$1,040,000
Phoenix, AZ 85034
MLS# 6990042
1 / 11
Property Description
9 unit multifamily investment opportunity in Phoenix, AZ. Built in 1946, the property spans two contiguous parcels (2916 and 2920 E. Monroe Street) and features a diverse mix mix: (3) studios, (3) one-bedrooms, (2) two-bedrooms, and (1) large three-bedroom unit over 1,000 SF. The asset offers a cap rate of 7.79% on current financials resulting in stable cash flow with upside potential. Current ownership has already completed a full sewer line replacement, mitigating a major capital expense. Strategically located, the property provides convenient access to Downtown Phoenix, Phoenix Sky Harbor International Airport, and major transportation corridors (Loop 202 and I-10), ensuring strong long-term tenant demand and investment stability.
Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $1,040,000
List Price: $1,040,000
Status: Active
List Date: 2026-02-26
Location, Tax & Legal
Assessor's Map #: 65
Legal Description (Abbrev): EL MOLINO PL
Assessor's Parcel #: 18
Add'l Parcels: Yes
Tax Municipality: Phoenix
Census Tract: 113801
Taxes: 1557
Legal: EL MOLINO PL
Marketing Name: Monroe St
House Number: 2916
Compass: E
Street Name: MONROE
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85034
Zip4: 1512
County Code: Maricopa
Subdivision: EL MOLINO PLACE
Assessor Number: 121-65-018
Tax Year: 2025
General Property Description
# of Buildings: 6
Uncvrd Parking Spcs: 15
Lot Size Dimensions: 100 ft x 150 ft
Total # of Units: 9
Elementary School District: Wilson Elementary District
High School District: Phoenix Union High School District
Jr. High School: Wilson Elementary School
Year Built: 1944
Zoning: R-5
Legal Info
Range: 3E
Section: 11
Township: 1N
Block: 1
Lot Number: 16
Project Type
5 - 12 Units: 1
Other Type
Other (See Remarks): 1
Construction
Wood Frame: 1
Other: 1
Const - Finish
Painted: 1
Stucco: 1
Roofing
Composition: 1
Rolled: 1
Other: 1
Floors
Ceramic Tile: 1
Other: 1
Sale Includes
Land & Building: 1
Laundry Equipment: 1
Other (See Remarks): 1
Income & Expenses
Annual Ins Exp: 1599
Annual Maint Exp: 6313
Annual Wtr/Swr Exp: 22088
Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 31557
Other Income: 0
Vacancy Allowance: 0
Pmt & Rate Info
Cap Rate: 7.79
Equity: 1040000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Showing Notification Methods
Showing Service: No Showing Service Used
Text: 1
Email: 1
Phone Call: 1
Lockbox Type
None: 1
Community Features
No Pool: 1
Heating
Heat Pump: 1
Electric: 1
Individual: 1
See Remarks: 1
Cooling
Central Air: 1
Individual: 1
See Remarks: 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
Microwave: 1
Refrigerator: 1
Built-In Range: 1
Free-Standing Range: 1
Other: 1
Road Access Type
Alley: 1
Road Surface Type
Asphalt: 1
Concrete: 1
Source of Fincl Data
Other (See Remarks): 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
On Street: 1
>1 Space Per Unit: 1
Other: 1
Electric
APS: 1
Individual Meter: 1
Gas
Other (See Remarks): 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
New Financing
Cash: 1
Cash to Loan: 1
Conventional: 1
Existing 1st Loan
Treat as Free&Clear: 1
Reports/Disclosures
None: 1
Other (See Remarks): 1
Environmental
None: 1
Other (See Remarks): 1
Efficiency Units
# Efficiency Units: 3
Avg Rent: 971
Avg SqFt: 302
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 3
Avg Rent: 1195
Avg SqFt: 371
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 2
Avg Rent: 1350
Avg SqFt: 615
# Baths: 1
3 Bedrooms Units
# 3 Bedroom Units: 1
Avg Rent: 1800
Avg SqFt: 1060
# Baths: 1
4 Bedrooms Units
Avg Rent: 0
Remarks Misc
Cross Street: Van Buren & 29th Street
Geo Lat: 33.450561
Geo Lon: -112.018552
Income Expenses
Gross Annual Sch Inc: 114060
Net Operating Income: 80990
Property Features
Project Type: 5 - 12 Units
Other Type: Other (See Remarks)
Construction: Wood Frame; Other
Const - Finish: Painted; Stucco
Roofing: Composition; Rolled; Other
Floors: Ceramic Tile; Other
Sale Includes: Land & Building; Laundry Equipment; Other (See Remarks)
Community Features: No Pool
Appliances Included: Built-In Range; Free-Standing Range; Refrigerator; Microwave; Other
Heating: Individual; Heat Pump; See Remarks
Cooling: Individual; Central Air; See Remarks
Water Source: City Franchise
Sewer: Sewer - Public
Electric: APS; Individual Meter
Gas: Other (See Remarks)
Parking Features: On Street; >1 Space Per Unit; Other
Road Access Type: Alley
Road Surface Type: Asphalt; Concrete
Owner Pays: Water; Trash Collection
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Other (See Remarks)
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: None
Existing 1st Loan: Treat as Free&Clear
New Financing: Cash; Cash to Loan; Conventional
Environmental: None; Other (See Remarks)
Listing Office: Matthews Real Estate Investment Services
Last Updated: February - 26 - 2026
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