Heating: Other; See Remarks
Cooling: Central A/C
Loading Facilities: None
Interior: Finished; Private Restrooms
Fencing: Block; Chain Link
Parking: Private Parking; Paved Parking
Electric: APS
Gas: Other (See Remarks)
Water: City Franchise
Sewer: Sewer - Public
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: None
Source of Fincl Data: Projected Proforma
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
Traffic Count: 35,001 to 50,000
Reports/Disclosures: None
Environmental: None
Supplements
* High Visibility to 7th Ave with ±35,078 Vehicles Per Day
* In the heart of the trendy Melrose District
* Very walkable and bikeable according to WalkScore.com
* Grid bike share hub and bus stop ~100 ft away
* 204 luxury apartments built AUG 2018 across the street
* Recently completed & current redevelopment activity in immediate area
* Opportunity to collect NNN from tenants
* Rents are well below market rate of $13-$14 NNN
Sale Brochure 
Listing Office: Kasten Long Commercial Group
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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