605 W Pierson Street, Phoenix, AZ 85013

$2,100,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $2,100,000 Last Modified: 8/06/2021

Overview

Description

Pierson Place is a fully re-positioned property with an incredible unit mix. Located in an amazing neighbor of Melrose District. Downtown Phoenix where you are walking distance to the light rail but also in a residential neighborhood. Property is super clean and all major capital improvements done in 2016. All new flooring kitchen and bath, sewer lines plumbing, widows, paint, and more! This property features (4 ) three bedroom 2 baths (4) two bedrooms one baths (4) one bedroom one bath units. (1) studio unit. All units have covered parking and beautiful remodeling and washer in dryers inside the units. Separately meter for electric. Rents have not been raised since 2016 . Upside in rents.

Supplements: Rents for a three bedroom should be at 1,399 and two bedrooms at 1200-1,250 and the one's 1,000-1,150. Current rents are at 800-1275 All facts and figures are approximate buyer verify MLS info. Drive by only tenant's unaware of sale.

Listing Details MLS# 5883663

Location, Tax & Legal

Map Code/Grid
P34
House Number
605
Compass
W
Street Name
Pierson
St Suffix
Street
City/Town Code
Phoenix
State/Province
AZ
Zip Code
85013
Country
US
County Code
Maricopa
Subdivision
PIERSON PLACE
Assessor Number
155-35-003-B
Tax Year
2018
Assessor's Map #
35
Assessor's Parcel #
3
Assessor Parcel Ltr
B
Add'l Parcels
No
Tax Municipality
Maricopa - COUNTY
Taxes
7834
Legal
LOT 3 BLOCK 2 PIERSON PLACE BLK 2 MCR 001603
Marketing Name
PIERSON PLACE

Contract Info

Ownership
Fee Simple

General Property Description

Lot Size Dimensions
IRR
Year Built
1958
Total # of Units
12
# of Buildings
Yes
Zoning
MF
Elementary School District
Phoenix Elementary District
High School District
Phoenix Union High School District
Elementary School
Other
Jr. High School
Other
High School
Other
Uncvrd Parking Spcs
0

Remarks Misc

Cross Street
Camelback and 7th Ave

Status Change Info

Off Market Date
2019-05-09
Under Contract Date
2019-04-22
Close of Escrow Date
2019-05-31

Legal Info

Lot Number
3

More Information

Income Expenses

Gross Annual Sch Inc
190152
Net Operating Income
141856

Efficiency Units

# Efficiency Units
Yes
Avg Rent
800
Avg SqFt
300
# Baths
Yes

1 Bedroom Units

# 1 Bedroom Units
4
Avg Rent
1100
Avg SqFt
473
# Baths
Yes

2 Bedroom Units

# 2 Bedroom Units
4
Avg Rent
1250
Avg SqFt
802
# Baths
Yes

3 Bedrooms Units

# 3 Bedroom Units
4
Avg Rent
1399
Avg SqFt
998
# Baths
2

Sold Info

Loan Type
Cash
Payment Type
Other
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

Construction

Wood Frame
Yes

Const - Finish

Painted
Yes
Stucco
Yes

Roofing

Built-Up
Yes

Floors

Ceramic Tile
Yes
Carpet
Yes
Other
Yes

Sale Includes

Building(s) Only
Yes
Other (See Remarks)
Yes

Income & Expenses

Annual Elec Exp
1200
Annual Gas Exp
1000
Annual Ins Exp
2000
Annual Land Lse Exp
0
Annual Landscape Exp
1200
Annual Legal & Acctg
0
Annual Maint Exp
5000
Annual Mgmt Exp
7440
Annual Trash Exp
2160
Annual Wtr/Swr Exp
3120
Owner Association
No
Annual Ownr Asoc Fee
0
Annual PAD Fee
0
Annual Rplcmnt Rsrvs
0
Annual Other Expense
7834
Operating Exp
38788
Other Income
0
Vacancy Allowance
0.05
Adjusted Gross Inc
180644.4
Total Monthly Rental Income
15846

Pmt & Rate Info

Cap Rate
6.3
Down Payment
0
Equity
0
Down Payment %
35
Monthly Payments
0
Total Owed
0
Assessment Balance
0

Community Features

No Pool
Yes

Heating

Other
Yes
See Remarks
Yes

Cooling

Electric
Yes

Tenant Pays

Other (See Remarks)
Yes

Appliances Included

Dishwasher
Yes
Disposal
Yes
Microwave
Yes
Free-Standing Range
Yes
W/D Hookup
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/Unit
Yes

Electric

APS
Yes

Gas

None
Yes

Owner Pays

Other
Yes
See Remarks
Yes

New Financing

Conventional
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

Treat as Free&Clear
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

Seller Prop Disc Stm
Yes

Existing 3rd Loan Terms

Not Applicable
Yes

Environmental

None
Yes

Existing Othr Ln Trm

Not Applicable
Yes

4 Bedrooms Units

Avg Rent
0

Property Features

Project Type: 13 - 24 Units Construction: Wood Frame Const - Finish: Painted; Stucco Roofing: Built-Up Floors: Ceramic Tile; Carpet; Other Sale Includes: Building(s) Only; Other (See Remarks) Community Features: No Pool Appliances Included: Free-Standing Range; Dishwasher; Disposal; Microwave; W/D Hookup Heating: Other; See Remarks Cooling: Electric Water Source: City Franchise Sewer: Sewer - Public Electric: APS Gas: None Parking Features: 1 Space/Unit Road Surface Type: Asphalt Owner Pays: Other; See Remarks Tenant Pays: Other (See Remarks) Source of Fincl Data: Owner Existing 1st Loan: Other (See Rmks) Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Not Applicable Existing 2nd Loan: Treat as Free&Clear 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: Conventional Environmental: None
IDX
Listing Office: CentrixUSA
Last Updated: August - 06 - 2021
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