$2,800,000
Phoenix, AZ 85015
MLS# 6646469
1 / 13
Property Description
Advantageously situated directly north of Midtown's Melrose Arts District , Palm Square (''the property'') is an 18-unit community primely located in Central Phoenix. With the convenience and proximity of the Interstate 17 Freeway and State Route 51, two of The Valley's major transportation arteries, residents are provided direct access to nearly any destination across The Valley within a desirable commute time. A number of the most prominent employment and entertainment corridors in the state are just a short drive away. The Innovation Employment Corridor, which runs down Central Avenue, provides employment opportunities from some of the most prolific companies in Arizona such as Banner Health and IBM.
Details
Maps
Contract Info
Current Price: $2,800,000
List Price: $2,800,000
Status: Active
List Date: 2024-01-05
Ownership: Fee Simple
Subagents: N
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
House Number: 4811
Compass: N
Street Name: 15th
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85015
Country: USA
County Code: Maricopa
Subdivision: COX ESTATES 2
Assessor's Map #: 44
Assessor's Parcel #: 69
Assessor Parcel Ltr: B
Add'l Parcels: Yes
Assessor Number: 155-44-069-B
Legal: COX ESTATES 2 LOT 64 & N2 LOT 65 & S 7' OF LOT 63
Tax Municipality: Maricopa - COUNTY
Taxes: 4295
Tax Year: 2022
Marketing Name: Palm Square
General Property Description
Lot Size Dimensions: 15105
Year Built: 1958
Uncvrd Parking Spcs: 3
Total # of Units: 18
# of Buildings: 2
Zoning: R-4
Elementary School District: Osborn Elementary District
High School District: Phoenix Union High School District
Remarks & Misc
Geo Lat: 33.507575
Geo Lon: -112.09093
Status Change Info
Status Change Date: 2024-01-05
Legal Info
Lot Number: 64
Income & Expenses
Annual Elec Exp: 16667
Annual Ins Exp: 6304
Annual Landscape Exp: 4500
Annual Legal & Acctg: 5157
Annual Maint Exp: 12653
Annual Mgmt Exp: 9749
Owner Association: No
Annual Rplcmnt Rsrvs: 5400
Annual Other Expense: 9815
Operating Exp: 74540
Gross Annual Sch Inc: 236000
Other Income: 21896
Vacancy Allowance: 0.05
Adjusted Gross Inc: 245001.2
Net Operating Income: 169196
Pmt & Rate Info
Cap Rate: 6.04
Down Payment %: 40
Equity: 2800000
Showing Notification Methods
Showing Service: No Showing Service Used
Efficiency Units
# Efficiency Units: 6
Avg Rent: 888
Avg SqFt: 415
# Baths: 6
1 Bedroom Units
# 1 Bedroom Units: 10
Avg Rent: 1128
Avg SqFt: 512
# Baths: 10
2 Bedroom Units
# 2 Bedroom Units: 2
Avg Rent: 1325
Avg SqFt: 887
# Baths: 25
Property Features
Project Type: 13 - 24 Units
Construction: Block; Frame - Wood; Brick
Const - Finish: Painted; Stucco
Roofing: Comp Shingle
Floors: Vinyl; Wood
Sale Includes: Land & Building
Community Amenities: No Pool; Barbecue
Exterior Amenities: Green Landscaping; Desert Landscaping
Appliances Included: F/S Oven/Range; Refrigerator; Dishwasher; Microwave; Washer/Dryer
Heating: Ceiling; Individual
Cooling: Ceiling Fan(s); Electric; Individual
Water: Private Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: SW Gas
Parking: >1 Space Per Unit
Roads/Streets: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electric
Source of Fincl Data: Provided by Owner
Showing Notification Methods: Text
Lockbox Type: None
New Financing: Conventional; 1031 Exchange
Reports/Disclosures: None
Environmental: None
Supplements
In addition, Palm Square is just two miles from Grand Canyon University, the largest Christian university in the nation, with an on-campus enrollment of ±25,000 students and online enrollment of ±90,000 students.
Built in 1958 Palm Square is comprised of 6 studio, 10 one-bedroom, and 2 two-bedroom floorplans. The entire community's exterior has been renovated with new paint, landscaping, and electrical. In addition, 15 of the 18 unit's interiors have been renovated with new appliances, countertops, cabinets, flooring, fixtures, hardware, and individual washer/dryer.
Listing Office: Marcus & Millichap
Last Updated: January - 05 - 2024
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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