2829 W Melvin Street, Phoenix, AZ 85009 (MLS# 5958970)

2829 W Melvin Street, Phoenix, AZ 85009

$575,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $575,000 Last Modified: 5/04/2026

Overview

Description

Willow Apartments is an amazing value add opportunity. 2825 W Melvin included in this sale. These are fully rented units all 2 bedroom one bath units. All units are month to month . Rents have not been raised in over 33 years current rents are at $375. Proforma rents should be at 700 each a month. All tenants pay for electric. 1986 construction, stucco finish, and currently have swamp coolers. All facts and figures are approximate buyer verify MLS information. Please drive by only tenants are unaware of the sale.

Listing Details MLS# 5958970

Location, Tax & Legal

Map Code/Grid: Q33
House Number: 2829
Compass: W
Street Name: Melvin
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85009
Zip4: 4961
Country: US
County Code: Maricopa
Subdivision: WILLOW ADDITION
Assessor Number: 109-27-134
Tax Year: 2018
Assessor's Map #: 27
Legal Description (Abbrev): LOT 11 BLOCK 10 WILLOW ADDITION MCR 000616
Assessor's Parcel #: 134
Add'l Parcels: Yes
Tax Municipality: Phoenix
Census Tract: 112700
Taxes: 2188
Legal: LOT 11 BLOCK 10 WILLOW ADDITION MCR 000616
Marketing Name: Willow Apartments

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 13000
Year Built: 1986
Uncvrd Parking Spcs: 9
Total # of Units: 9
# of Buildings: 5
Zoning: MULTI-FAMILY
Elementary School District: Phoenix Elementary District
High School District: Phoenix Union High School District
Elementary School: Other
Jr. High School: Other
High School: Other

Remarks Misc

Cross Street: I-17 & Van Buren

Status Change Info

Off Market Date: 2019-09-09
Under Contract Date: 2019-08-15
Close of Escrow Date: 2019-09-09

Legal Info

Township: 1N
Range: 2E
Section: 2
Block: 10
Lot Number: 11

More Information

Income Expenses

Gross Annual Sch Inc: 75600
Net Operating Income: 52444

2 Bedroom Units

# 2 Bedroom Units: 9
Avg Rent: 700
Avg SqFt: 621
# Baths: Yes

Sold Info

Loan Type: Conventional
Loan Years: 30
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: %
Seller Concession $/%: %
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

5 - 12 Units: Yes

Construction

Wood Frame: Yes

Const - Finish

Painted: Yes

Roofing

Composition: Yes

Floors

Other: Yes

Sale Includes

Other (See Remarks): Yes

Income & Expenses

Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 1500
Annual Land Lse Exp: 0
Annual Landscape Exp: 500
Annual Legal & Acctg: 0
Annual Maint Exp: 4000
Annual Mgmt Exp: 3500
Annual Trash Exp: 1500
Annual Wtr/Swr Exp: 4000
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 2188
Operating Exp: 19376
Other Income: 0
Vacancy Allowance: 0.05
Adjusted Gross Inc: 71820
Total Monthly Rental Income: 6300

Pmt & Rate Info

Cap Rate: 8.96
Down Payment: 0
Equity: 585000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Showing Notification Methods

Text: Yes
Email: Yes
Phone Call: Yes

Lockbox Type

None: Yes

Community Features

Other: Yes
See Remarks: Yes

Heating

Other: Yes
See Remarks: Yes

Cooling

Evaporative Cooling: Yes

Exterior Amenities

Other (See Remarks): Yes

Interior Features

Other (See Remarks): Yes

Tenant Pays

Electricity: Yes

Appliances Included

Other: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Projected Proforma: Yes

Water Source

City Franchise: Yes
Other: Yes
See Remarks: Yes

Sewer

Sewer - Public: Yes

Parking Features

None: Yes

Electric

SRP: Yes

Gas

Other (See Remarks): Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes
Landscaping: Yes

New Financing

Conventional: Yes
1031 Exchange: Yes

Existing 1st Loan

Other (See Rmks): Yes

Existing 1st Loan Type

Not Applicable: Yes

Existing 1st Loan Terms

Assume - Qualify: Yes
Not Applicable: Yes

Existing 2nd Loan

Other (See Remarks): Yes

Existing 2nd Loan Type

Not Applicable: Yes

Existing 2nd Loan Terms

Not Applicable: Yes

Existing 3rd Loan

Other (See Remarks): Yes

Existing 3rd Loan Type

Not Applicable: Yes

Reports/Disclosures

None: Yes

Existing 3rd Loan Terms

Not Applicable: Yes

Environmental

Other (See Remarks): Yes

Existing Othr Ln Trm

Not Applicable: Yes

Efficiency Units

Avg Rent: 0

1 Bedroom Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 5 - 12 Units Construction: Wood Frame Const - Finish: Painted Roofing: Composition Floors: Other Sale Includes: Other (See Remarks) Community Features: Other; See Remarks Exterior Amenities: Other (See Remarks) Interior Features: Other (See Remarks) Appliances Included: Other Heating: Other; See Remarks Cooling: Evaporative Cooling Water Source: City Franchise; Other; See Remarks Sewer: Sewer - Public Electric: SRP Gas: Other (See Remarks) Parking Features: None Road Surface Type: Asphalt Owner Pays: Water; Trash Collection; Landscaping Tenant Pays: Electricity Source of Fincl Data: Projected Proforma Showing Notification Methods: Text; Email; Phone Call Lockbox Type: None Existing 1st Loan: Other (See Rmks) Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Assume - Qualify; Not Applicable Existing 2nd Loan: Other (See Remarks) Existing 2nd Loan Type: Not Applicable Existing 2nd Loan Terms: Not Applicable Existing 3rd Loan: Other (See Remarks) Existing 3rd Loan Type: Not Applicable Existing 3rd Loan Terms: Not Applicable Existing Othr Ln Trm: Not Applicable New Financing: Conventional; 1031 Exchange Environmental: Other (See Remarks)

Listing Office: Grace CRE

Last Updated: May - 04 - 2026