Views
Address
7602 E POLK Street, Scottsdale, AZ
Price
$ 2,495,000
Property Attributes
- MLS#6502601
- TypeMulti-Family
- CountyMARICOPA
- CityScottsdale
- Zip85257
- StyleMultiple Dwellings
- Year Built1986
- Taxes$ 1446
- Price$ 2,495,000
- Bedrooms0
- Full Bathrooms0
- Half Bathrooms0
Data Source:
Arizona Regional MLS (ARMLSN)
Property Description
Ethos on Polk is a remodeled property consisting of six units located near Old Town Scottsdale. The property has four two-bedroom, one-bathroom units and two one-bedroom, one-bathroom units. Each unit comes with a private patio and a storage room, as well as a new stackable washer and dryer. The property is under a NN (triple net) lease from a short-term rental company, which means that the tenant is responsible for all expenses related to the property, except for insurance and property taxes. The lease is for Three years, with a rental increase of 5% /per year and the lease was executed in April of 2023 The property is fully occupied, with a monthly rental income of $11,000 and an annual income of $132,000. The current yearly expenses for the property are $5,296. including tile backsplashes, dual-pane windows, and a smooth stucco finish. The property is highly regarded by neighbors and considered the "new building on the block." It's important to note that the buyer should verify all facts and figures related to the property, including the lease agreement and rental income. Ethos on Polk is located at 7602 E Polk St in Scottsdale, Arizona. The property falls under the R-5 zoning, which allows for multi-family residential use. The property size is 4,140 square feet, and the land size is 11,021 square feet. The property is located in the postal/zip code area 85257. There is one building on the property, which contains the six remodeled units described earlier. The parcel number for the property is 131-15-001-Y. This property is located on the southeast part of Old Town Scottsdale. Old Town Scottsdale is a charming and historic district located in the heart of Scottsdale, Arizona. This area is known for its vibrant culture, unique shopping experiences, and stunning architecture. One of the highlights of Old Town Scottsdale is the famous art walks that take place every Thursday evening. During these art walks, visitors can peruse a wide variety of art galleries and studios while enjoying live music and street performances. It is a great way to experience the local art scene and connect with the community. Apart from the art walks, Old Town Scottsdale also offers a diverse employment base. The area is home to many small businesses, restaurants, and art galleries, providing a variety of job opportunities. Many of these businesses are locally owned and operated, creating a strong sense of community and supporting the local economy. With its charming streets and bustling atmosphere, Old Town Scottsdale is a popular destination for tourists, making it a hub for the hospitality and tourism industries. In addition to its employment base, Old Town Scottsdale is known for its distinctive architecture. The area boasts a mix of historic buildings, modern structures, and unique art installations. This blend of old and new creates a unique visual landscape that is both charming and exciting. Visitors can take a stroll down the streets of Old Town and admire the architecture, or stop by one of the many art galleries to view the work of local artists. Old Town Scottsdale is also home to a variety of annual events and festivals. These events draw visitors from around the world and showcase the rich culture and history of the area. From the Scottsdale Arabian Horse Show to the Scottsdale Arts Festival, there is always something exciting happening in Old Town. These events provide a unique opportunity for visitors to experience the vibrant culture of the area and connect with the community. Overall, Old Town Scottsdale is a vibrant and exciting district that offers a unique blend of art, culture, and employment opportunities. With its charming streets, diverse architecture, and lively atmosphere, it is no wonder that this area has become a popular destination for tourists and locals alike. Whether you are looking for a fun night out, a new job opportunity, or simply a chance to experience the rich culture of the area, Old Town Scottsdale has something for everyone.
| Price History | |
|---|---|
| 12/31/2022 | Listed $2,495,000 |
General Features
| Additional Parcels Y/N | No |
|---|---|
| Attached Garage | No |
| Cap Rate | 5.08 |
| Carport Y/N | No |
| City | Scottsdale |
| Community Features | No Pool |
| Construction Materials | Painted, Stucco, Frame - Wood |
| Cooling | Individual, Heat Pump, Ceiling Fan(s) |
| County | Maricopa |
| Days on Market | 265 |
| Directions | South on Miller to Polk. Property is on the north east corner |
| Disclosures | Seller Prop Disc Stm, Sch of Personal Prop |
| Electric | APS, Individual Meter |
| Elementary School District | Scottsdale Unified District |
| Garage Y/N | No |
| Gross Income | 132000.0 |
| Heating | Individual, Heat Pump, Electric |
| High School District | Scottsdale Unified District |
| Insurance Expense | 3850.0 |
| Lease Considered Y/N | No |
| Lease Renewal Y/N | No |
| Lot Size Square Feet | 0.0 |
| Maintenanceexpense | 0.0 |
| Mobilehomeremainsyn | No |
| Net Operating Income | 126704.0 |
| New_sp_Financing_co_Conventional5 | True |
| Occupancy Description | Tenant |
| Open Parking Spaces | 10.0 |
| Operating Expense | 5296.0 |
| Ownerpays | See Remarks, None |
| Ownership | Fee Simple |
| Property Type | Multiple Dwellings |
| Rent Control Y/N | No |
| Roof | Foam |
| Sewer | Sewer-In & Connected, Public Sewer |
| Standard Status | Active |
| Status | Active |
| Street Name | POLK |
| Tax Annual Amount | 1446.0 |
| Tax Year | 2022 |
| Tenant Pays | See Remarks, Trash Collection, Electricity, Water, Sewer, Cable TV, Landscaping |
| Total Units | 6 |
| Township | 1N |
| Trash Expense | 0.0 |
| View Y/N | No |
| Virtual Tour | https://tours.arizonarealtours.com/2084462?idx=1 |
| Water Sewer Expense | 0.0 |
| Year Built | 1986 |
| Zoning | [R-5] |
Interior Features
| Air Conditioning Y/N | Yes |
|---|---|
| Electric On Property Y/N | No |
| Heating Y/N | Yes |
| Street Suffix | Street |
Exterior Features
| Buyer Agent Compensation | 3.00 |
|---|---|
| Buyer Agent Compensation Type | % |
| Covered Spaces | 0.0 |
| Crops Included Y/N | No |
| Irrigation Water Rights Y/N | No |
| Lot Dimensions | irr |
| Lot Size Acres | 0.0 |
| Lot Size Area | 0.0 |
| Number of Buildings | 1 |
| Open Parking Y/N | No |
| Parking Features | Paved Parking, Free, >1 Space Per Unit |
| Road Surface Type | Asphalt, Curb(s) & Gutter(s) |
| Spa | No |
| Total Parking | 10.0 |
| Water Source | City Franchise, Master Meter |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Multi-Family Average in 85257
Price
Taxes
Visits
Year Built
Walkscore
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