927 S 35TH Avenue, Phoenix, AZ 85009
$1,275,000
Property Type:
Multiple Dwellings
Status:
Active
Current Price:
$1,275,000
List Date:
10/24/2025
Last Modified:
11/14/2025
Description
10-Unit Multifamily Investment Opportunity! This renovated and cash-flowing property is in a strong central Phoenix rental market, consisting of 8 one-bedroom/one-bath units and 2 studio units, all renovated around 2022-2023, modern finishes and several updated systems.
Each unit is separately metered for electricity, reducing ownership expenses and simplifying management. Very low property tax expense on this one ($1,167/yr).
This sale includes two parcels, with the north parcel at 921 S 35th Ave, offering a big space to work with—a rare opportunity for value-add expansion. The additional land provides space to build storage units, install vending machines, add a laundry facility, or develop additional income-producing amenities, significantly increasing future cash flow and
Supplements: property value. The property is fully occupied with month-to-month leases. Located near major employment corridors, transit routes, and downtown Phoenix, this property combines stable current income with long-term upside. Excellent turnkey investment with small development potential.
More Information MLS# 6924258
Contract Info
Ownership: Fee Simple
Current Price: $1,275,000
List Price: $1,275,000
Status: Active
List Date: 2025-09-24
Location, Tax & Legal
Assessor's Map #: 58
Legal Description (Abbrev): TIERRA VERDE PER MCR 36-21 LOT 12 BLK 3 EX W 7F F OR RD PER DKT 11993-989
Assessor's Parcel #: 50
Add'l Parcels: Yes
Tax Municipality: Phoenix
Census Tract: 114500
Taxes: 1167
Legal: TIERRA VERDE PER MCR 36-21 LOT 12 BLK 3 EX W 7F F OR RD PER DKT 11993-989
Marketing Name: Tierra Verde
House Number: 927
Compass: S
Street Name: 35TH
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85009
Zip4: 5505
County Code: Maricopa
Subdivision: TIERRA VERDE
Assessor Number: 109-58-050
Tax Year: 2024
General Property Description
# of Buildings: 4
Uncvrd Parking Spcs: 29
Lot Size Dimensions: 148.02 x 123.03
Total # of Units: 10
Elementary School District: Murphy Elementary District
High School District: Phoenix Union High School District
Elementary School: Jack L Kuban Elementary School
Jr. High School: William R Sullivan Elementary School
High School: Carl Hayden High School
Year Built: 1950
Zoning: [M-H] MULTI-FAM
Legal Info
Range: 2E
Section: 11
Township: 1N
Lot Number: 12
Project Type
5 - 12 Units: 1
Other Type
Packaged Offering: 1
Construction
Block: 1
Wood Frame: 1
Const - Finish
Stucco: 1
Roofing
Composition: 1
Rolled: 1
Floors
Vinyl: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Ins Exp: 3650
Annual Maint Exp: 4000
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual Other Expense: 7900
Operating Exp: 16717
Other Income: 3835
Vacancy Allowance: 0.02
Adjusted Gross Inc: 152262.6
Pmt & Rate Info
Cap Rate: 10.36
Equity: 1275000
Down Payment %: 30
Monthly Payments: 0
Total Owed: 0
Payment Includes
Principal: 1
Interest: 1
Taxes: 1
Insurance: 1
Showing Notification Methods
Showing Service: No Showing Service Used
Text: 1
Phone Call: 1
Lockbox Type
See Private Remarks: 1
Community Features
No Pool: 1
Heating
Central: 1
Window/Wall Unit(s): 1
Cooling
Ceiling Fan(s): 1
Central Air: 1
Window/Wall Unit: 1
Tenant Pays
Electricity: 1
Appliances Included
Microwave: 1
Refrigerator: 1
Free-Standing Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Projected Proforma: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
>1 Space Per Unit: 1
Add'l Parking Avail: 1
Electric
APS: 1
Individual Meter: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Trash Collection: 1
New Financing
Cash: 1
Conventional: 1
1031 Exchange: 1
Special
Owner/Agent: 1
Existing 1st Loan
Conventional: 1
Private: 1
Reports/Disclosures
ALTA Survey Availbl: 1
Environmental
None: 1
Efficiency Units
# Efficiency Units: 2
Avg Rent: 1000
Avg SqFt: 272
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 8
Avg Rent: 1175
Avg SqFt: 427
# Baths: 1
2 Bedroom Units
Avg Rent: 0
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Remarks Misc
Cross Street: 35th Ave & Buckeye Rd
Directions: North on 35th Ave past Buckeye Rd. After Maricopa St property will be on your right.
Geo Lat: 33.438706
Geo Lon: -112.134261
Income Expenses
Gross Annual Sch Inc: 151535
Net Operating Income: 132068
Property Features
Project Type: 5 - 12 Units
Other Type: Packaged Offering
Construction: Block; Wood Frame
Const - Finish: Stucco
Roofing: Composition; Rolled
Floors: Vinyl
Sale Includes: Land & Building
Payment Includes: Principal; Interest; Taxes; Insurance
Community Features: No Pool
Appliances Included: Free-Standing Range; Refrigerator; Microwave
Heating: Central; Window/Wall Unit(s)
Cooling: Ceiling Fan(s); Window/Wall Unit; Central Air
Water Source: City Franchise
Sewer: Sewer - Public
Electric: APS; Individual Meter
Gas: SW Gas
Parking Features: >1 Space Per Unit; Add'l Parking Avail
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection
Tenant Pays: Electricity
Source of Fincl Data: Owner; Projected Proforma
Special: Owner/Agent
Showing Notification Methods: Text; Phone Call
Lockbox Type: See Private Remarks
Existing 1st Loan: Conventional; Private
New Financing: Cash; Conventional; 1031 Exchange
Environmental: None
SURVEY ›
Listing Office:
My Home Group Real Estate
Last Updated: November - 14 - 2025
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