508 E Pierson Street

    Phoenix, AZ 85012
    • $1,800,000
    • STATUS: Active
    • ON SITE: 29 days
    • MLS #: 6071665
    UPDATED: 238 min ago
    $1,800,000
    • 0
      BEDS
    • N/A
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1964
    County:
    Area:

    School Ratings & Info

    Description

    Pierson 8 consists of 2 adjacent 4-plexes (508-514). It is mid-century, block-constructed buildings andhas been completely updated top to bottom with high quality finishes. Some upgradesinclude washer / dryers in each unit, new electrical, new windows, doors,flooring, fixtures, bath surrounds, paint, landscaping, and private patios in 2 bed units.It truly feels like a brand new property and was leased up immediately uponcompletion of the improvements. The property is individually metered for electricityand has a very attractive unit mix with (6) 2-bed / 1-bath units and (2) 1-bed / 1-bathunits in two separate fourplexes, which would allow for residential financing on eachproperty if desired. This is an amazing opportunity for a turn-key, bite-sizedinvestment in a fantastPierson 8 Apartments is an 8-unit apartment community located in a quaint neighborhood in the heart of Uptown Phoenix. Located right next to Brophy College Preparatory, the property is located at "ground zero" of the Central Corridor and is just over half a mile to the prestigious Central & Camelback intersection, with a light rail station and Uptown Plaza. Uptown Plaza is a popular destination with Lou Malnati's, Flower Child, AJ's Fine Foods, Shake Shack, and more. This is one of the hottest areas of town for new, hip developments and more new restaurants and retail than one could name. Restaurant Row along 7th Street is approximately 3/4 of a mile away and hotspots such as Windsor, Postino, Federal Pizza, Joyride, and Churn are a short bike ride away, just north of Uptown Plaza. The property is also less than 2 miles to the newly renovated Park Central Mall and the new Creighton University Campus. This location is as central is it gets and allows residents to enjoy, with ease, so much of what Uptown has to offer. It is also just a short light rail ride away, straight down Central, to Downtown Phoenix, ASU Downtown Campus, the Stadium District, and more. With many dining, shopping, and entertainment options, as well as multiple freeway access points all within minutes, Pierson Palms is an extremely desirable location for residents and has consistently stayed fully occupied.

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    © 2020 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. The ARMLS logo indicates a property listed by a real estate brokerage other than Revelation Real Estate. Data last updated 2020-05-29T00:11:58.247.
    www.teamredbrick.com/homes/105405201

    508 E Pierson Street Phoenix, AZ 85012

    • Price: $1,800,000
    • Status: Active
    • Updated: 238 min ago
    • MLS #: 6071665
    0
    Beds
    0
    Baths
    0
    ½ Baths
    N/A
    Acres
    1964
    Built
    Neighborhood:
    Camelback Square
    County:
    Maricopa
    Area:
    Phoenix
    School District:
    008 - Osborn Elementary District
    Property Description
    Pierson 8 consists of 2 adjacent 4-plexes (508-514). It is mid-century, block-constructed buildings andhas been completely updated top to bottom with high quality finishes. Some upgradesinclude washer / dryers in each unit, new electrical, new windows, doors,flooring, fixtures, bath surrounds, paint, landscaping, and private patios in 2 bed units.It truly feels like a brand new property and was leased up immediately uponcompletion of the improvements. The property is individually metered for electricityand has a very attractive unit mix with (6) 2-bed / 1-bath units and (2) 1-bed / 1-bathunits in two separate fourplexes, which would allow for residential financing on eachproperty if desired. This is an amazing opportunity for a turn-key, bite-sizedinvestment in a fantastPierson 8 Apartments is an 8-unit apartment community located in a quaint neighborhood in the heart of Uptown Phoenix. Located right next to Brophy College Preparatory, the property is located at "ground zero" of the Central Corridor and is just over half a mile to the prestigious Central & Camelback intersection, with a light rail station and Uptown Plaza. Uptown Plaza is a popular destination with Lou Malnati's, Flower Child, AJ's Fine Foods, Shake Shack, and more. This is one of the hottest areas of town for new, hip developments and more new restaurants and retail than one could name. Restaurant Row along 7th Street is approximately 3/4 of a mile away and hotspots such as Windsor, Postino, Federal Pizza, Joyride, and Churn are a short bike ride away, just north of Uptown Plaza. The property is also less than 2 miles to the newly renovated Park Central Mall and the new Creighton University Campus. This location is as central is it gets and allows residents to enjoy, with ease, so much of what Uptown has to offer. It is also just a short light rail ride away, straight down Central, to Downtown Phoenix, ASU Downtown Campus, the Stadium District, and more. With many dining, shopping, and entertainment options, as well as multiple freeway access points all within minutes, Pierson Palms is an extremely desirable location for residents and has consistently stayed fully occupied.
    Exterior Features

