$4,450,000
Phoenix, AZ 85015
MLS# 7033404
1 / 25
Property Description
The Gem on Missouri is a 29-unit multifamily community positioned in the highly desirable Midtown Phoenix submarket. Located at 1623 & 1625 W Missouri Ave, the property was originally constructed in 1963 and spans approximately ±22,400 square feet, with an average unit size of ±772 SF, offering efficient and functional floor plans that appeal to a broad renter base. The property is currently achieving average rents of approximately $1,074, below market comparables averaging $1,317, representing upside of approximately $243 per unit. The asset has already undergone comprehensive interior renovations, including upgraded finishes and in-unit washer and dryer across all units, positioning this as primarily operational value-add opportunity
Details
Contract Info
Ownership: Fee Simple
Current Price: $4,450,000
List Price: $4,450,000
Status: Active
List Date: 2026-05-26
Location, Tax & Legal
Assessor's Map #: 39
Legal Description (Abbrev): DENTON TRACT LOT 7 N 123'
Assessor's Parcel #: 7
Assessor Parcel Ltr: D
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 107400
Taxes: 4064
Legal: DENTON TRACT LOT 7 N 123'
Marketing Name: The Gem on Missouri
House Number: 1623
Compass: W
Street Name: MISSOURI
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85015
Zip4: 2615
Country: US
County Code: Maricopa
Subdivision: DENTON TRACT
Assessor Number: 156-39-007-D
Tax Year: 2025
General Property Description
# of Buildings: 8
Uncvrd Parking Spcs: 10
Lot Size Dimensions: 266x264x128x120x120x144
Total # of Units: 29
Elementary School District: Osborn Elementary District
High School District: Phoenix Union High School District
Elementary School: Solano School
Year Built: 1964
Zoning: R4
Legal Info
Range: 3E
Section: 18
Township: 2N
Lot Number: 7
Project Type
25 - 50 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Vinyl: 1
Sale Includes
Building(s) Only: 1
Land & Building: 1
Pool Equipment: 1
Laundry Equipment: 1
Income & Expenses
Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 4064
Other Income: 27985
Vacancy Allowance: 0.05
Adjusted Gross Inc: 420854.75
Pmt & Rate Info
Cap Rate: 6.34
Equity: 4450000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Showing Notification Methods
Showing Service: No Showing Service Used
Phone Call: 1
Lockbox Type
None: 1
Community Features
Pool: 1
Exercise Room: 1
Barbecue: 1
Heating
Other: 1
Cooling
Ceiling Fan(s): 1
Individual: 1
Exterior Amenities
Fenced: 1
Satellite Dish: 1
Cable TV Available: 1
Sidewalk(s): 1
Patio/Balcony: 1
Guard Gate: 1
Other (See Remarks): 1
Interior Features
Furnished: 1
Unfurnished: 1
Partially Furnished: 1
Fire/Smoke Alarm(s): 1
Other (See Remarks): 1
Tenant Pays
Gas: 1
Electricity: 1
Cable TV: 1
Appliances Included
Dishwasher: 1
Disposal: 1
Microwave: 1
Refrigerator: 1
Built-In Range: 1
Free-Standing Range: 1
Washer/Dryer: 1
Road Surface Type
Concrete: 1
Source of Fincl Data
Projected Proforma: 1
Water Source
Master Meter: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
Free: 1
1 Space/Unit: 1
Paved: 1
Electric
Individual Meter: 1
Gas
Individual Meter: 1
Owner Pays
Landscaping: 1
Pool Maintenance: 1
New Financing
Conventional: 1
No Carry: 1
1031 Exchange: 1
Reports/Disclosures
None: 1
Environmental
None: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 20
Avg Rent: 925
Avg SqFt: 675
# Baths: 20
2 Bedroom Units
# 2 Bedroom Units: 8
Avg Rent: 1250
Avg SqFt: 1000
# Baths: 13
3 Bedrooms Units
# 3 Bedroom Units: 1
Avg Rent: 1695
Avg SqFt: 1200
# Baths: 2
4 Bedrooms Units
Avg Rent: 0
Remarks Misc
Geo Lat: 33.51653
Geo Lon: -112.094036
Income Expenses
Gross Annual Sch Inc: 415020
Net Operating Income: 282239
Property Features
Project Type: 25 - 50 Units
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Vinyl
Sale Includes: Building(s) Only; Land & Building; Pool Equipment; Laundry Equipment
Community Features: Pool; Exercise Room; Barbecue
Exterior Amenities: Fenced; Satellite Dish; Cable TV Available; Sidewalk(s); Patio/Balcony; Guard Gate; Other (See Remarks)
Interior Features: Furnished; Unfurnished; Partially Furnished; Fire/Smoke Alarm(s); Other (See Remarks)
Appliances Included: Built-In Range; Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer
Heating: Other
Cooling: Ceiling Fan(s); Individual
Water Source: Master Meter
Sewer: Sewer - Public
Electric: Individual Meter
Gas: Individual Meter
Parking Features: Carport; 1 Space/Unit; Free; Paved
Road Surface Type: Concrete
Owner Pays: Landscaping; Pool Maintenance
Tenant Pays: Electricity; Gas; Cable TV
Source of Fincl Data: Projected Proforma
Showing Notification Methods: Phone Call
Lockbox Type: None
New Financing: Conventional; No Carry; 1031 Exchange
Environmental: None
Listing Office: Matthews Real Estate Investment Services
Last Updated: May - 26 - 2026
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