706 Taylor St Phoenix, AZ 85007

Property Details for 706 Taylor St

Year built

1941

Lot size

0.38 lot acres

Property size

5,680 SF

Property type

Commercial real estate

APN

111-30-062A

Description

This 10-unit apartment building in Phoenix, Arizona, presents a compelling value-add investment opportunity. Located at 706 W Taylor St, in the vibrant Triangle neighborhood, this property boasts a strong existing cash flow with significant upside potential. The 5,680 square foot complex, built in 1941, comprises four one-story buildings on a 0.38-acre lot. The unit mix includes seven two-bedroom/one-bathroom units and three studios, each priced at $194,500. Current NOI is $114,134, with a pro-forma NOI of $126,000, yielding a 5.87% cap rate and a pro-forma cap rate of 6.48%. The asking price is $1,945,000 ($342.43/sq ft). Amenities include on-site laundry generating supplemental income, a gated dog park, and several private yard spaces. The property is fully gated and secure, featuring a charming cottage-style ambiance. The DTC-VANB zoning allows for multifamily, commercial, hospitality, or mixed-use development, offering substantial redevelopment potential. Interior and exterior upgrades are possible, including adding in-unit washers/dryers and enhancing exterior amenities. The property's location offers easy access to downtown amenities, including restaurants, bars, ASU's downtown campus, and major employment centers. This is an ideal investment for those seeking immediate return and long-term growth in a thriving urban area. The property's APN is 111-30-062A.