    Construction BlockOther (See Remarks) Construction Finish Painted Covered Parking Spaces 0.00 Lot Size Dimensions 124' X 138' Parking 1 Space/UnitOther (See Remarks) Roads AlleyDedicated Street Roofing Comp ShingleOther (See Remarks)

    Interior Features

    1 Bedroom Unit Avg Sq Ft 550 1 Bedroom Unit Baths 1 2 Bedroom Unit Avg Sq Ft 749 2 Bedroom Units Baths 1 3 Bedroom Unit Avg Sq Ft 0 3 Bedroom Unit Baths 0 4 Bedroom Unit Avg Sq Ft 0 4 Bedroom Unit Baths 0 Appliances Included Other (See Remarks) Cooling Other (See Remarks) Efficiency Unit Avg Sq Ft 0 Efficiency Unit Baths 0 Floors Other (See Remarks) Heating Other (See Remarks)

    Property Features

    1 Bedroom Unit Avg Rent 1125.00 1 Bedroom Units 2 2 Bedroom Unit Avg Rent 1325.00 2 Bedroom Units 6 3 Bedroom Unit Avg Rent 0.00 3 Bedroom Units 0 4 Bedroom Unit Avg Rent 0.00 4 Bedroom Units 0 Adjusted Gross Inc 121344.00 Annual Elec Exp 0.00 Annual Gas Exp 0.00 Annual Ins Exp 0.00 Annual Land Lse Exp 0.00 Annual Landscape Exp 0.00 Annual Legal And Acctg 0.00 Annual Maint Exp 0.00 Annual Mgmt Exp 0.00 Annual Other Expense 21502.00 Annual Ownr Asoc Fee 0.00 Annual Pad Fee 0.00 Annual Rplcmnt Rsrvs 0.00 Annual Trash Exp 0.00 Annual Wtr Swr Exp 0.00 Community Amenities Other (See Remarks) Cross Street 7th Street & Camelback Efficiency Unit Avg Rent 0.00 Efficiency Units 0 Electric ApsIndividual MeterOther (See Remarks) Gas Other (See Remarks) Gross Annual Sch Inc 122400.00 Hoa YN No Net Operating Income 97599.00 New Financing Other (See Remarks) Operating Exp 24517.00 Other Income 4000.00 Owner Pays OtherSewerTrash CollectionWater Project Type 5 - 12 UnitsFour Plex Sale Includes Land & BuildingOther (See Remarks) Sewer Other (See Remarks)Sewer - Public Source Of Financial Data Projected ProformaProvided By Owner Tax Municipality Phoenix Taxes 3015.00 Tenant Pays Electric Vacancy Allowance 0.04 Water City FranchiseOther Zoning R-4

    Listing courtesy of Abi Multifamily.


    © 2020 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. The ARMLS logo indicates a property listed by a real estate brokerage other than Revelation Real Estate. Data last updated 2020-05-29T00:11:58.247.
     
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