3611 N 5TH Avenue, Phoenix, AZ 85013 (MLS# 7030825)

3611 N 5TH Avenue, Phoenix, AZ 85013

$3,400,000

Property Type: Multiple Dwellings Status: Active

Current Price: $3,400,000 Last Modified: 5/20/2026

Overview

Description

Melrose on 5th is a 12-unit multifamily community located in the highly sought after Melrose District. Originally built in 1961, the asset went through extensive repositioning in 2016 and features a rare mix of (12) 3-bedroom, 2-bathroom floor plans measuring approximately 1,200 square feet each. Unit interiors are all upgraded and feature washer/dryers, fully equipped kitchens with dishwashers and built-in microwaves, stainless steel appliances, faux vinyl wood flooring, and modernized bathrooms. Exterior amenities include gated access entry ways, charcoal barbeque grills, resort-style swimming pool, covered parking, and low maintenance desert landscaping. Great opportunity opportunity to acquire a well-maintained, renovated asset within one of Phoenix's strongest urban infill corridors.

Listing Details MLS# 7030825

Location, Tax & Legal

House Number: 3611
Compass: N
Street Name: 5TH
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85013
Zip4: 3734
Country: US
County Code: Maricopa
Subdivision: PARK NORTH
Assessor Number: 118-29-005-D
Tax Year: 2025
Assessor's Map #: 29
Legal Description (Abbrev): PARK NORTH S 98.20' OF N 766.40' OF TR E
Assessor's Parcel #: 5
Assessor Parcel Ltr: D
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 110501
Taxes: 8433
Legal: PARK NORTH S 98.20' OF N 766.40' OF TR E
Marketing Name: Melrose on 5th

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: .40
Year Built: 1961
Uncvrd Parking Spcs: Yes
Total # of Units: 12
# of Buildings: Yes
Zoning: R-4
Elementary School District: Osborn Elementary District
High School District: Phoenix Union High School District

Legal Info

Township: 2N
Range: 3E
Section: 29

Income Expenses

Gross Annual Sch Inc: 225094
Net Operating Income: 178903

More Information

Showing Notification Methods

Showing Service: No Showing Service Used
Text: Yes
Phone Call: Yes

3 Bedrooms Units

# 3 Bedroom Units: 12
Avg Rent: 1795
Avg SqFt: 1200
# Baths: 2

Project Type

5 - 12 Units: Yes

Construction

Block: Yes

Const - Finish

Other (See Remarks): Yes

Roofing

Built-Up: Yes

Floors

Vinyl: Yes

Sale Includes

Land & Building: Yes

Income & Expenses

Annual Elec Exp: 3243
Annual Gas Exp: 3754
Annual Ins Exp: 6000
Annual Landscape Exp: 5130
Annual Legal & Acctg: 120
Annual Maint Exp: 1809
Annual Mgmt Exp: 21109
Annual Trash Exp: 2375
Annual Wtr/Swr Exp: 10102
Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 62075
Other Income: 12152
Vacancy Allowance: 0
Adjusted Gross Inc: 237246
Total Monthly Rental Income: 21040

Pmt & Rate Info

Cap Rate: 5.26
Equity: 3400000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0

Lockbox Type

None: Yes

Community Features

Pool: Yes
Barbecue: Yes

Heating

Electric: Yes
Individual: Yes

Cooling

Electric: Yes
Individual: Yes

Exterior Amenities

Desert Landscaping: Yes

Tenant Pays

Electricity: Yes

Appliances Included

Dishwasher: Yes
Disposal: Yes
Microwave: Yes
Refrigerator: Yes
Built-In Range: Yes
Washer/Dryer: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes
Projected Proforma: Yes

Water Source

Master Meter: Yes

Sewer

Sewer - Public: Yes

Parking Features

<1 Space Per Unit: Yes

Electric

Individual Meter: Yes

Gas

SW Gas: Yes

Owner Pays

Water: Yes
Sewer: Yes
Gas: Yes
Trash Collection: Yes
Landscaping: Yes
Pool Maintenance: Yes

New Financing

Cash: Yes
Conventional: Yes
1031 Exchange: Yes

Reports/Disclosures

None: Yes

Environmental

None: Yes

Efficiency Units

Avg Rent: 0

1 Bedroom Units

Avg Rent: 0

2 Bedroom Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 5 - 12 Units Construction: Block Const - Finish: Other (See Remarks) Roofing: Built-Up Floors: Vinyl Sale Includes: Land & Building Community Features: Pool; Barbecue Exterior Amenities: Desert Landscaping Appliances Included: Built-In Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer Heating: Individual Cooling: Electric; Individual Water Source: Master Meter Sewer: Sewer - Public Electric: Individual Meter Gas: SW Gas Parking Features: <1 Space Per Unit Road Surface Type: Asphalt Owner Pays: Water; Gas; Trash Collection; Landscaping; Pool Maintenance Tenant Pays: Electricity Source of Fincl Data: Owner; Projected Proforma Showing Notification Methods: Text; Phone Call Lockbox Type: None New Financing: Cash; Conventional; 1031 Exchange Environmental: None

Listing Office: Matthews Real Estate Investment Services

Last Updated: May - 20 - 2026