$4,450,000
Phoenix, AZ 85015
MLS# 7033404
1 / 25
Property Description
The Gem on Missouri is a 29-unit multifamily community positioned in the highly desirable Midtown Phoenix submarket. Located at 1623 & 1625 W Missouri Ave, the property was originally constructed in 1963 and spans approximately ±22,400 square feet, with an average unit size of ±772 SF, offering efficient and functional floor plans that appeal to a broad renter base. The property is currently achieving average rents of approximately $1,074, below market comparables averaging $1,317, representing upside of approximately $243 per unit. The asset has already undergone comprehensive interior renovations, including upgraded finishes and in-unit washer and dryer across all units, positioning this as primarily operational value-add opportunity
Details
Maps
Contract Info
Current Price: $4,450,000
List Price: $4,450,000
Status: Active
List Date: 2026-05-26
Ownership: Fee Simple
Location Tax Legal
House Number: 1623
Compass: W
Street Name: MISSOURI
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85015
Zip4: 2615
Country: US
County Code: Maricopa
Subdivision: DENTON TRACT
Assessor Number: 156-39-007-D
Tax Year: 2025
General Property Description
Lot Size Dimensions: 266x264x128x120x120x144
Year Built: 1964
Uncvrd Parking Spcs: 10
Total # of Units: 29
# of Buildings: 8
Zoning: R4
Elementary School District: Osborn Elementary District
High School District: Phoenix Union High School District
Elementary School: Solano School
Remarks Misc
Geo Lat: 33.51653
Geo Lon: -112.094036
Legal Info
Township: 2N
Range: 3E
Section: 18
Lot Number: 7
Income Expenses
Gross Annual Sch Inc: 415020
Net Operating Income: 282239
Showing Notification Methods
Showing Service: No Showing Service Used
1 Bedroom Units
# 1 Bedroom Units: 20
Avg Rent: 925
Avg SqFt: 675
# Baths: 20
2 Bedroom Units
# 2 Bedroom Units: 8
Avg Rent: 1250
Avg SqFt: 1000
# Baths: 13
3 Bedrooms Units
# 3 Bedroom Units: 1
Avg Rent: 1695
Avg SqFt: 1200
# Baths: 2
Property Features
Project Type: 25 - 50 Units
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Vinyl
Sale Includes: Building(s) Only; Land & Building; Pool Equipment; Laundry Equipment
Community Features: Pool; Exercise Room; Barbecue
Exterior Amenities: Fenced; Satellite Dish; Cable TV Available; Sidewalk(s); Patio/Balcony; Guard Gate; Other (See Remarks)
Interior Features: Furnished; Unfurnished; Partially Furnished; Fire/Smoke Alarm(s); Other (See Remarks)
Appliances Included: Built-In Range; Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer
Heating: Other
Cooling: Ceiling Fan(s); Individual
Water Source: Master Meter
Sewer: Sewer - Public
Electric: Individual Meter
Gas: Individual Meter
Parking Features: Carport; 1 Space/Unit; Free; Paved
Road Surface Type: Concrete
Owner Pays: Landscaping; Pool Maintenance
Tenant Pays: Electricity; Gas; Cable TV
Source of Fincl Data: Projected Proforma
Showing Notification Methods: Phone Call
Lockbox Type: None
New Financing: Conventional; No Carry; 1031 Exchange
Environmental: None
Listing Office: Matthews Real Estate Investment Services
Last Updated: May - 26 - 2026
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