706 W TAYLOR Street, Phoenix, AZ 85007 (MLS# 6736946)

706 W TAYLOR Street, Phoenix, AZ 85007

$1,700,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $1,700,000 Last Modified: 12/26/2024

Overview

Description

ABI Multifamily is pleased to present for sale The Prez Apartments, a dynamic 10-unit multifamily investment property located right outside the core of downtown Phoenix. This unique opportunity offers a blend of existing strong cash flow, value-add potential, and development opportunities. The Prez Apartments presents an ideal investment canvas for savvy investors seeking to capitalize on the thriving urban landscape of downtown Phoenix. The property unit mix consists of (7) 2-bed/1-bath units and (3) studios. On-site laundry offers an amenity to the tenants and generates supplemental income, while ample outdoor space offers a gated dog park and several private yard spaces.

Supplements: Fully gated and secure, The Prez Apartments exude a charming, intimate cottage-style ambiance with a Spanish tile roof, well-maintained landscaping, and ambient bistro lights along the main walkway. The property is in great condition, is consistently occupied and provides immediate return on investment. For the new owner, there is still a massive ... (Read more)

Listing Details MLS# 6736946

Location, Tax & Legal

House Number: 706
Compass: W
Street Name: TAYLOR
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85007
Zip4: 2569
Country: US
County Code: Maricopa
Assessor Number: 111-30-062-A
Tax Year: 2023
Assessor's Map #: 30
Legal Description (Abbrev): UNIVERSITY ADDITION
Assessor's Parcel #: 62
Assessor Parcel Ltr: A
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 112900
Taxes: 1883
Legal: To be completed by Escrow company.
Marketing Name: The Prez

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 16,570
Year Built: 1941
Total # of Units: 10
# of Buildings: 5
Zoning: C-DT
Elementary School District: Phoenix Elementary District
High School District: Phoenix Union High School District
Uncvrd Parking Spcs: 0

Remarks Misc

Cross Street: 7th Ave & Taylor St

Status Change Info

Off Market Date: 2024-12-26
Under Contract Date: 2024-10-16
Close of Escrow Date: 2024-12-23

Legal Info

Lot Number: 24

More Information

Income Expenses

Gross Annual Sch Inc: 156000
Net Operating Income: 114000

Showing Notification Methods

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

Efficiency Units

# Efficiency Units: 3
Avg Rent: 950
Avg SqFt: 400
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: 7
Avg Rent: 1450
Avg SqFt: 640
# Baths: Yes

Sold Info

Loan Type: Conventional
Loan Years: 7
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

Construction

Block: Yes

Const - Finish

Painted: Yes
Stucco: Yes

Roofing

Tile: Yes

Floors

Ceramic Tile: Yes
Other: Yes

Sale Includes

Building(s) Only: Yes
Land & Building: Yes

Income & Expenses

Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 1883
Other Income: 0
Vacancy Allowance: 5
Adjusted Gross Inc: 624000

Pmt & Rate Info

Cap Rate: 5.57
Equity: 2045000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0

Lockbox Type

None: Yes

Community Features

No Pool: Yes
See Remarks: Yes

Heating

Electric: Yes
Individual: Yes
Central: Yes
Window/Wall Unit(s): Yes

Cooling

Ceiling Fan(s): Yes
Central Air: Yes
Window/Wall Unit: Yes
Individual: Yes

Exterior Amenities

Landscape Water System: Yes
Desert Landscaping: Yes
Fenced: Yes
Curb(s) & Gutter(s): Yes
Sidewalk(s): Yes
Patio/Balcony: Yes
Security Light(s): Yes

Interior Features

Unfurnished: Yes
Fire/Smoke Alarm(s): Yes

Tenant Pays

Gas: Yes
Electricity: Yes

Appliances Included

Refrigerator: Yes
Free-Standing Range: Yes
Washer/Dryer: Yes

Road Surface Type

Asphalt: Yes
Concrete: Yes

Source of Fincl Data

Owner: Yes

Water Source

Master Meter: Yes

Sewer

Sewer - Public: Yes

Parking Features

Free: Yes
On Street: Yes

Electric

APS: Yes
Master Meter: Yes
Individual Meter: Yes

Gas

SW Gas: Yes
Master Meter: Yes
Individual Meter: Yes

Owner Pays

Water: Yes
Sewer: Yes
Electric: Yes
Gas: Yes
Trash Collection: Yes
Landscaping: Yes

New Financing

Cash: Yes
Conventional: Yes
1031 Exchange: Yes

Special

Owner/Agent: Yes

Existing 1st Loan

Treat as Free&Clear: 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

Treat as Free&Clear: 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

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 Construction: Block Const - Finish: Painted; Stucco Roofing: Tile Floors: Ceramic Tile; Other Sale Includes: Building(s) Only; Land & Building Community Features: No Pool; See Remarks Exterior Amenities: Landscape Water System; Desert Landscaping; Fenced; Curb(s) & Gutter(s); Sidewalk(s); Patio/Balcony; Security Light(s) Interior Features: Unfurnished; Fire/Smoke Alarm(s) Appliances Included: Free-Standing Range; Refrigerator; Washer/Dryer Heating: Individual; Central; Window/Wall Unit(s) Cooling: Ceiling Fan(s); Window/Wall Unit; Individual; Central Air Water Source: Master Meter Sewer: Sewer - Public Electric: APS; Master Meter; Individual Meter Gas: SW Gas; Master Meter; Individual Meter Parking Features: On Street; Free Road Surface Type: Asphalt; Concrete Owner Pays: Water; Electric; Gas; Trash Collection; Landscaping Tenant Pays: Electricity; Gas Source of Fincl Data: Owner Special: Owner/Agent Showing Notification Methods: Text; Email; Phone Call Lockbox Type: None Existing 1st Loan: Treat as Free&Clear 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: 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; 1031 Exchange Environmental: None

Listing Office: ABI Multifamily

Last Updated: December - 26 - 2024