821 N 3RD Street, Phoenix, AZ 85004 (MLS# 6401952)

821 N 3RD Street, Phoenix, AZ 85004

$3,260,000

Virtual Tour

https://my.matterport.com/show/?m=Ba85c4yYkxU&mls=1

Property Type: Multiple Dwellings Status: Closed

Current Price: $3,260,000 Last Modified: 6/12/2024

Overview

Description

Located in the Roosevelt district in Downtown Phoenix, walking distance to restaurants, shopping, convention center, biomedical complex, U of A and ASU. Combine on Third is a 12 unit mixed use complex with 10 studio apartments, 1 one bedroom unit, and 1 commercial space, currently leased by Lacuna Kava Bar. All units have updated kitchens, bathrooms, built-in closet organizers, WiFi Routers, and storage partitions between living and bedroom spaces. There is a 1,000 sqft luxury 1 bedroom 2 bath unit above Lacuna Kava, which was remodeled in 2019, highlighted by a viking range. Washer, dryer and 2 full bathrooms. Two furnished studios have consistently functioned as successful AIRBNB and long term furnished rentals.

Listing Details MLS# 6401952

Location, Tax & Legal

Map Code/Grid: Q34
House Number: 821
Compass: N
Street Name: 3RD
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85004
Zip4: 2071
Country: US
County Code: Maricopa
Subdivision: CHURCHILL ADDITION
Assessor Number: 111-44-022
Tax Year: 2021
Assessor's Map #: 44
Legal Description (Abbrev): LOT 6 BLOCK 23 CHURCHILL ADDITION MCR 000208
Assessor's Parcel #: 22
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 113100
Taxes: 7094
Legal: LOT 6 BLOCK 23 CHURCHILL ADDITION MCR 000208
Marketing Name: COMBINE ON THIRD

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 7000 SQ FT
Year Built: 1970
Uncvrd Parking Spcs: 12
Total # of Units: 12
# of Buildings: Yes
Zoning: C-DT
Flood Zone: No
Elementary School District: Phoenix Elementary District
High School District: Phoenix Union High School District
Elementary School: Emerson Elementary School
Jr. High School: Phoenix Prep Academy
High School: Phoenix Union Bioscience High School

Remarks Misc

Cross Street: E Roosevelt St & 3rd St
Directions: Head west on E Roosevelt St, Head south on 3rd St property on the left corner of 3rd & Garfield

Status Change Info

Off Market Date: 2022-11-18
Under Contract Date: 2022-11-18
Close of Escrow Date: 2022-12-22

Legal Info

Township: 1N
Range: 3E
Section: 5
Block: 23
Lot Number: 6

More Information

Income Expenses

Gross Annual Sch Inc: 235440
Net Operating Income: 180946

Efficiency Units

# Efficiency Units: 10
Avg Rent: 1295
Avg SqFt: 575
# Baths: Yes

1 Bedroom Units

# 1 Bedroom Units: 2
Avg Rent: 2600
Avg SqFt: 1000
# Baths: 2

Sold Info

Loan Type: Other
Payment Type: Other
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

Brick: Yes

Const - Finish

Other (See Remarks): Yes

Roofing

Composition: Yes
Built-Up: Yes

Floors

Concrete: Yes
Vinyl: Yes
Ceramic Tile: Yes

Sale Includes

Land & Building: Yes
Personal Property: Yes
Laundry Equipment: Yes

Income & Expenses

Annual Gas Exp: 804
Annual Ins Exp: 8175
Annual Landscape Exp: 2100
Annual Maint Exp: 7300
Annual Mgmt Exp: 6000
Annual Trash Exp: 2245
Annual Wtr/Swr Exp: 7598
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual Other Expense: 8470
Operating Exp: 49786
Other Income: 0
Vacancy Allowance: 0.02
Adjusted Gross Inc: 230731.2

Pmt & Rate Info

Cap Rate: 5.17
Equity: 3500000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0

Lockbox Type

None: Yes

Community Features

No Pool: Yes

Heating

Electric: Yes

Cooling

Ceiling Fan(s): Yes
Window/Wall Unit: Yes

Exterior Amenities

Desert Landscaping: Yes
Security Light(s): Yes

Interior Features

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

Tenant Pays

Electricity: Yes
Cable TV: Yes

Appliances Included

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

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes
Projected Proforma: Yes

Water Source

City Franchise: Yes
Individual Meter: Yes

Sewer

Sewer - Public: Yes

Parking Features

1 Space/Unit: Yes
Assigned: Yes

Electric

APS: Yes

Gas

SW Gas: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes
See Remarks: Yes

New Financing

Conventional: Yes
1031 Exchange: Yes

Existing 1st Loan

Treat as Free&Clear: Yes

Reports/Disclosures

None: Yes

Environmental

None: Yes

2 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: Brick Const - Finish: Other (See Remarks) Roofing: Composition; Built-Up Floors: Concrete; Vinyl; Ceramic Tile Sale Includes: Land & Building; Personal Property; Laundry Equipment Community Features: No Pool Exterior Amenities: Desert Landscaping; Security Light(s) Interior Features: Furnished; Unfurnished; Fire/Smoke Alarm(s); Drapes Appliances Included: Free-Standing Range; Refrigerator; Other Cooling: Ceiling Fan(s); Window/Wall Unit Water Source: City Franchise; Individual Meter Sewer: Sewer - Public Electric: APS Gas: SW Gas Parking Features: 1 Space/Unit; Assigned Road Surface Type: Asphalt Owner Pays: Water; Trash Collection; See Remarks Tenant Pays: Electricity; Cable TV Source of Fincl Data: Owner; Projected Proforma Lockbox Type: None Existing 1st Loan: Treat as Free&Clear New Financing: Conventional; 1031 Exchange Environmental: None

Listing Office: Metro Realty

Last Updated: June - 12 - 2024