2525 E Monroe Street, Phoenix, AZ 85034

$659,000
List Price
$659,000
Status
ACTIVE
Days on Market
9
MLS#
6728959
City
Phoenix
Year Built
1962

Property Description

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. 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.

Additional Information

Taxes
$975
Net Operating Income
$40,255
Cap Rate
6.11
Units
4
Flooring
Carpet, Vinyl
Parking Features
>1 Space Per Unit
Construction
Painted, Stucco, Frame - Wood
Roofing
Composition
Cooling
Individual, Electric, Wall/Window Unit(s), Ceiling Fan(s)
Heating
Individual, Window/Wall Unit(s), Electric
Zoning
M-H
Community Features
No Pool
Electric
SRP, Individual Meter
Water
City Franchise
Sewer
Public Sewer
Tenant Pays
Electricity
New Financing
Conventional, 1031 Exchange, FHA
School District
Phoenix Union High School District

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
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Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Marcus & Millichap.

All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved.