$3,775,000
Phoenix, AZ 85012
MLS# 6042037
Status: Closed
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Property 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.
Details
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
Interior Features
Unfurnished: 1
Tenant Pays
Water: 1
Sewer: 1
Trash Collection: 1
Appliances Included
Microwave: 1
Built-In Range: 1
Road Surface Type
Asphalt: 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 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Other (See Remarks): 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
None: 1
Existing 3rd Loan Terms
Not Applicable: 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
Interior Features: Unfurnished
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
Road Surface Type: Asphalt
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 1st Loan Type: Not Applicable
Existing 1st Loan Terms: Not Applicable
Existing 2nd Loan: Other (See Remarks)
Existing 2nd Loan Type: Not Applicable
Existing 2nd Loan Terms: Not Applicable
Existing 3rd Loan: Other (See Remarks)
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional; 1031 Exchange; Other (See Remarks)
Environmental: None
Listing Office: Taylor Street Realty Services
Last Updated: February - 16 - 2025
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