$1,600,000
526 W CULVER Street
Phoenix, AZ 85003
MLS# 6298571
Status: Closed



526 W CULVER Street, Phoenix, AZ 85003
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526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003 526 W CULVER Street, Phoenix, AZ 85003

Property Description
THE CULVER 6 is a newly renovated 6 unit multifamily complex with (4) 1- Bedroom/1-bath units and (2) Casita style Studios in the Roosevelt Historic District. Originally constructed in 1928, All structures were taken down to the studs and redesigned. New electric panels, plumbing, sewer line, roof, A/C and tankless water heaters. All units have new custom cabinets, granite countertops, dual pane windows, flooring, stainless steel appliances, washer/dryers and resort style bathroom finishes. The one bedroom units have 14ft ceilings. The Studios are custom designed with built in Murphy bed suites. The Culver 6 consists of 2,378 sq ft of rental space. Minutes away from downtown Phoenix and easy access to the I-10 freeway.

Details
Maps
Contract Info
Current Price: $1,600,000
Sold Price: $1,600,000
Status: Closed
List Date: 2021-09-24
Ownership: Fee Simple
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: P34
House Number: 526
Compass: W
Street Name: CULVER
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85003
Zip4: 1557
Country: USA
County Code: Maricopa
Building Number: &528
Legal Description (Abbrev): LOT 4 BLOCK 9 KENILWORTH BLKS 1-6 MCR 000839
Subdivision: KENILWORTH BLKS 1-6
Assessor's Map #: 31
Assessor's Parcel #: 23
Add'l Parcels: No
Assessor Number: 111-31-023
Legal: LOT 4 BLOCK 9 KENILWORTH BLKS 1-6 MCR 000839
Census Tract: 113000
Tax Municipality: Maricopa - COUNTY
Tax District: 11
Taxes: 2448
Tax Year: 2021
Marketing Name: The Culver 6
General Property Description
Lot Size Dimensions: 9425 SqFt
Year Built: 1928
Uncvrd Parking Spcs: 4
Total # of Units: 6
# of Buildings: 3
Zoning: R-4
Elementary School: Kenilworth Elementary School
Jr. High School: Phoenix Coding Academy
High School: Central High School
Elementary School District: Phoenix Elementary District
High School District: Phoenix Union High School District
Remarks & Misc
Cross Street: McDowell Rd & 7th Ave
Directions: Head east on W McDowell Rd, South on N 5th Ave, West on W Culver St. Property will be on the right.
Geo Lat: 33.463016
Geo Lon: -112.081763
Status Change Info
Status Change Date: 2022-05-10
Off Market Date: 2022-05-09
Under Contract Date: 2022-02-03
Close of Escrow Date: 2022-05-09
Sold Price: $1,600,000
Legal Info
Township: 1N
Range: 3E
Section: 5
Block: 9
Lot Number: 4
Income & Expenses
Annual Gas Exp: 672
Annual Ins Exp: 4716
Annual Landscape Exp: 2475
Annual Maint Exp: 2000
Annual Mgmt Exp: 4680
Annual Trash Exp: 1432.5
Annual Wtr/Swr Exp: 1432
Owner Association: No
Operating Exp: 19855.5
Gross Annual Sch Inc: 98085.6
Vacancy Allowance: 5
Adjusted Gross Inc: 392342.4
Net Operating Income: 24198
Pmt & Rate Info
Cap Rate: 1.51
Equity: 1600000
Efficiency Units
# Efficiency Units: 2
Avg Rent: 1017.89
Avg SqFt: 200
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 4
Avg Rent: 1508.93
Avg SqFt: 525
# Baths: 1
Sold Info
Loan Type: Conventional
Loan Years: 10
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession to Seller: 10000
Buyer Concession $/%: $
Seller Concession to Buyer: 895
Seller Concession $/%: $
Property Features
Project Type: 5 - 12 Units
Other Type: Other (See Remarks)
Construction: Block
Const - Finish: Painted
Roofing: Comp Shingle
Floors: Wood
Sale Includes: Land & Building
Community Amenities: No Pool
Exterior Amenities: Patio/Balcony
Interior Amenities: Unfurnished; Mini Blinds; Other (See Remarks)
Appliances Included: F/S Oven/Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer
Heating: Natural Gas; Individual
Cooling: Ceiling Fan(s); Central A/C
Water: City Franchise
Sewer: Sewer - Public
Electric: APS; Individual Meter
Gas: SW Gas
Parking: Carport; Street Parking; Add'l Parking Avail; Free; Paved Parking
Roads/Streets: Asphalt; Curb(s) & Gutter(s); Sidewalk(s); Alley
Owner Pays: Water; Gas; Trash Collection; Landscaping
Tenant Pays: Electric
Source of Fincl Data: Provided by Owner
Showing Notification Methods: Phone Call
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: 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
New Financing: Conventional; No Carry; 1031 Exchange
Reports/Disclosures: Seller Prop Disc Stm
Environmental: None

Listing Office: Urbanity Properties

Last Updated: August - 15 - 2022

526 W CULVER Street, Phoenix, AZ 85003 - MLS# 6298571
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