5624 N 6TH Street, Phoenix, AZ 85012
$3,775,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$3,775,000
Last Modified:
2/16/2025
Overview
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.
Listing Details MLS# 6042037
Location, Tax & Legal
- 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
- 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
Contract Info
- Ownership
- Fee Simple
General Property Description
- Lot Size Dimensions
- 58,800
- Year Built
- 1949
- Uncvrd Parking Spcs
- 20
- Total # of Units
- 18
- # of Buildings
- 6
- Zoning
- R-3
- 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
Remarks Misc
- Cross Street
- 7th St. & Bethany Home
- Directions
- South to Montebello. West to 6th St. South to property
Status Change Info
- Off Market Date
- 2021-05-08
- Under Contract Date
- 2021-02-22
- Close of Escrow Date
- 2021-04-15
Legal Info
- Township
- 2N
- Range
- 3E
- Section
- 17
- Lot Number
- 22
More Information
Income Expenses
- Net Operating Income
- 240759
1 Bedroom Units
- # 1 Bedroom Units
- 11
- Avg Rent
- 1295
- Avg SqFt
- 628
- # Baths
- Yes
2 Bedroom Units
- # 2 Bedroom Units
- 6
- Avg Rent
- 1495
- Avg SqFt
- 900
- # Baths
- Yes
3 Bedrooms Units
- # 3 Bedroom Units
- Yes
- Avg Rent
- 1595
- Avg SqFt
- 950
- # Baths
- 2
Sold Info
- Loan Type
- Conventional
- Loan Years
- 15
- Payment Type
- Fixed
- Closing Cost Split
- Normal - N
- Buyer Concession $/%
- $
- Seller Concession $/%
- $
- Buyer Concession to Seller
- 0
- Seller Concession to Buyer
- 0
Project Type
- 13 - 24 Units
- Yes
Construction
- Block
- Yes
Const - Finish
- Painted
- Yes
Roofing
- Composition
- Yes
Floors
- Vinyl
- Yes
- Wood
- Yes
Sale Includes
- Land & Building
- Yes
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
- Yes
Showing Notification Methods
- Text
- Yes
- Yes
- Phone Call
- Yes
Community Features
- No Pool
- Yes
Heating
- Natural Gas
- Yes
Cooling
- Individual
- Yes
Exterior Amenities
- Landscape Water System
- Yes
- Green Landscaping
- Yes
- Separate Storage
- Yes
Interior Features
- Unfurnished
- Yes
Tenant Pays
- Water
- Yes
- Sewer
- Yes
- Trash Collection
- Yes
Appliances Included
- Microwave
- Yes
- Built-In Range
- Yes
Road Surface Type
- Asphalt
- Yes
Source of Fincl Data
- Owner
- Yes
Water Source
- City Franchise
- Yes
Sewer
- Sewer - Public
- Yes
Parking Features
- Carport
- Yes
- <1 Space Per Unit
- Yes
- Paved
- Yes
Electric
- SRP
- Yes
Gas
- SW Gas
- Yes
Owner Pays
- Water
- Yes
- Sewer
- Yes
- Trash Collection
- Yes
New Financing
- Conventional
- Yes
- 1031 Exchange
- Yes
- Other (See Remarks)
- Yes
Existing 1st Loan
- Conventional
- Yes
Existing 1st Loan Type
- Not Applicable
- Yes
Existing 1st Loan Terms
- Not Applicable
- Yes
Existing 2nd Loan
- Other (See Remarks)
- Yes
Existing 2nd Loan Type
- Not Applicable
- Yes
Existing 2nd Loan Terms
- Not Applicable
- Yes
Existing 3rd Loan
- Other (See Remarks)
- Yes
Existing 3rd Loan Type
- Not Applicable
- Yes
Reports/Disclosures
- None
- Yes
Existing 3rd Loan Terms
- Not Applicable
- Yes
Environmental
- None
- Yes
Existing Othr Ln Trm
- Not Applicable
- Yes
Efficiency Units
- Avg Rent
- 0
4 Bedrooms Units
- Avg Rent
- 0
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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