1015 S 1ST Avenue, Phoenix, AZ 85003

$650,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $650,000 Last Modified: 8/15/2026

Overview

Description

Exceptional 3-unit, garden-style investment opportunity offering a 9.23% gross CAP rate. The property features a thoughtfully reimagined front residence originally built in 1936 and fully renovated in 2024, along with a newly constructed rear ADU completed in 2024. The unit mix includes one (1) 3-bed/2-bath unit, (1) 2-bed/2bath unit, and (1) 2-bed/1-bath unit. Each residence offers fully upgraded interiors with white quartz countertops, luxury vinyl plank flooring, subway tile showers, stainless steel appliances, and in-unit washer and dryer. Recent exterior improvements include new stucco, dual-pane windows, new HVAC systems, a new roof, and ample on-site storage. Tenants also enjoy access to a spacious shared backyard area, creating a comfortable outdoor setting for residents.

Supplements: designed for shared outdoor living.Ideally situated in the Roosevelt Arts District, the property offers convenient access to Downtown Phoenix's thriving cultural venues, acclaimed dining, and premier entertainment destinations.

Listing Details MLS# 6992945

Location, Tax & Legal

House Number: 1015
Compass: S
Street Name: 1ST
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85003
Zip4: 2601
Country: US
County Code: Maricopa
Subdivision: MONTGOMERY
Assessor Number: 112-24-105
Tax Year: 2025
Assessor's Map #: 24
Legal Description (Abbrev): MONTGOMERY LOTS 7 & 8 BLK 35
Assessor's Parcel #: 105
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 114200
Taxes: 523
Legal: MONTGOMERY LOTS 7 & 8 BLK 35
Marketing Name: -

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 134'x50'
Year Built: 1936
Uncvrd Parking Spcs: 5
Total # of Units: 3
# of Buildings: 2
Zoning: R5
Elementary School District: Phoenix Elementary District
High School District: Phoenix Union High School District
Elementary School: Lowell Elementary School
Jr. High School: Phoenix #1 iAcademy

Remarks Misc

Cross Street: 7th Avenue & Buckeye Road
Directions: From 7th Street - Turn West onto Buckeye Rd - Turn North onto 1st Street. 2nd House (3rd Lot) on Right.

Status Change Info

Off Market Date: 2026-08-15
Under Contract Date: 2026-07-03
Close of Escrow Date: 2026-08-14

Legal Info

Township: 1N
Range: 3E
Section: 8
Lot Number: 7

More Information

2 Bedroom Units

# 2 Bedroom Units: 2
Avg Rent: 1785
Avg SqFt: 800
# Baths: 2

3 Bedrooms Units

# 3 Bedroom Units: Yes
Avg Rent: 2000
Avg SqFt: 1000
# Baths: 2

Income Expenses

Gross Annual Sch Inc: 66840
Net Operating Income: 66840

Showing Notification Methods

Showing Service: No Showing Service Used
Text: Yes

Sold Info

Loan Type: Conventional
Loan Years: 30
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

Tri-Plex: Yes

Efficiency Units

Avg Rent: 0

1 Bedroom Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Construction

Block: Yes

Const - Finish

Stucco: Yes

Roofing

Built-Up: Yes

Floors

Vinyl: Yes
Ceramic Tile: Yes

Sale Includes

Land & Building: Yes
Laundry Equipment: Yes

Income & Expenses

Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 523
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 66840

Pmt & Rate Info

Cap Rate: 9.35
Equity: 714900
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0

Lockbox Type

Combo: Yes

Community Features

Other: Yes

Heating

Forced Air: Yes
Central: Yes

Cooling

Ceiling Fan(s): Yes
Electric: Yes

Tenant Pays

Electricity: Yes

Appliances Included

Dishwasher: Yes
Disposal: Yes
Free-Standing Gas Oven: Yes
Microwave: Yes
Refrigerator: Yes
Washer/Dryer: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

>1 Space Per Unit: Yes

Electric

APS: Yes

Gas

None: Yes

Owner Pays

Water: Yes
Sewer: Yes

New Financing

Cash: Yes
VA: Yes
Conventional: Yes
FHA: Yes
No Carry: Yes

Reports/Disclosures

None: Yes

Environmental

None: Yes

Property Features

Project Type: Tri-Plex Construction: Block Const - Finish: Stucco Roofing: Built-Up Floors: Vinyl; Ceramic Tile Sale Includes: Land & Building; Laundry Equipment Community Features: Other Appliances Included: Free-Standing Gas Oven; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer Heating: Forced Air; Central Cooling: Ceiling Fan(s); Electric Water Source: City Franchise Sewer: Sewer - Public Electric: APS Gas: None Parking Features: >1 Space Per Unit Road Surface Type: Asphalt Owner Pays: Water Tenant Pays: Electricity Source of Fincl Data: Owner Showing Notification Methods: Text Lockbox Type: Combo New Financing: Cash; VA; FHA; Conventional; No Carry Environmental: None

Listing Office: Jason Mitchell Real Estate

Last Updated: August - 15 - 2026