Property Type:
Multiple Dwellings
Status:
Active
Current Price:
$3,400,000
Last Modified:
6/01/2026
Search
3611 N 5TH Avenue, Phoenix, AZ 85013
$3,400,000
Description
Melrose on 5th is a 12-unit multifamily community located in the highly sought after Melrose District. Originally built in 1961, the asset went through extensive repositioning in 2016 and features a rare mix of (12) 3-bedroom, 2-bathroom floor plans measuring approximately 1,200 square feet each. Unit interiors are all upgraded and feature washer/dryers, fully equipped kitchens with dishwashers and built-in microwaves, stainless steel appliances, faux vinyl wood flooring, and modernized bathrooms. Exterior amenities include gated access entry ways, charcoal barbeque grills, resort-style swimming pool, covered parking, and low maintenance desert landscaping. Great opportunity opportunity to acquire a well-maintained, renovated asset within one of Phoenix's strongest urban infill corridors.
More Information MLS# 7030825
Contract Info
Ownership: Fee Simple
Current Price: $3,400,000
List Price: $3,400,000
Status: Active
List Date: 2026-05-20
Location, Tax & Legal
Assessor's Map #: 29
Legal Description (Abbrev): PARK NORTH S 98.20' OF N 766.40' OF TR E
Assessor's Parcel #: 5
Assessor Parcel Ltr: D
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 110501
Taxes: 8433
Legal: PARK NORTH S 98.20' OF N 766.40' OF TR E
Marketing Name: Melrose on 5th
House Number: 3611
Compass: N
Street Name: 5TH
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85013
Zip4: 3734
Country: US
County Code: Maricopa
Subdivision: PARK NORTH
Assessor Number: 118-29-005-D
Tax Year: 2025
General Property Description
# of Buildings: 1
Uncvrd Parking Spcs: 1
Lot Size Dimensions: .40
Total # of Units: 12
Elementary School District: Osborn Elementary District
High School District: Phoenix Union High School District
Year Built: 1961
Zoning: R-4
Legal Info
Range: 3E
Section: 29
Township: 2N
Project Type
5 - 12 Units: 1
Construction
Block: 1
Const - Finish
Other (See Remarks): 1
Roofing
Built-Up: 1
Floors
Vinyl: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 3243
Annual Gas Exp: 3754
Annual Ins Exp: 6000
Annual Landscape Exp: 5130
Annual Legal & Acctg: 120
Annual Maint Exp: 1809
Annual Mgmt Exp: 21109
Annual Trash Exp: 2375
Annual Wtr/Swr Exp: 10102
Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 62075
Other Income: 12152
Vacancy Allowance: 0
Adjusted Gross Inc: 237246
Total Monthly Rental Income: 21040
Pmt & Rate Info
Cap Rate: 5.26
Equity: 3400000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Showing Notification Methods
Showing Service: No Showing Service Used
Text: 1
Phone Call: 1
Lockbox Type
None: 1
Community Features
Pool: 1
Barbecue: 1
Heating
Electric: 1
Individual: 1
Cooling
Electric: 1
Individual: 1
Exterior Amenities
Desert Landscaping: 1
Tenant Pays
Electricity: 1
Appliances Included
Dishwasher: 1
Disposal: 1
Microwave: 1
Refrigerator: 1
Built-In Range: 1
Washer/Dryer: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Projected Proforma: 1
Water Source
Master Meter: 1
Sewer
Sewer - Public: 1
Parking Features
<1 Space Per Unit: 1
Electric
Individual Meter: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Sewer: 1
Gas: 1
Trash Collection: 1
Landscaping: 1
Pool Maintenance: 1
New Financing
Cash: 1
Conventional: 1
1031 Exchange: 1
Reports/Disclosures
None: 1
Environmental
None: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
Avg Rent: 0
2 Bedroom Units
Avg Rent: 0
3 Bedrooms Units
# 3 Bedroom Units: 12
Avg Rent: 1795
Avg SqFt: 1200
# Baths: 24
4 Bedrooms Units
Avg Rent: 0
Remarks Misc
Geo Lat: 33.489413
Geo Lon: -112.080017
Income Expenses
Gross Annual Sch Inc: 225094
Net Operating Income: 178903
Property Features
Project Type: 5 - 12 Units
Construction: Block
Const - Finish: Other (See Remarks)
Roofing: Built-Up
Floors: Vinyl
Sale Includes: Land & Building
Community Features: Pool; Barbecue
Exterior Amenities: Desert Landscaping
Appliances Included: Built-In Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer
Heating: Individual
Cooling: Electric; Individual
Water Source: Master Meter
Sewer: Sewer - Public
Electric: Individual Meter
Gas: SW Gas
Parking Features: <1 Space Per Unit
Road Surface Type: Asphalt
Owner Pays: Water; Gas; Trash Collection; Landscaping; Pool Maintenance
Tenant Pays: Electricity
Source of Fincl Data: Owner; Projected Proforma
Showing Notification Methods: Text; Phone Call
Lockbox Type: None
New Financing: Cash; Conventional; 1031 Exchange
Environmental: None
Listing Office:
Matthews Real Estate Investment Services
Last Updated: June - 01 - 2026
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