$3,260,000
Phoenix, AZ 85004
MLS# 6401952
Status: Closed
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Property 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.
Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $3,260,000
Sold Price: $3,260,000
Status: Closed
List Date: 2022-05-18
Location, Tax & Legal
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
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
County Code: Maricopa
Subdivision: CHURCHILL ADDITION
Assessor Number: 111-44-022
Tax Year: 2021
General Property Description
# of Buildings: 1
Uncvrd Parking Spcs: 12
Lot Size Dimensions: 7000 SQ FT
Flood Zone: No
Total # of Units: 12
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
Year Built: 1970
Zoning: C-DT
Legal Info
Range: 3E
Section: 5
Township: 1N
Block: 23
Lot Number: 6
Project Type
5 - 12 Units: 1
Construction
Brick: 1
Const - Finish
Other (See Remarks): 1
Roofing
Composition: 1
Built-Up: 1
Floors
Concrete: 1
Vinyl: 1
Ceramic Tile: 1
Sale Includes
Land & Building: 1
Personal Property: 1
Laundry Equipment: 1
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: 1
Community Features
No Pool: 1
Heating
Electric: 1
Cooling
Ceiling Fan(s): 1
Window/Wall Unit: 1
Exterior Amenities
Desert Landscaping: 1
Security Light(s): 1
Interior Features
Furnished: 1
Unfurnished: 1
Fire/Smoke Alarm(s): 1
Drapes: 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
Refrigerator: 1
Free-Standing Range: 1
Other: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Projected Proforma: 1
Water Source
City Franchise: 1
Individual Meter: 1
Sewer
Sewer - Public: 1
Parking Features
1 Space/Unit: 1
Assigned: 1
Electric
APS: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
See Remarks: 1
New Financing
Conventional: 1
1031 Exchange: 1
Existing 1st Loan
Treat as Free&Clear: 1
Reports/Disclosures
None: 1
Environmental
None: 1
Efficiency Units
# Efficiency Units: 10
Avg Rent: 1295
Avg SqFt: 575
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 2
Avg Rent: 2600
Avg SqFt: 1000
# Baths: 2
2 Bedroom Units
Avg Rent: 0
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Other
Closing Cost Split: Normal - N
Payment Type: Other
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
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
Geo Lat: 33.457442
Geo Lon: -112.069606
Status Change Info
Off Market Date: 2022-11-18
Under Contract Date: 2022-11-18
Close of Escrow Date: 2022-12-22
Sold Price: $3,260,000
Income Expenses
Gross Annual Sch Inc: 235440
Net Operating Income: 180946
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
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