$1,850,000
Phoenix, AZ 85014
MLS# 6669370
1 / 13
Property Description
Advantageously placed just north of the 7th Street and Bethany Home Road intersection and immediately across the street from Madison Traditional Academy, 901 E Claremont St is an apartment community primely located in the heart of the historic neighborhoods of North Central Phoenix (Uptown). Its nearby proximity to one of The Valley's major transportation arteries, State Route 51, affords residents direct access to simple passage to nearly any destination across The Valley. Some of those nearby destinations include a number of the most prominent employment and entertainment corridors in the state.
Details
Maps
Contract Info
Current Price: $1,850,000
List Price: $1,850,000
Status: Active
List Date: 2024-02-27
Ownership: Fee Simple
Subagents: N
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
House Number: 901
Compass: E
Street Name: Claremont
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85014
Country: USA
County Code: Maricopa
Assessor's Map #: 15
Assessor's Parcel #: 68
Assessor Parcel Ltr: H
Add'l Parcels: No
Assessor Number: 161-15-068-H
Legal: ROSE LANE PARK TR A W 107' OF E 191' EX S 118.75' TH/OF
Tax Municipality: Phoenix
Taxes: 4323
Tax Year: 2023
Marketing Name: 901 E Claremont St
General Property Description
Lot Size Dimensions: 0.39
Year Built: 1962
Uncvrd Parking Spcs: 3
Total # of Units: 7
# of Buildings: 3
Zoning: R-3
Elementary School District: Madison Elementary District
High School District: Phoenix Union High School District
Remarks & Misc
Geo Lat: 33.527982
Geo Lon: -112.062322
Status Change Info
Status Change Date: 2024-02-27
Income & Expenses
Annual Elec Exp: 8945
Annual Ins Exp: 2800
Annual Landscape Exp: 1327
Annual Legal & Acctg: 1400
Annual Maint Exp: 3500
Annual Mgmt Exp: 6318
Owner Association: No
Annual Rplcmnt Rsrvs: 2100
Annual Other Expense: 5425
Operating Exp: 36138
Gross Annual Sch Inc: 148695
Other Income: 7603
Vacancy Allowance: 0.06
Adjusted Gross Inc: 146920.12
Net Operating Income: 111662
Pmt & Rate Info
Cap Rate: 6.04
Down Payment %: 60
Equity: 1850000
Showing Notification Methods
Showing Service: Aligned Showings
Efficiency Units
# Efficiency Units: 1
Avg Rent: 1000
Avg SqFt: 468
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 5
Avg Rent: 1750
Avg SqFt: 1061
# Baths: 75
3 Bedrooms Units
# 3 Bedroom Units: 1
Avg Rent: 2400
Avg SqFt: 1600
# Baths: 2
Property Features
Project Type: 5 - 12 Units
Construction: Block; Frame - Wood
Const - Finish: Painted; Stucco
Roofing: Comp Shingle
Floors: Vinyl; Carpet
Sale Includes: Land & Building
Community Amenities: Pool
Exterior Amenities: Green Landscaping; Desert Landscaping
Interior Amenities: Unfurnished
Appliances Included: F/S Oven/Range; Refrigerator; Dishwasher
Heating: Ceiling; Individual
Cooling: Ceiling Fan(s); Electric; Individual
Water: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: SW Gas
Parking: >1 Space Per Unit
Roads/Streets: Asphalt
Owner Pays: Water; Trash Collection; Landscaping; Pool/Spa Maintenance
Tenant Pays: Electric
Source of Fincl Data: Provided by Owner
Lockbox Type: None
New Financing: Conventional; 1031 Exchange
Reports/Disclosures: None
Environmental: None
Supplements
Primely positioned near the Innovation Employment Corridor, which runs down Central Avenue, presents employment opportunities from some of the most prolific companies in Arizona such as Banner Health and IBM. Additionally, the Biltmore Employment Corridor where names such as Cisco and Charles Schwab are stationed, also offers numerous dining and entertainment amenities. Together, the Innovation and Biltmore Corridors showcase over ±117,000 employees and ±3,300 employers.
Built in 1962, 901 E Claremont St is comprised of studio, two, and three-bedroom floorplans covering an average of ±1,053 square feet with the entire community's exterior upgraded. Future ownership will have the enticing opportunity to capitalize on 100% of the units at each location primed for an elevated upgrade package resulting in an expected premium of ±$200 per month already proven in the immediate submarket.
Listing Office: Marcus & Millichap
Last Updated: February - 27 - 2024
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.