5624 N 6TH Street, Phoenix, AZ 85012

$3,775,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $3,775,000 Last Modified: 2/16/2025

Description

5624-5646 N 6th St Renovated in 2020, The Madison boasts mid-century art deco style architecture modernized to fit the young professional tenant base the property now attracts. Given its location in the sought after Uptown Central Phoenix Corridor, its walking distance from some of Phoenix's hottest new restaurants, cafes and social spots and detailed scope of remodel, which includes almost $700,000 in total Capital Improvement costs, The Madison provides a remarkable opportunity for immediate value along with considerable future upside potential. Built in 1952 of block construction, pitched roofs, art deco windows and front and rear entryways, The Madison is a prime example of Phoenix historical architecture and charm reinvigorated to match today's market of multifamily.

More Information MLS# 6042037

Contract Info

Ownership: Fee Simple Current Price: $3,775,000 Sold Price: $3,775,000 Status: Closed List Date: 2020-02-26

Location, Tax & Legal

Assessor's Map #: 35 Legal Description (Abbrev): LOT 22 CAMEL SQUARE MCR 004120 Assessor's Parcel #: 21 Add'l Parcels: Yes Tax Municipality: Phoenix Census Tract: 107500 Taxes: 3015 Legal: APN 162-35-021, 162-35-020, 162-35-019, 162-35-018, 162-35-017 Marketing Name: The Madison Map Code/Grid: N34 House Number: 5624 Compass: N Street Name: 6TH St Suffix: Street City/Town Code: Phoenix State/Province: AZ Zip Code: 85012 Zip4: 1300 County Code: Maricopa Subdivision: CAMEL SQUARE Assessor Number: 162-35-021 Tax Year: 2019

General Property Description

# of Buildings: 6 Uncvrd Parking Spcs: 20 Lot Size Dimensions: 58,800 Total # of Units: 18 Elementary School District: Madison Elementary District High School District: Phoenix Union High School District Elementary School: Madison Elementary School Jr. High School: Madison Meadows School High School: Central High School Year Built: 1949 Zoning: R-3

Legal Info

Range: 3E Section: 17 Township: 2N Lot Number: 22

Project Type

13 - 24 Units: 1

Construction

Block: 1

Const - Finish

Painted: 1

Roofing

Composition: 1

Floors

Vinyl: 1 Wood: 1

Sale Includes

Land & Building: 1

Income & Expenses

Annual Elec Exp: 10800 Annual Gas Exp: 0 Annual Ins Exp: 3600 Annual Land Lse Exp: 0 Annual Landscape Exp: 0 Annual Legal & Acctg: 3600 Annual Maint Exp: 4500 Annual Mgmt Exp: 15179 Annual Trash Exp: 0 Annual Wtr/Swr Exp: 0 Owner Association: No Annual Ownr Asoc Fee: 0 Annual PAD Fee: 0 Annual Rplcmnt Rsrvs: 0 Annual Other Expense: 2700 Operating Exp: 43394 Other Income: 26440 Vacancy Allowance: 0.05 Adjusted Gross Inc: 25118

Pmt & Rate Info

Cap Rate: 5.63 Down Payment: 0 Equity: 4275000 Down Payment %: 0 Monthly Payments: 0 Total Owed: 0 Assessment Balance: 0

Payment Includes

Principal: 1

Showing Notification Methods

Text: 1 Email: 1 Phone Call: 1

Community Features

No Pool: 1

Heating

Natural Gas: 1

Cooling

Individual: 1

Exterior Amenities

Landscape Water System: 1 Green Landscaping: 1 Separate Storage: 1

Tenant Pays

Water: 1 Sewer: 1 Trash Collection: 1

Appliances Included

Built-In Range: 1 Microwave: 1

Source of Fincl Data

Owner: 1

Water Source

City Franchise: 1

Sewer

Sewer - Public: 1

Parking Features

Carport: 1 <1 Space Per Unit: 1 Paved: 1

Electric

SRP: 1

Gas

SW Gas: 1

Owner Pays

Water: 1 Sewer: 1 Trash Collection: 1

New Financing

Conventional: 1 1031 Exchange: 1 Other (See Remarks): 1

Existing 1st Loan

Conventional: 1

Existing 2nd Loan

Other (See Remarks): 1

Existing 3rd Loan

Other (See Remarks): 1

Reports/Disclosures

None: 1

Environmental

None: 1

Existing Othr Ln Trm

Not Applicable: 1

Efficiency Units

Avg Rent: 0

1 Bedroom Units

# 1 Bedroom Units: 11 Avg Rent: 1295 Avg SqFt: 628 # Baths: 1

2 Bedroom Units

# 2 Bedroom Units: 6 Avg Rent: 1495 Avg SqFt: 900 # Baths: 1

3 Bedrooms Units

# 3 Bedroom Units: 1 Avg Rent: 1595 Avg SqFt: 950 # Baths: 2

4 Bedrooms Units

Avg Rent: 0

Sold Info

Loan Type: Conventional Loan Years: 15 Closing Cost Split: Normal - N Payment Type: Fixed Buyer Concession to Seller: 0 Buyer Concession $/%: $ Seller Concession to Buyer: 0 Seller Concession $/%: $

Remarks Misc

Cross Street: 7th St. & Bethany Home Directions: South to Montebello. West to 6th St. South to property Geo Lat: 33.518963 Geo Lon: -112.066542

Status Change Info

Off Market Date: 2021-05-08 Under Contract Date: 2021-02-22 Close of Escrow Date: 2021-04-15 Sold Price: $3,775,000

Income Expenses

Net Operating Income: 240759

Property Features

Project Type: 13 - 24 Units Construction: Block Const - Finish: Painted Roofing: Composition Floors: Vinyl; Wood Sale Includes: Land & Building Payment Includes: Principal Community Features: No Pool Exterior Amenities: Landscape Water System; Green Landscaping; Separate Storage Appliances Included: Built-In Range; Microwave Heating: Natural Gas Cooling: Individual Water Source: City Franchise Sewer: Sewer - Public Electric: SRP Gas: SW Gas Parking Features: Carport; <1 Space Per Unit; Paved Owner Pays: Water; Trash Collection Tenant Pays: Water; Sewer; Trash Collection Source of Fincl Data: Owner Showing Notification Methods: Text; Email; Phone Call Existing 1st Loan: Conventional Existing 2nd Loan: Other (See Remarks) Existing 3rd Loan: Other (See Remarks) Existing Othr Ln Trm: Not Applicable New Financing: Conventional; 1031 Exchange; Other (See Remarks) Environmental: None
Listing Office: Taylor Street Realty Services
IDX
Last Updated: February - 16 - 2025
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