$1,700,000
SOLD DEC 23, 2024

706 W Taylor St Phoenix, AZ 85007

Governmental Mall Neighborhood
-- Bed
-- Bath
1,176 Sq Ft
0.35 Acres

Recently Sold

$1,446 Per Sq Ft

19% Below List Price

78 Days on Market

Highlights

  • Cooling System Mounted To A Wall/Window
  • Ceramic Tile Flooring
  • Ceiling Fan
  • Phoenix Coding Academy Rated A
  • Central Heating and Cooling System

About This Home

As of December 2024

ABI Multifamily is pleased to present for sale The Prez Apartments, a dynamic 10-unit multifamily investment property located right outside the core of downtown Phoenix. This unique opportunity offers a blend of existing strong cash flow, value-add potential, and development opportunities. The Prez Apartments presents an ideal investment canvas for savvy investors seeking to capitalize on the thriving urban landscape of downtown Phoenix. The property unit mix consists of (7) 2-bed/1-bath units and (3) studios. On-site laundry offers an amenity to the tenants and generates supplemental income, while ample outdoor space offers a gated dog park and several private yard spaces. Fully gated and secure, The Prez Apartments exude a charming, intimate cottage-style ambiance with a Spanish tile roof, well-maintained landscaping, and ambient bistro lights along the main walkway.

The property is in great condition, is consistently occupied and provides immediate return on investment. For the new owner, there is still a massive amount of value to be added. A new owner can greatly benefit by further improving the interiors, adding in unit washer/dryers and potentially adding more units. The exterior common areas have plenty of room to add more private yards or add additional tenant amenities.

The Prez Apartments are nestled in the vibrant urban neighborhood known as The Triangle, just west of downtown and mere blocks from the acclaimed Grand Avenue Arts District and Roosevelt Row. Residents enjoy seamless access to downtown amenities, including top-rated restaurants, bars, nightlife, coffee shops, ASU's downtown campus, and major employment centers.

In addition the property has big potential for a new development project. The dynamic zoning allows for multifamily, commercial, hospitality or mixed-use development projects, catering to diverse market demands. And with over a 30,000 daily traffic count along 7th Ave, visibility for the intended use is ideal.

Last Agent to Sell the Property

Colin Kreager

ABI Multifamily License #SA693849000

Co-Listed By

Alex Gamboa

ABI Multifamily License #SA710854000

Last Buyer's Agent

Non-MLS Agent

Non-MLS Office

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $1,883

Year Built

  • Built in 1941

Parking

  • On-Street Parking

Home Design

  • Tile Roof
  • Block Exterior
  • Stucco

Interior Spaces

  • Ceiling Fan
  • Ceramic Tile Flooring

Utilities

  • Cooling System Mounted To A Wall/Window
  • Central Heating and Cooling System
  • Individual Controls for Heating
  • Window Unit Heating System
  • Master Water Meter

Listing and Financial Details

  • Tenant pays for gas, electricity
  • The owner pays for gas, electricity, trash collection, water, sewer, landscaping
  • Tax Lot 24
  • Assessor Parcel Number 111-30-062-A

Community Details

Overview

  • 5 Buildings
  • 10 Units
  • Building Dimensions are 16,570

Building Details

  • Operating Expense $1,883
  • Gross Income $624,000
  • Net Operating Income $114,000

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$1,883

Year Built

Built in 1941

Lot Details

0

Listing Details

  • Cross Street: 7th Ave & Taylor St
  • Property Type: Multiple Dwellings
  • Zoning: C-DT
  • Number Of Buildings: 5
  • Ownership: Fee Simple
  • Year Built: 1941
  • Tax Year: 2023
  • Road Surface Type: Asphalt, Concrete, Curb(s) & Gutter(s), Sidewalk(s)
  • Co List Office Mls Id: abim01
  • Co List Office Phone: 602-714-1400
  • Tax Parcel Letter: A
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Flooring: Other, Ceramic Tile
  • Appliances: F/S Oven/Range, Washer/Dryer
  • Appliances Included:FS OvenRange: Yes
  • Appliances Included:WasherDryer: Yes
  • Appliances Included:Refrigerator2: Yes

