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37 W Medlock Drive, Phoenix, AZ 85013

$3,525,000
Property Type: Multiple Dwellings Status: Active
Current Price: $3,525,000 Last Modified: 1/31/2025

Description

Advantageously positioned just north of the Central Avenue and Camelback Road intersection, hidden within one of Central Phoenix's affluent residential areas is a 13-unit apartment community, Medlock Place (''the property''). Conveniently located in the heart of the historic uptown submarket, its nearby proximity to one of The Valley's major transportation arteries, State Route 51, affords residents direct access and simple passage to nearly any destination across The Valley.

Supplements: Positioned minutes from a long-standing landmark of Phoenix, Uptown Plaza blends mid-century modern charm with the high-rises that line both sides of Central Avenue. Anchoring the gateway to North Central Phoenix's historic core, Medlock Place presents outstanding walkable access to a mix of the best local and national retailers and restaurants including The Henry, Chula Seafood, Shake Shack, AJ's, and West Elm. Recognized by its sprawling residential estates and scarcity of developable land, Uptown Phoenix offers a highly coveted neighborhood atmosphere, boasting an average single family home sale price of ±1,189,390 (last 90 days). In addition, Medlock Place benefits from long-term profitability of location due to Uptown Phoenix's high barriers to submarket entry. Built in 1959 and fully renovated in 2020, Medlock Place is comprised of 10 two-bedroom floorplans (77%), 2 studio floorplans (15%), and 1 one-bedroom floorplan (8%) floorplans covering an average of ±773 square feet. All 13 units have been renovated with interior upgrades including new appliances, countertops, cabinets, flooring, fixtures, hardware and individual washer/dryers.

More Information MLS# 6813614

Contract Info

Current Price: $3,525,000 List Price: $3,525,000 Status: Active List Date: 2025-01-31 Ownership: Fee Simple

Location Tax Legal

House Number: 37 Compass: W Street Name: Medlock St Suffix: Drive City/Town Code: Phoenix State/Province: AZ Zip Code: 85013 Country: USA County Code: Maricopa Assessor Number: 162-23-084 Tax Year: 2024

General Property Description

Lot Size Dimensions: 0.45 Year Built: 1959 Uncvrd Parking Spcs: 20 Total # of Units: 13 # of Buildings: 1 Zoning: R-3 Elementary School District: Madison Elementary District High School District: Phoenix Union High School District

Remarks Misc

Geo Lat: 33.511432 Geo Lon: -112.077131

Status Change Info

Status Change Date: 2025-01-31

Legal Info

Lot Number: 45

Income Expenses

Gross Annual Sch Inc: 232313 Net Operating Income: 169949

Showing Notification Methods

Showing Service: Aligned Showings

Efficiency Units

# Efficiency Units: 2 Avg Rent: 983 Avg SqFt: 200 # Baths: 2

1 Bedroom Units

# 1 Bedroom Units: 1 Avg Rent: 1450 Avg SqFt: 650 # Baths: 2

2 Bedroom Units

# 2 Bedroom Units: 10 Avg Rent: 1594 Avg SqFt: 900 # Baths: 10

Property Features

Project Type: 13 - 24 Units Construction: Block Const - Finish: Painted; Stucco Roofing: Comp Shingle Floors: Vinyl; Ceramic Tile Sale Includes: Land & Building Community Amenities: Pool Exterior Amenities: Green Landscaping Appliances Included: F/S Oven/Range; Refrigerator; Dishwasher; Microwave; Washer/Dryer Cooling: Electric Water: City Franchise Sewer: Sewer - Public Electric: SRP Gas: SW Gas Parking: >1 Space Per Unit Owner Pays: Water; Trash Collection; Landscaping; Pool/Spa Maintenance Tenant Pays: Electric Source of Fincl Data: Provided by Owner Showing Notification Methods: Text Lockbox Type: None New Financing: Cash; Conventional; 1031 Exchange Environmental: None
Listing Office: Marcus & Millichap
Last Updated: January - 31 - 2025
37 W Medlock Drive, Phoenix, AZ 85013- MLS# 6813614
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