2525 W STATE Avenue 1, Phoenix, AZ 85051 (MLS# 6523476)

2525 W STATE Avenue 1, Phoenix, AZ 85051

$2,250,000

Property Type: Comm/Industry Sale Square Footage: 2,040 Lot Size (sq. ft.): 18,625 Status: Closed

Current Price: $2,250,000 List Date: 5/25/2023 Last Modified: 4/28/2025

Overview

Description

Six units in total multifamily, new construction. Estimated to be complete around May 1, 2023. 3 separate buildings, 2 units per building, 6 units on property. Each building has its own parcel number, so possibility of splitting property into 3 different owners. All units are 3 bedrooms, 2 baths. Buildings are approximately 2,040 sqft. Each unit has inside laundry and stainless steel appliances. Rare new construction multifamily in Phoenix, come see it today!

Listing Details MLS# 6523476

Location, Tax & Legal

Map Code/Grid: N33
House Number: 2525
Compass: W
Street Name: STATE
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85051
Zip4: 6725
Country: US
County Code: Maricopa
Subdivision: STATE AVENUE 6 CONDOMINIUMS
Assessor Number: 157-31-117
Tax Year: 2022
Unit #: Yes
Assessor's Map #: 31
Legal Description (Abbrev): LOT 114 VISTA INCOME ESTATES UNIT 5 MCR 002112
Assessor's Parcel #: 117
Add'l Parcels: No
Tax Municipality: Phoenix
Taxes: 1
Legal: 169509 STATE AVENUE 6 CONDOMINIUMS TRACT CE

Contract Info

Ownership: Fee Simple

General Property Description

Type of Property: Multifamily
Ttl Apx SqFt Bldg: 2040
# of Buildings: 3
Year Built: 2023
Uncvrd Parking Spcs: 2
Zoning: R-3

Remarks Misc

Cross Street: State Ave & 27th Ave
Directions: From North Phoenix I-17 S to N Black Cyn Hwy E. Take exit 206 Northern Ave, Merge onto N Black Cyn Hwy E, turn W on State Ave.

Status Change Info

Off Market Date: 2023-06-03
Under Contract Date: 2023-04-19
Close of Escrow Date: 2023-06-12

Legal Info

Township: 2N
Range: 2E
Section: Yes
Lot Number: Yes

More Information

Income Expenses

Gross Annual Sch Inc: 13800
Net Operating Income: 148500

Sold Info

Loan Type: Cash
Payment Type: Balloon
Clsing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Construction

Block: Yes

Roofing

Other: Yes

Floors

Vinyl: Yes
Carpet: Yes

Income & Expenses

Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 1
Other Income: 0
Vacancy Allowance: 0.05
Adjusted Gross Inc: 13110

Building Type

Other (See Remarks): Yes

Business Type

See Remarks: Yes

Stories

2 Stories: Yes

Pmt & Rate Info

Cap Rate: 6.06
Equity: 2450000
Total Owed: 0

Lockbox Type

Supra: Yes

Ceiling Height

8.1 Feet to 10 Feet: Yes

Heating

Heat Pump: Yes

Cooling

Central Air: Yes

Interior Features

Finished: Yes
Smoke Detector(s): Yes
Private Restrooms: Yes

Loading Facilities

None: Yes

Source of Fincl Data

Owner: Yes
Projected Proforma: Yes

Fencing

Block: Yes

Water Source

City Franchise: Yes

Freeway/Highway

Up to 1 Mile: Yes

Sewer

Sewer - Public: Yes

Parking Features

Private: Yes

Electric

SRP: Yes

Gas

None: Yes

New Financing

Cash Only: Yes
Cash to Loan: Yes
1031 Exchange: Yes
Sale/Leaseback: Yes

Reports/Disclosures

Other (See Remarks): Yes

Environmental

None: Yes

Property Features

Building Type: Other (See Remarks) Business Type: See Remarks Stories: 2 Stories Construction: Block Roofing: Other Floors: Vinyl; Carpet Ceiling Height: 8.1 Feet to 10 Feet Heating: Heat Pump Cooling: Central Air Loading Facilities: None Interior Features: Finished; Smoke Detector(s); Private Restrooms Fencing: Block Parking Features: Private Electric: SRP Gas: None Water Source: City Franchise Sewer: Sewer - Public New Financing: Cash Only; Cash to Loan; 1031 Exchange; Sale/Leaseback Lockbox Type: Supra Source of Fincl Data: Owner; Projected Proforma Environmental: None

Listing Office: FSR Realty

Last Updated: April - 28 - 2025