Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Subdivision Steve Rayburn Subdivision
MLS Listing ID 6953631
Maintenance Fees $12,755
Year Built 1943
Annual Tax Amount $983
Tax Year 2025
Lot Dimensions 50x128
Source Arizona Regional Multiple Listing Service (ARMLS)
Property Description
The asset generated $119,442 in gross revenue in 2024 and $103,198 in 2025, with a two-year average revenue of approximately $111,320, producing operating income of $62,272 in 2024 and $53,719 in 2025, for a two-year average NOI of roughly $57,996--reflecting strong operating margins of about 52%. This is a stabilized, high-margin hospitality investment ideal for investors seeking immediate cash flow, experienced short-term rental operators expanding their portfolio, or buyers looking for a prime-location income property in one of Arizona's fastest-growing urban markets. The property located in a high-demand area of Downtown Phoenix, minutes to Chase Field, the Convention Center, ASU Downtown, Roosevelt Row, Van Buren.
The property features one 2-bed/1-bath unit, one 1-bed/1-bath unit, and a private studio--each with its own kitchen, full bath, and separate entrance - providing three independent income streams under one roof.
A separate laundry room and storage shed support efficient operations for guests and cleaning staff, while the fenced common courtyard with grill, fire pit, lounge seating, and hammock enhances guest experience and occupancy appeal.
Location
State AZ
County Maricopa
Community Steve Rayburn Subdivision
Area Maricopa
Zoning R-3
Direction North on 15th Ave from Buckeye Rd, West on Tonto to home on the south.
Interior
Heating Window/Wall Unit(s), Electric
Cooling Ceiling Fan(s), Window/Wall Unit, Electric, Individual
Flooring Tile
Appliance Dishwasher, Refrigerator, Free-Standing Gas Oven, Built-In Gas Oven, Microwave, Washer/Dryer
Exterior
Parking Features Carport
Community Features No Pool
Roof Type Composition
Private Pool No
Building
Sewer Public Sewer
Water City Franchise
New Construction No
Schools
Elementary Schools Paul Dunbar Lawrence School
Middle Schools Paul Dunbar Lawrence School
High Schools Carl Hayden High School
School District Phoenix Union High School District
Others
Senior Community No
Tax ID 112-14-112
Acceptable Financing No Carry, CTL, Conventional, 1031 Exchange, FHA, VA Loan
Disclosures None
Listing Terms No Carry, CTL, Conventional, 1031 Exchange, FHA, VA Loan
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