813 E MARLETTE Avenue, Phoenix, AZ 85014

$3,562,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $3,562,000 Last Modified: 4/21/2021

Description

Venture on Marlette consists of 14 units, (13) of which are two-bed/ two-bath units along with (1) one-bed/one-bath unit. The property has been completely remodeled from top-to-bottom with nothing left untouched. Full interior renovations have been done with popular, cutting-edge finishes. All units are spacious for this era of building and each include an in-suite washer and dryer. Several of the units have large outdoor backyards. The property has a new roof, windows, doors, and new paint inside and out. Full exterior upgrades include professionally installed landscaping and more. The property surrounds an inviting courtyard with beautiful outdoor amenity space. Each unit is individually metered for electricity. Additionally, the property went through lease-up while under cons

Supplements: so many rents are below market and could be raised as leases expire. Not to mention, with housing prices skyrocketing, rent growth should continue increasing while those who cannot afford to purchase look to rent. There are not a lot of properties that come available that are this attractive and well located. This is a phenomenal bite-sized opportunity in an A location that should continue to improve as things continue to happen in the heart of Uptown Phoenix. Venture on Marlette is the latest offering from the amazing Neighborhood Ventures team! The property sits directly in the middle of Uptown Phoenix, just off of the famed 7th Street Corridor and Restaurant Row. It is 3/4 of a mile to the original The Yard and Culinary Dropout concept that was the impetus for the massive 7th Street and Restaurant Row growth. The property sits on a quiet street, minutes away from the Crown Plaza development with Wildflower and Rito's Mexican Food. The Womack, an amazing tribute to the iconic Phoenix bar, Chez Nous, is also a short bike ride/walk away, as well as MORA Italian, Cold Beer & Cheeseburgers, and Bevvy, just to name a few. This property really sits in the heart of it all. The location is as popular as it gets, and allows residents to enjoy, with ease, so much of what Central Phoenix has to offer. With many dining, shopping (Uptown Plaza is just a bike ride away), and entertainment options, as well as multiple freeway access points within minutes, Venture on Marlette is an extremely desirable property for residents.

More Information MLS# 6170432

Contract Info

Ownership: Fee Simple Current Price: $3,562,000 Sold Price: $3,562,000 Status: Closed List Date: 2020-12-11

Location, Tax & Legal

Assessor's Map #: 15 Legal Description (Abbrev): ORANGE HEIGHTS N2 N2 LOT 37 EX W 488' EX N 25' & S 8' Assessor's Parcel #: 35 Assessor Parcel Ltr: F Add'l Parcels: No Tax Municipality: Phoenix Census Tract: 106501 Taxes: 8534 Legal: ORANGE HEIGHTS N2 N2 LOT 37 EX W 488' EX N 25' & S 8' Marketing Name: Venture on Marlette Map Code/Grid: N34 House Number: 813 Compass: E Street Name: MARLETTE St Suffix: Avenue City/Town Code: Phoenix State/Province: AZ Zip Code: 85014 Zip4: 1507 County Code: Maricopa Subdivision: ORANGE HEIGHTS LOTS 44, 45 & TR A Assessor Number: 161-15-035-F Tax Year: 2020

General Property Description

# of Buildings: 1 Uncvrd Parking Spcs: 0 Lot Size Dimensions: 146x122 Total # of Units: 14 Elementary School District: Madison Elementary District High School District: Phoenix Union High School District Year Built: 1962 Zoning: R4

Legal Info

Range: 3E Section: 9 Township: 2N Lot Number: 37

Project Type

13 - 24 Units: 1

Construction

Block: 1 Other: 1

Const - Finish

Painted: 1 Other (See Remarks): 1

Roofing

Other: 1

Floors

Other: 1

Sale Includes

Land & Building: 1

Income & Expenses

Owner Association: No Annual Ownr Asoc Fee: 0 Operating Exp: 8534 Other Income: 8660 Vacancy Allowance: 0.04 Adjusted Gross Inc: 244185.6

Pmt & Rate Info

Cap Rate: 5.12 Equity: 3750000 Down Payment %: 0 Monthly Payments: 0 Total Owed: 0

Showing Notification Methods

Text: 1 Email: 1 Phone Call: 1

Lockbox Type

None: 1

Community Features

Other: 1 See Remarks: 1

Heating

Electric: 1

Cooling

Electric: 1

Tenant Pays

Electricity: 1

Appliances Included

Other: 1

Source of Fincl Data

Projected Proforma: 1

Water Source

Master Meter: 1 Other: 1

Sewer

Sewer - Public: 1

Parking Features

Other: 1

Electric

Individual Meter: 1

Gas

Other (See Remarks): 1

Owner Pays

Water: 1 Sewer: 1 Trash Collection: 1 Landscaping: 1

New Financing

Conventional: 1 1031 Exchange: 1

Special

Owner/Agent: 1

Reports/Disclosures

Other (See Remarks): 1

Environmental

None: 1

Efficiency Units

Avg Rent: 0

1 Bedroom Units

# 1 Bedroom Units: 1 Avg Rent: 1250 Avg SqFt: 550 # Baths: 1

2 Bedroom Units

# 2 Bedroom Units: 13 Avg Rent: 1340 Avg SqFt: 929 # Baths: 2

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Sold Info

Loan Type: Conventional 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: 7th Street & Bethany Home Rd Directions: North on 7th Street, East on Marlette to property on South side of street. Geo Lat: 33.528923 Geo Lon: -112.06307

Status Change Info

Off Market Date: 2021-04-17 Under Contract Date: 2021-02-12 Close of Escrow Date: 2021-04-20 Sold Price: $3,562,000

Income Expenses

Gross Annual Sch Inc: 245700 Net Operating Income: 192104

Property Features

Project Type: 13 - 24 Units Construction: Block; Other Const - Finish: Painted; Other (See Remarks) Roofing: Other Floors: Other Sale Includes: Land & Building Community Features: Other; See Remarks Appliances Included: Other Cooling: Electric Water Source: Master Meter; Other Sewer: Sewer - Public Electric: Individual Meter Gas: Other (See Remarks) Parking Features: Other Owner Pays: Water; Trash Collection; Landscaping Tenant Pays: Electricity Source of Fincl Data: Projected Proforma Special: Owner/Agent Showing Notification Methods: Text; Email; Phone Call Lockbox Type: None New Financing: Conventional; 1031 Exchange Environmental: None
Listing Office: ABI Multifamily
IDX
Last Updated: April - 21 - 2021
Copyright 2025 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.