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526 W CULVER Street, Phoenix, AZ 85003

$1,600,000
Property Type: Multiple Dwellings Status: Pending
Current Price: $1,600,000 List Date: 9/24/2021 Last Modified: 1/18/2022

Description

THE CULVER 6 is a newly renovated 6 unit multifamily complex with (4) 1- Bedroom/1-bath units and (2) Casita style Studios in the Roosevelt Historic District. Originally constructed in 1928, All structures were taken down to the studs and redesigned. New electric panels, plumbing, sewer line, roof, A/C and tankless water heaters. All units have new custom cabinets, granite countertops, dual pane windows, flooring, stainless steel appliances, washer/dryers and resort style bathroom finishes. The one bedroom units have 14ft ceilings. The Studios are custom designed with built in Murphy bed suites. The Culver 6 consists of 2,378 sq ft of rental space. Minutes away from downtown Phoenix and easy access to the I-10 freeway.

More Information MLS# 6298571

Contract Info

Current Price: $1,600,000 List Price: $1,600,000 Status: Pending List Date: 2021-09-24 Ownership: Fee Simple

Location, Tax & Legal

Map Code/Grid: P34 House Number: 526 Compass: W Street Name: CULVER St Suffix: Street City/Town Code: Phoenix State/Province: AZ Zip Code: 85003 Zip4: 1557 Country: USA County Code: Maricopa Building Number: &528 Legal Description (Abbrev): LOT 4 BLOCK 9 KENILWORTH BLKS 1-6 MCR 000839 Subdivision: KENILWORTH BLKS 1-6 Assessor's Map #: 31 Assessor's Parcel #: 23 Add'l Parcels: No Assessor Number: 111-31-023 Legal: LOT 4 BLOCK 9 KENILWORTH BLKS 1-6 MCR 000839 Census Tract: 113000 Tax Municipality: Maricopa - COUNTY Tax District: 11 Taxes: 2448 Tax Year: 2021 Marketing Name: The Culver 6

General Property Description

Lot Size Dimensions: 9425 SqFt Year Built: 1928 Uncvrd Parking Spcs: 4 Total # of Units: 6 # of Buildings: 3 Zoning: R-4 Elementary School: Kenilworth Elementary School Jr. High School: Phoenix Coding Academy High School: Central High School Elem School Dist #: 001 - Phoenix Elementary District High School Dist #: 210 - Phoenix Union High School District

Remarks & Misc

Cross Street: McDowell Rd & 7th Ave Directions: Head east on W McDowell Rd, South on N 5th Ave, West on W Culver St. Property will be on the right. Geo Lat: 33.463016 Geo Lon: -112.081763

Status Change Info

Status Change Date: 2022-01-17 Off Market Date: 2022-01-17 Under Contract Date: 2022-01-16

Legal Info

Township: 1N Range: 3E Section: 5 Block: 9 Lot Number: 4

Income & Expenses

Annual Gas Exp: 672 Annual Ins Exp: 4716 Annual Landscape Exp: 2475 Annual Maint Exp: 2000 Annual Mgmt Exp: 4680 Annual Trash Exp: 1432.5 Annual Wtr/Swr Exp: 1432 Owner Association: No Operating Exp: 19855.5 Gross Annual Sch Inc: 98085.6 Vacancy Allowance: 5 Adjusted Gross Inc: 392342.4 Net Operating Income: 24198

Pmt & Rate Info

Cap Rate: 1.51 Equity: 1600000

Efficiency Units

# Efficiency Units: 2 Avg Rent: 1017.89 Avg SqFt: 200 # Baths: 1

1 Bedroom Units

# 1 Bedroom Units: 4 Avg Rent: 1508.93 Avg SqFt: 525 # Baths: 1

Property Features

Project Type: 5 - 12 Units Other Type: Other (See Remarks) Construction: Block Const - Finish: Painted Roofing: Comp Shingle Floors: Wood Sale Includes: Land & Building Community Amenities: No Pool Exterior Amenities: Patio/Balcony Interior Amenities: Unfurnished; Mini Blinds; Other (See Remarks) Appliances Included: F/S Oven/Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer Heating: Natural Gas; Individual Cooling: Ceiling Fan(s); Central A/C Water: City Franchise Sewer: Sewer - Public Electric: APS; Individual Meter Gas: SW Gas Parking: Carport; Street Parking; Add'l Parking Avail; Free; Paved Parking Roads/Streets: Asphalt; Curb(s) & Gutter(s); Sidewalk(s); Alley Owner Pays: Water; Gas; Trash Collection; Landscaping Tenant Pays: Electric Source of Fincl Data: Provided by Owner Existing 1st Loan: Treat as Free&Clear Existing 1st Ln Type: Not Applicable Existing 1st Ln Trms: Not Applicable Existing 2nd Loan: Other (See Remarks) Existing 2nd Ln Type: Not Applicable Existing 2nd Ln Trms: Not Applicable Existing 3rd Loan: Other (See Remarks) Existing 3rd Ln Type: Not Applicable Existing 3rd Ln Trms: Not Applicable Existing Othr Ln Trm: Not Applicable New Financing: Conventional; No Carry; 1031 Exchange Reports/Disclosures: Seller Prop Disc Stm Environmental: None
Listing Office: Urbanity Properties
Last Updated: January - 18 - 2022
526 W CULVER Street, Phoenix, AZ 85003- MLS# 6298571
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