Listing ID6452949
Sold For$745,000
StatusClosed
Sold Date10/30/2022
CountyMaricopa
SubdivisionWindsor Square Historic District
Year Built1948
Property TypeMultiple Dwellings
Central Market Duplex is a mid century 2 unit property with a prime location in the highly sought after Windsor Square Historic District of Uptown / North Central Phoenix, just a 10 minute drive from Downtown Phoenix. It is situated right off Central Avenue, steps from the countless shopping and dining options at the intersection of Central Avenue and Camelback Road
- which was recognized as the Metro Phoenix's ''Hottest Intersection'' by the Urban Land Institute in 2017. The location rates high on walkability and public transportation thanks to a Valley Metro Light Rail station a 1/3 of a mile to the south of the property. 15 E Oregon Ave features red brick masonry exteriors full of character, two units with 2 bedrooms 1 bathroom plans at 942 square feet each, as well as spacious private backyards giving the property more of a single family detached feel for residents. Current rents are well below market with significant upside possible upon lease renewals or with turnover of new tenants.
The property has been partially updated with one of the units showcasing stained concrete floors, a modern white kitchen with white appliances, subway tile backsplash and quartz countertops, bathroom updates with newer vanity and shower surround subway tile, and a new AC unit in 2020. The second unit is in a classic condition (with exception of the bathroom which was updated recently with a new vanity and fixtures) allowing for a new owner to capture more value upside in the property through more extensive updates to the interiors, as well as exterior enhancements to the property and private backyards.
It's prime location so close to many attractive hospitality options, and even adjacent to neighborhood restaurant Windsor + Churn, make it an appealing candidate for the short term vacation rental market targeting guests who are looking for a vibrant, walkable destination with abundant food and beverage options when visiting in the Phoenixarea.
County
Maricopa
Property Type
Multiple Dwellings
Subdivision
Windsor Square Historic District
Year Built
1948
Zoning
R-3
2 Bedroom Units # Baths
1
2 Bedroom Units Avg SqFt
942
Cooling
yes
Flooring
Ceramic Tile, Concrete
Heating
yes
Community Features
No Pool
Country
US
Directions
Head north along Central Ave, turn east on Oregon Ave. Property first residential lot on south.
Elementary School
Madison Richard Simis School
Elementary School District
Madison Elementary District
General Property Description Elementary School
Madison Richard Simis School
General Property Description Elementary School District2
Madison Elementary District
General Property Description High School
Central High School
General Property Description High School District
Phoenix Union High School District
General Property Description Jr High School
Madison Meadows School
High School
Central High School
High School District
Phoenix Union High School District
Middle Or Junior School
Madison Meadows School
Postal City
Phoenix
Water Source
City Franchise, Master Meter, Individual Meter
Attached Garage
no
Construction Materials
Brick Veneer, Block
Covered Spaces
2
Electric
APS, Individual Meter
General Property Description # of Buildings
1
General Property Description Flood Zone
No
General Property Description Lot Size Dimensions
79' x 113'
General Property Description Total # of Units
2
General Property Description Uncvrd Parking Spcs
2
Lot Size Dimensions
79' x 113'
Number Of Buildings
1
Number Of Units Total
2
Open Parking Spaces
2
Parking Carport
1
Parking Features
1 Space/Unit, Common
Parking Total
4
Road Surface Type
Asphalt
Roof
Composition
Sewer
Sewer-In & Connected, Public Sewer
Buyer Agency Compensation
2.50
Mls Status
Closed
2 Bedroom Units Avg Rent
1575
Cap Rate
4.7
Disclosures
Seller Prop Disc Stm
Gardener Expense
950
Gross Income
47310
Gross Scheduled Income
49200
Insurance Expense
660
Listing Terms
No Carry, Conventional, 1031 Exchange, FHA
Maintenance Expense
1950
Net Operating Income
37398
Operating Expense
10721
Owner Pays
Landscaping
Professional Management Expense
2367
Tax Annual Amount
3794
Tax Book Number
162.00
Tax Lot
2
Tax Year
2021
Tenant Pays
Trash Collection, Gas, Electricity, Water, Sewer, Cable TV
Water Sewer Expense
500
Contact - Listing ID 6452949
Michael Bohlman
2425 S. Stearman Dr. Suite 120
Chandler, AZ 85286
Phone: 480-797-3800
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