706 W Taylor Street, Phoenix, AZ 85007
- $1,700,000
- Sold Price
- $1,700,000
- List Price
- $1,945,000
- Closing Date
- Dec 23, 2024
- Days on Market
- 150
- Status
- CLOSED
- MLS#
- 6736946
- City
- Phoenix
- Year Built
- 1941
Property Description
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.
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Additional Information
- School District
- Phoenix Union High School District
- Community Features
- See Remarks, No Pool
- Construction
- Painted, Stucco, Block
- Cooling
- Central Air, Ceiling Fan(s), Window/Wall Unit, Individual
- Electric
- APS, Master Meter, Individual Meter
- Flooring
- Other, Ceramic Tile
- Heating
- Individual, Central, Window/Wall Unit(s), Electric
- New Financing
- Conventional, 1031 Exchange
- Parking Features
- Free, On Street
- Roofing
- Tile
- Sewer
- Public Sewer
- Taxes
- $1,883
- Tax Year
- 2023
- Units
- 10
- Water
- Master Meter
- Zoning
- C-DT
Courtesy of ABI Multifamily. 602-714-1400 Selling Office: Non-MLS Office.
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