1015 S 1ST Avenue, Phoenix, AZ 85003

$699,900
Property Type: Multiple Dwellings Status: UCB (Under Contract-Backups)
Current Price: $699,900 Last Modified: 8/01/2026

Overview

Description

Exceptional 3-unit, garden-style investment opportunity offering a 9.23% gross CAP rate. The property features a thoughtfully reimagined front residence originally built in 1936 and fully renovated in 2024, along with a newly constructed rear ADU completed in 2024. The unit mix includes one (1) 3-bed/2-bath unit, (1) 2-bed/2bath unit, and (1) 2-bed/1-bath unit. Each residence offers fully upgraded interiors with white quartz countertops, luxury vinyl plank flooring, subway tile showers, stainless steel appliances, and in-unit washer and dryer. Recent exterior improvements include new stucco, dual-pane windows, new HVAC systems, a new roof, and ample on-site storage. Tenants also enjoy access to a spacious shared backyard area, creating a comfortable outdoor setting for residents.

Supplements: designed for shared outdoor living. Ideally situated in the Roosevelt Arts District, the property offers convenient access to Downtown Phoenix's thriving cultural venues, acclaimed dining, and premier entertainment destinations.

Listing Details MLS# 6992945

Location, Tax & Legal

House Number
1015
Compass
S
Street Name
1ST
St Suffix
Avenue
City/Town Code
Phoenix
State/Province
AZ
Zip Code
85003
Zip4
2601
Country
US
County Code
Maricopa
Subdivision
MONTGOMERY
Assessor Number
112-24-105
Tax Year
2025
Assessor's Map #
24
Legal Description (Abbrev)
MONTGOMERY LOTS 7 & 8 BLK 35
Assessor's Parcel #
105
Add'l Parcels
No
Tax Municipality
Phoenix
Census Tract
114200
Taxes
523
Legal
MONTGOMERY LOTS 7 & 8 BLK 35
Marketing Name
-

Contract Info

Ownership
Fee Simple

General Property Description

Lot Size Dimensions
134'x50'
Year Built
1936
Uncvrd Parking Spcs
5
Total # of Units
3
# of Buildings
2
Zoning
R5
Elementary School District
Phoenix Elementary District
High School District
Phoenix Union High School District
Elementary School
Lowell Elementary School
Jr. High School
Phoenix #1 iAcademy

Remarks Misc

Cross Street
7th Avenue & Buckeye Road
Directions
From 7th Street - Turn West onto Buckeye Rd - Turn North onto 1st Street. 2nd House (3rd Lot) on Right.

Legal Info

Township
1N
Range
3E
Section
8
Lot Number
7

2 Bedroom Units

# 2 Bedroom Units
2
Avg Rent
1785
Avg SqFt
800
# Baths
2

More Information

3 Bedrooms Units

# 3 Bedroom Units
Yes
Avg Rent
2000
Avg SqFt
1000
# Baths
2

Income Expenses

Gross Annual Sch Inc
66840
Net Operating Income
66840

Showing Notification Methods

Showing Service
No Showing Service Used
Text
Yes

Project Type

Tri-Plex
Yes

Efficiency Units

Avg Rent
0

1 Bedroom Units

Avg Rent
0

4 Bedrooms Units

Avg Rent
0

Construction

Block
Yes

Const - Finish

Stucco
Yes

Roofing

Built-Up
Yes

Floors

Vinyl
Yes
Ceramic Tile
Yes

Sale Includes

Land & Building
Yes
Laundry Equipment
Yes

Income & Expenses

Owner Association
No
Annual Ownr Asoc Fee
0
Operating Exp
523
Other Income
0
Vacancy Allowance
0
Adjusted Gross Inc
66840

Pmt & Rate Info

Cap Rate
9.35
Equity
714900
Down Payment %
0
Monthly Payments
0
Total Owed
0

Lockbox Type

Combo
Yes

Community Features

Other
Yes

Heating

Forced Air
Yes
Central
Yes

Cooling

Ceiling Fan(s)
Yes
Electric
Yes

Tenant Pays

Electricity
Yes

Appliances Included

Dishwasher
Yes
Disposal
Yes
Free-Standing Gas Oven
Yes
Microwave
Yes
Refrigerator
Yes
Washer/Dryer
Yes

Road Surface Type

Asphalt
Yes

Source of Fincl Data

Owner
Yes

Water Source

City Franchise
Yes

Sewer

Sewer - Public
Yes

Parking Features

>1 Space Per Unit
Yes

Electric

APS
Yes

Gas

None
Yes

Owner Pays

Water
Yes
Sewer
Yes

New Financing

Cash
Yes
VA
Yes
Conventional
Yes
FHA
Yes
No Carry
Yes

Reports/Disclosures

None
Yes

Environmental

None
Yes

Property Features

Project Type: Tri-Plex Construction: Block Const - Finish: Stucco Roofing: Built-Up Floors: Vinyl; Ceramic Tile Sale Includes: Land & Building; Laundry Equipment Community Features: Other Appliances Included: Free-Standing Gas Oven; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer Heating: Forced Air; Central Cooling: Ceiling Fan(s); Electric Water Source: City Franchise Sewer: Sewer - Public Electric: APS Gas: None Parking Features: >1 Space Per Unit Road Surface Type: Asphalt Owner Pays: Water Tenant Pays: Electricity Source of Fincl Data: Owner Showing Notification Methods: Text Lockbox Type: Combo New Financing: Cash; VA; FHA; Conventional; No Carry Environmental: None
IDX
Listing Office: Jason Mitchell Real Estate
Last Updated: August - 01 - 2026
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