Exterior Features

  • Disclosures: None
  • Construction Type: Painted, Stucco, Block
  • Roof: Tile
  • Construction:Block: Yes

Garage/Parking

  • Parking Features: Free, Street Parking
  • Attached Garage: No
  • Parking:Free: Yes
  • Parking:Street Parking: Yes

Utilities

  • Electric: APS, Master Meter, Individual Meter
  • Cooling: Central A/C, Individual, Wall/Window Unit(s), Ceiling Fan(s)
  • Heating: Individual, Central, Window/Wall Unit(s), Electric
  • Cooling Y N: Yes
  • Heating Yn: Yes
  • Water Source: Master Meter
  • Heating:Electric: Yes
  • Heating:Individual: Yes
  • Heating:Central: Yes
  • Electric Master Meter: Yes
  • Heating:WindowWall Unit(s): Yes

Condo/Co-op/Association

  • Community Features: See Remarks, No Pool

Association/Amenities

  • Exterior Amenities:Landscape Wtr System: Yes
  • Exterior Amenities:Fenced3: Yes
  • Exterior Amenities:PatioBalcony: Yes
  • Exterior Amenities:Security Light(s)3: Yes
  • Interior Amenities:FireSmoke Alarm(s): Yes
  • Community Amenities:No Pool: Yes
  • Exterior Amenities:Desert Landscaping: Yes
  • Interior Amenities:Unfurnished: Yes

Schools

  • Junior High Dist: Phoenix Union High School District

Lot Info

  • Lot Size: 16,570
  • Additional Parcels: No
  • Parcel #: 111-30-062-A

Multi Family

  • Owner Pays: Gas, Electricity, Trash Collection, Water, Sewer, Landscaping
  • Tenant Pays: Gas, Electricity
  • Number Of Units Total: 10
  • Annual Gross Income: 624000.0
  • Property Net Operating Income: 114000.0
  • Annual Operating Expense: 1883.0
  • Vacancy Allowance Rate: 5.0

Tax Info

  • Tax Annual Amount: 1883.0
  • Tax Book Number: 111.00
  • Tax Lot: 24

Map

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
12/23/2024 12/23/24 Sold $1,700,000 -12.6% $1,446 / Sq Ft
10/08/2024 10/08/24 Price Changed $1,945,000 -4.9% $1,654 / Sq Ft
09/16/2024 09/16/24 Price Changed $2,045,000 -2.4% $1,739 / Sq Ft
07/29/2024 07/29/24 For Sale $2,095,000 +208.1% $1,781 / Sq Ft
06/01/2015 06/01/15 Sold $680,000 -6.8% $578 / Sq Ft
04/06/2015 04/06/15 Pending -- -- --
02/11/2015 02/11/15 For Sale $730,000 -- $621 / Sq Ft
Source: Arizona Regional Multiple Listing Service (ARMLS)

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 6736946

Arizona Regional Multiple Listing Service (ARMLS)

APN: 111-30-062

Arizona Maricopa County Phoenix 85003 Governmental Mall

706 W Taylor St, Phoenix, AZ

Homes for Sale in Phoenix, AZ

This home is located at 706 W Taylor St, Phoenix, AZ 85007 and is currently priced at $1,700,000, approximately $1,445 per square foot. This property was built in 1941. 706 W Taylor St is a home located in Maricopa County with nearby schools including Kenilworth Elementary School, Phoenix Coding Academy, and Central High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Arizona Regional Multiple Listing Service (ARMLS) All information should be verified by the recipient and none is guaranteed as accurate by ARMLS

Listing Information presented by local MLS brokerage: Ten-X, local REALTOR®- Arlene Richardson - (888)-952-6393