2102 W ADAMS Street, Phoenix, AZ 85009 (MLS# 6749136)

2102 W ADAMS Street, Phoenix, AZ 85009

$1,650,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $1,650,000 Last Modified: 4/29/2025

Overview

Description

Unique W Downtown Phoenix area 16 unit complex. Under $110K/door & $224/sf! 9 of the 16 units have recently been upgraded w/ new roofs. Seller financing at 5.25% i/o with a 5 yr balloon at 45-50% LTV. 9+ CAP proforma. New construction apartments across the street w/ many owner-occupants within a block. The complex consists of 16 units (all 1 bedroom/1 bathroom (488/sf /-). 7800 total +/-. Nine buildings on six contiguous lots (36,400 total sf +/-). Ample surface parking. Three duplex buildings line Adams St (6). Four duplexes line 21st Ave with one SF house (9). 2105 W Monroe is the 16th unit. All separate electric/gas that is tenant-paid. Four water meters. Zoned R-3. Long-term owner. Rents range from $1000-$1297.

Listing Details MLS# 6749136

Location, Tax & Legal

House Number: 2102
Compass: W
Street Name: ADAMS
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85009
Zip4: 5237
Country: US
County Code: Maricopa
Subdivision: CAPITOL ADDITION
Assessor Number: 109-32-095
Tax Year: 2023
Assessor's Map #: 32
Legal Description (Abbrev): CAPITOL
Assessor's Parcel #: 95
Add'l Parcels: Yes
Tax Municipality: Phoenix
Census Tract: 114402
Taxes: 518
Legal: 6 separate parcels with legals to be verified in escrow
Marketing Name: W Downtown Phoenix 16

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 36400
Year Built: 1921
Uncvrd Parking Spcs: 32
Total # of Units: 16
# of Buildings: 9
Zoning: R-3
Elementary School District: Phoenix Elementary District
High School District: Phoenix Union High School District

Remarks Misc

Cross Street: 21st Ave & Adams/Monroe
Directions: Just east of the I-17; south of the I-10; and south of Van Buren St.

Status Change Info

Off Market Date: 2025-04-05
Under Contract Date: 2025-03-28
Close of Escrow Date: 2025-04-29

Legal Info

Township: 1N
Range: 2E
Section: 12
Lot Number: 24

More Information

Income Expenses

Gross Annual Sch Inc: 230400
Net Operating Income: 163840

Showing Notification Methods

Showing Service: No Showing Service Used
Email: Yes

1 Bedroom Units

# 1 Bedroom Units: 16
Avg Rent: 1200
Avg SqFt: 488
# Baths: Yes

Sold Info

Loan Type: Conventional
Loan Years: 5
Payment Type: Balloon
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

13 - 24 Units: Yes

Other Type

Packaged Offering: Yes

Construction

Brick: Yes
Other: Yes

Const - Finish

Brick Veneer: Yes
Other (See Remarks): Yes

Roofing

Composition: Yes

Floors

Vinyl: Yes
Ceramic Tile: Yes
Other: Yes

Sale Includes

Building(s) Only: Yes
Personal Property: Yes

Income & Expenses

Owner Association: No
Annual Ownr Asoc Fee: 0
Annual Other Expense: 49600
Operating Exp: 50118
Other Income: 1600
Vacancy Allowance: 0.08
Adjusted Gross Inc: 213440
Total Monthly Rental Income: 19200

Pmt & Rate Info

Cap Rate: 9.36
Equity: 620000
1st Encumbrance: 1130000
Down Payment %: 0
Monthly Payments: 0
1st Interest Rate: 0
Total Owed: 1130000

Lockbox Type

Combo: Yes

Community Features

Other: Yes
See Remarks: Yes

Heating

Heat Pump: Yes
Electric: Yes
Individual: Yes
Window/Wall Unit(s): Yes
Other: Yes
See Remarks: Yes

Cooling

Ceiling Fan(s): Yes
Electric: Yes
Window/Wall Unit: Yes
Other: Yes
See Remarks: Yes

