$320,000
$386,000
17.1%For more information regarding the value of a property, please contact us for a free consultation.
6,483 Sqft Lot
SOLD DATE : 12/03/2019
Key Details
Sold Price $320,000
Property Type Commercial
Listing Status Sold
Purchase Type For Sale
Subdivision Woodlea Blk 3-6, 11, 12
MLS Listing ID 5954053
Sold Date 12/03/19
Originating Board Arizona Regional Multiple Listing Service (ARMLS)
Year Built 1949
Annual Tax Amount $4,104
Tax Year 2018
Lot Size 6,483 Sqft
Acres 0.15
Property Description
Rare opportunity to own a building located on the ''curve'' right in the very heart of the vibrant, trendy and hip Melrose District with an eclectic mix of retail, food & drink and personal services surrounding it. Property has been in the family since the 1950s. Great owner/user or investor re-positioning opportunity. Buyer can either vacate one or both tenants for personal renovation and use, or push rents to significantly increase cash flow as current tenants are well below market rate of $13-$14/SF NNN. This single level, block constructed retail space is currently used by a Beauty Salon and an Herbal Medicine shop. Tenants have occupied the building since 1996 and 2006 respectively. C-2 zoning also allows for office use. High Visibility to 7th Ave with ±35,078 VPD * High Visibility to 7th Ave with ±35,078 Vehicles Per Day
* In the heart of the trendy Melrose District
* Very walkable and bikeable according to WalkScore.com
* Grid bike share hub and bus stop ~100 ft away
* 204 luxury apartments built AUG 2018 across the street
* Recently completed & current redevelopment activity in immediate area
* Opportunity to collect NNN from tenants
* Rents are well below market rate of $13-$14 NNN
Location
State AZ
County Maricopa
Community Woodlea Blk 3-6, 11, 12
Zoning C-2
Direction From 7th Ave & Indian School Rd, go north on 7th Ave to Heatherbrae Dr. Bldg is on west side of 7th Ave next to Wag 'N Wash
Interior
Heating Other, See Remarks
Cooling Central A/C
Flooring Ceramic Tile, Concrete
Exterior
Parking Features Paved Parking, Private Parking
Fence Block, Chain Link
Roof Type Built-Up
Present Use Retail,Service Business
Total Parking Spaces 5
Building
Sewer Public Sewer
Water City Franchise
New Construction No
Others
Senior Community No
Tax ID 155-39-008
Financing Cash
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