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2525 E Monroe Street, Phoenix, AZ 85034 (MLS# 6728959)

2525 E Monroe Street, Phoenix, AZ 85034

Property Type: Multiple Dwellings Status: Active
Current Price: $659,000 Last Modified: 7/09/2024


Monroe 4 (''the property'') is a 4-unit apartment community located near the 24th Street and Van Buren Street intersection, positioned less than a mile from the intersection of three significant Phoenix Metro thoroughfares, Loop 202, Interstate 10, and AZ-51, offering outstanding mobility throughout Phoenix Metro. Located 2.3 Miles from Downtown Phoenix and 4 Miles from the Biltmore financial district, residents have access to some of Arizona's most dynamic professional corridors featuring employers such as Accenture, Ernst Young, Arizona State University, Cisco, Merrill Lynch, Charles Schwab, Humana, Fennemore Craig, and UBS.

Supplements: Developed in 1962, Monroe 4 is comprised entirely of two-bedroom floor plans, each offering an average of 621 square feet. Future ownership will have the opportunity to capitalize on the current below-market rents by raising new-lease rates to match those achieved by similar properties nearby. Additionally, there is also the opportunity to upgrade each of the 4 units with various interior finishes in order to realize the associated renovation premiums.

More Information MLS# 6728959

Contract Info

Current Price: $659,000 List Price: $659,000 Status: Active List Date: 2024-07-09 Ownership: Fee Simple Subagents: N Buyer/Broker: Y Buyer Broker $/%: %

Location, Tax & Legal

House Number: 2525 Compass: E Street Name: Monroe St Suffix: Street City/Town Code: Phoenix State/Province: AZ Zip Code: 85034 Country: USA County Code: Maricopa Assessor's Map #: 63 Assessor's Parcel #: 123 Add'l Parcels: No Assessor Number: 121-63-123 Legal: PARCEL 102 BEG AT NE COR LOT 1 BLK 4 HIALEAH TH ELY ALG ELY ROLONGATION OF N LINE SD LOT 1 A DIST OF 360' TO TRUE PT Tax Municipality: Phoenix Taxes: 975 Tax Year: 2023 Marketing Name: Monroe 4

General Property Description

Lot Size Dimensions: 0.16 Year Built: 1962 Uncvrd Parking Spcs: 6 Total # of Units: 4 # of Buildings: 2 Zoning: M-H Elementary School District: Washington Elementary District High School District: Phoenix Union High School District

Remarks & Misc

Geo Lat: 33.45002 Geo Lon: -112.026661

Status Change Info

Status Change Date: 2024-07-09

Income & Expenses

Annual Elec Exp: 1990 Annual Ins Exp: 2199 Annual Landscape Exp: 1000 Annual Legal & Acctg: 800 Annual Maint Exp: 2000 Owner Association: No Annual Rplcmnt Rsrvs: 1200 Annual Other Expense: 1300 Operating Exp: 11464 Gross Annual Sch Inc: 58440 Other Income: 1255 Vacancy Allowance: 0.08 Adjusted Gross Inc: 54919.4 Net Operating Income: 40255

Pmt & Rate Info

Cap Rate: 6.11 Equity: 659000

Showing Notification Methods

Showing Service: Aligned Showings

2 Bedroom Units

# 2 Bedroom Units: 4 Avg Rent: 1050 Avg SqFt: 621 # Baths: 4

Property Features

Project Type: Four Plex Construction: Frame - Wood Const - Finish: Painted; Stucco Roofing: Comp Shingle Floors: Vinyl; Carpet Sale Includes: Land & Building Community Amenities: No Pool Exterior Amenities: Desert Landscaping Interior Amenities: Unfurnished Appliances Included: F/S Oven/Range; Refrigerator; Dishwasher; Microwave Heating: Individual; Window/Wall Unit(s) Cooling: Ceiling Fan(s); Electric; Window/Wall Unit; Individual Water: City Franchise Sewer: Sewer - Public Electric: SRP; Individual Meter Gas: SW Gas Parking: >1 Space Per Unit Roads/Streets: Gravel Owner Pays: Water; Trash Collection Tenant Pays: Electric Source of Fincl Data: Provided by Owner Showing Notification Methods: Text; Phone Call Lockbox Type: None New Financing: Cash; FHA; Conventional; 1031 Exchange Reports/Disclosures: None Environmental: None
Listing Office: Marcus & Millichap
Last Updated: July - 09 - 2024
2525 E Monroe Street, Phoenix, AZ 85034- MLS# 6728959
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.

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