Exterior Amenities

Green Landscaping: Yes
Desert Landscaping: Yes
Partially Fenced: Yes
Patio/Balcony: Yes
Security Light(s): Yes
Other (See Remarks): Yes

Interior Features

Unfurnished: Yes
Fire/Smoke Alarm(s): Yes
Other (See Remarks): Yes

Tenant Pays

Gas: Yes
Electricity: Yes

Appliances Included

Disposal: Yes
Microwave: Yes
Refrigerator: Yes
Free-Standing Range: Yes
Other: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes
Projected Proforma: Yes
Other (See Remarks): Yes

Water Source

City Franchise: Yes
Other: Yes
See Remarks: Yes

Sewer

Sewer - Public: Yes
Sewer-In & Connected: Yes

Parking Features

Carport: Yes
>1 Space Per Unit: Yes
Add'l Parking Avail: Yes
Assigned: Yes
Other: Yes

Electric

APS: Yes
Individual Meter: Yes

Gas

SW Gas: Yes
Individual Meter: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes
Landscaping: Yes

New Financing

Cash: Yes
Conventional: Yes
Owner May Carry: Yes
Other (See Remarks): Yes

Existing 1st Loan

Other (See Rmks): Yes

Existing 1st Loan Type

Fixed: Yes

Existing 1st Loan Terms

Assume - Qualify: Yes
Fin Info Sub to Veri: Yes

Existing 2nd Loan

Treat as Free&Clear: Yes

Existing 2nd Loan Terms

Not Applicable: Yes

Existing 3rd Loan

Treat as Free&Clear: Yes

Existing 3rd Loan Type

Not Applicable: Yes

Reports/Disclosures

Seller Prop Disc Stm: Yes

Existing 3rd Loan Terms

Not Applicable: Yes

Environmental

None: Yes

Existing Othr Ln Trm

Not Applicable: Yes

Efficiency Units

Avg Rent: 0

2 Bedroom Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 13 - 24 Units Other Type: Packaged Offering Construction: Brick; Other Const - Finish: Brick Veneer; Other (See Remarks) Roofing: Composition Floors: Vinyl; Ceramic Tile; Other Sale Includes: Building(s) Only; Personal Property Community Features: Other; See Remarks Exterior Amenities: Green Landscaping; Desert Landscaping; Partially Fenced; Patio/Balcony; Security Light(s); Other (See Remarks) Interior Features: Unfurnished; Fire/Smoke Alarm(s); Other (See Remarks) Appliances Included: Free-Standing Range; Refrigerator; Disposal; Microwave; Other Heating: Individual; Heat Pump; Window/Wall Unit(s); Other; See Remarks Cooling: Ceiling Fan(s); Electric; Window/Wall Unit; Other; See Remarks Water Source: City Franchise; Other; See Remarks Sewer: Sewer - Public; Sewer-In & Connected Electric: APS; Individual Meter Gas: SW Gas; Individual Meter Parking Features: Carport; >1 Space Per Unit; Add'l Parking Avail; Assigned; Other Road Surface Type: Asphalt Owner Pays: Water; Trash Collection; Landscaping Tenant Pays: Electricity; Gas Source of Fincl Data: Owner; Projected Proforma; Other (See Remarks) Showing Notification Methods: Email Lockbox Type: Combo Existing 1st Loan: Other (See Rmks) Existing 1st Loan Type: Fixed Existing 1st Loan Terms: Assume - Qualify; Fin Info Sub to Veri Existing 2nd Loan: Treat as Free&Clear Existing 2nd Loan Terms: Not Applicable Existing 3rd Loan: Treat as Free&Clear Existing 3rd Loan Type: Not Applicable Existing 3rd Loan Terms: Not Applicable Existing Othr Ln Trm: Not Applicable New Financing: Cash; Conventional; Owner May Carry; Other (See Remarks) Environmental: None

Listing Office: Better Homes & Gardens Real Estate SJ Fowler

Last Updated: April - 29 - 2025