1536 W MULBERRY Drive, Phoenix, AZ 85015

$1,500,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $1,500,000 Last Modified: 3/03/2025

Overview

Description

A fantastic value add investment opportunity with 3 separate , individual single level triplexes totaling 9 units 1536, 1540 and 1612 W Mulberry Dr in the North Encanto neighborhood of Midtown Phoenix. The charming properties with brick veneer exteriors, features identical 2 bed/1 bath units with spacious living areas and individual private back yards. The property includes covered parking, an on site laundry facility, grassy courtyard area and lush, mature landscaping. Further value add opportunity is available through renovating units to better leverage the desirable floor plans and excellent location.

Supplements: This asset is located in a highly sought after rental community with close proximity to major highways, the light rail and Downtown Phoenix, making it an ideal community for commuters See pro forma in attachment with renovation premium

Listing Details MLS# 6146122

Location, Tax & Legal

Map Code/Grid
P34
House Number
1536
Compass
W
Street Name
MULBERRY
St Suffix
Drive
City/Town Code
Phoenix
State/Province
AZ
Zip Code
85015
Zip4
5896
Country
US
County Code
Maricopa
Subdivision
COLLEGE HOMES
Assessor Number
110-27-014
Tax Year
2020
Assessor's Map #
27
Legal Description (Abbrev)
LOT 16 COLLEGE HOMES MCR 003907
Assessor's Parcel #
14
Add'l Parcels
Yes
Tax Municipality
Maricopa - COUNTY
Census Tract
110400
Taxes
4169
Legal
Lot 14,16 and 24 College Homes
Marketing Name
1536 Mulberry

Contract Info

Ownership
Fee Simple

General Property Description

Lot Size Dimensions
rectangular
Year Built
1948
Total # of Units
9
# of Buildings
3
Zoning
R3
Elementary School District
Osborn Elementary District
High School District
Phoenix Union High School District
Uncvrd Parking Spcs
0

Remarks Misc

Cross Street
15th Ave and Mulberry Drive
Directions
15th Ave south of Osborn , West on Mulberry Drive

Status Change Info

Off Market Date
2021-01-13
Under Contract Date
2021-01-09
Close of Escrow Date
2021-02-19

Legal Info

Township
2N
Range
3E
Section
30
Lot Number
16

More Information

Income Expenses

Gross Annual Sch Inc
108000
Net Operating Income
92655

2 Bedroom Units

# 2 Bedroom Units
9
Avg Rent
868
Avg SqFt
800
# Baths
Yes

Sold Info

Loan Type
Conventional
Loan Years
30
Payment Type
Fixed
Closing Cost Split
Normal - N
Buyer Concession $/%
%
Seller Concession $/%
%
Buyer Concession to Seller
0
Seller Concession to Buyer
0

Project Type

5 - 12 Units
Yes

Other Type

Packaged Offering
Yes

Construction

Block
Yes
Brick
Yes

Const - Finish

Brick Veneer
Yes

Roofing

Composition
Yes
Tile
Yes

Floors

Ceramic Tile
Yes

Sale Includes

Land & Building
Yes

Income & Expenses

Annual Elec Exp
0
Annual Gas Exp
0
Annual Ins Exp
0
Annual Land Lse Exp
0
Annual Landscape Exp
0
Annual Legal & Acctg
0
Annual Maint Exp
0
Annual Mgmt Exp
0
Annual Trash Exp
0
Annual Wtr/Swr Exp
4920
Owner Association
No
Annual Ownr Asoc Fee
0
Annual PAD Fee
0
Annual Rplcmnt Rsrvs
0
Annual Other Expense
0
Operating Exp
9089
Other Income
0
Vacancy Allowance
0.05
Adjusted Gross Inc
102600

Pmt & Rate Info

Cap Rate
5.37
Down Payment
0
Equity
1725000
Down Payment %
0
Monthly Payments
0
Total Owed
0
Assessment Balance
0

Showing Notification Methods

Text
Yes
Email
Yes
Phone Call
Yes

Lockbox Type

None
Yes

Community Features

No Pool
Yes

Heating

Other
Yes
See Remarks
Yes

Cooling

Other
Yes
See Remarks
Yes

Exterior Amenities

Green Landscaping
Yes
Partially Fenced
Yes

Interior Features

Unfurnished
Yes
Fire/Smoke Alarm(s)
Yes

Tenant Pays

Gas
Yes
Electricity
Yes

Appliances Included

Refrigerator
Yes
Built-In Range
Yes

Road Surface Type

Asphalt
Yes

Source of Fincl Data

Other (See Remarks)
Yes

Water Source

City Franchise
Yes

Sewer

Sewer - Public
Yes

Parking Features

Carport
Yes
On Street
Yes
1 Space/Unit
Yes

Electric

APS
Yes

Gas

SW Gas
Yes

Owner Pays

Water
Yes
Sewer
Yes
Trash Collection
Yes

New Financing

Other (See Remarks)
Yes

Existing 1st Loan

Other (See Rmks)
Yes

Existing 1st Loan Type

Not Applicable
Yes

Existing 1st Loan Terms

Not Applicable
Yes

Existing 2nd Loan

Other (See Remarks)
Yes

Existing 2nd Loan Type

Not Applicable
Yes

Existing 2nd Loan Terms

Not Applicable
Yes

Existing 3rd Loan

Other (See Remarks)
Yes

Existing 3rd Loan Type

Not Applicable
Yes

Reports/Disclosures

None
Yes

Existing 3rd Loan Terms

Not Applicable
Yes

Environmental

None
Yes

Existing Othr Ln Trm

Not Applicable
Yes

Efficiency Units

Avg Rent
0

1 Bedroom Units

Avg Rent
0

3 Bedrooms Units

Avg Rent
0

4 Bedrooms Units

Avg Rent
0

Property Features

Project Type: 5 - 12 Units Other Type: Packaged Offering Construction: Block; Brick Const - Finish: Brick Veneer Roofing: Composition; Tile Floors: Ceramic Tile Sale Includes: Land & Building Community Features: No Pool Exterior Amenities: Green Landscaping; Partially Fenced Interior Features: Unfurnished; Fire/Smoke Alarm(s) Appliances Included: Built-In Range; Refrigerator Heating: Other; See Remarks Cooling: Other; See Remarks Water Source: City Franchise Sewer: Sewer - Public Electric: APS Gas: SW Gas Parking Features: Carport; On Street; 1 Space/Unit Road Surface Type: Asphalt Owner Pays: Water; Trash Collection Tenant Pays: Electricity; Gas Source of Fincl Data: Other (See Remarks) Showing Notification Methods: Text; Email; Phone Call Lockbox Type: None Existing 1st Loan: Other (See Rmks) Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Not Applicable Existing 2nd Loan: Other (See Remarks) Existing 2nd Loan Type: Not Applicable Existing 2nd Loan Terms: Not Applicable Existing 3rd Loan: Other (See Remarks) Existing 3rd Loan Type: Not Applicable Existing 3rd Loan Terms: Not Applicable Existing Othr Ln Trm: Not Applicable New Financing: Other (See Remarks) Environmental: None
IDX
Listing Office: Platinum Living Realty
Last Updated: March - 03 - 2025
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