1623 W MISSOURI Avenue, Phoenix, AZ 85015 (MLS# 7033404)

1623 W MISSOURI Avenue, Phoenix, AZ 85015

$4,450,000

Property Type: Multiple Dwellings Status: Active

Current Price: $4,450,000 Last Modified: 5/26/2026

Overview

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

Listing Details MLS# 7033404

Location, Tax & Legal

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
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

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 266x264x128x120x120x144
Year Built: 1964
Uncvrd Parking Spcs: 10
Total # of Units: 29
# of Buildings: 8
Zoning: R4
Elementary School District: Osborn Elementary District
High School District: Phoenix Union High School District
Elementary School: Solano School

Legal Info

Township: 2N
Range: 3E
Section: 18
Lot Number: 7

Income Expenses

Gross Annual Sch Inc: 415020
Net Operating Income: 282239

More Information

Showing Notification Methods

Showing Service: No Showing Service Used
Phone Call: Yes

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: Yes
Avg Rent: 1695
Avg SqFt: 1200
# Baths: 2

Project Type

25 - 50 Units: Yes

Construction

Block: Yes

Const - Finish

Painted: Yes

Roofing

Composition: Yes

Floors

Vinyl: Yes

Sale Includes

Building(s) Only: Yes
Land & Building: Yes
Pool Equipment: Yes
Laundry Equipment: Yes

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

Lockbox Type

None: Yes

Community Features

Pool: Yes
Exercise Room: Yes
Barbecue: Yes

Heating

Other: Yes

Cooling

Ceiling Fan(s): Yes
Individual: Yes

Exterior Amenities

Fenced: Yes
Satellite Dish: Yes
Cable TV Available: Yes
Sidewalk(s): Yes
Patio/Balcony: Yes
Guard Gate: Yes
Other (See Remarks): Yes

Interior Features

Furnished: Yes
Unfurnished: Yes
Partially Furnished: Yes
Fire/Smoke Alarm(s): Yes
Other (See Remarks): Yes

Tenant Pays

Gas: Yes
Electricity: Yes
Cable TV: Yes

Appliances Included

Dishwasher: Yes
Disposal: Yes
Microwave: Yes
Refrigerator: Yes
Built-In Range: Yes
Free-Standing Range: Yes
Washer/Dryer: Yes

Road Surface Type

Concrete: Yes

Source of Fincl Data

Projected Proforma: Yes

Water Source

Master Meter: Yes

Sewer

Sewer - Public: Yes

Parking Features

Carport: Yes
Free: Yes
1 Space/Unit: Yes
Paved: Yes

Electric

Individual Meter: Yes

Gas

Individual Meter: Yes

Owner Pays

Landscaping: Yes
Pool Maintenance: Yes

New Financing

Conventional: Yes
No Carry: Yes
1031 Exchange: Yes

Reports/Disclosures

None: Yes

Environmental

None: Yes

Efficiency Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

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