Courtesy of Matthews Real Estate Investment Services
Property 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.
Open House
Property Details and Features
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Property Access
- Road Surface: Asphalt
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Appliances & Equipment
- Built-In Range
- Disposal
- Dishwasher
- Refrigerator
- Microwave
- Washer/Dryer
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Bathrooms
- 288 total bathrooms
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Bedrooms
- 36 total bedrooms
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Building
- Built in 1961
- 1 building
- Construction Materials: Block
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Community
- Barbecue
- Pool
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Cooling
- Electric
- Individual
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Disclosures
- None
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Expenses
- Electric: $3,243
- Fuel: $3,754
- Gardener: $5,130
- Insurance: $6,000
- Maintenance: $1,809
- Operating: $62,075
- Trash: $2,375
- Water/Sewer: $10,102
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Floors
- Vinyl
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Heating
- Individual
- Electric
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Income
- Gross Income: $237,246
- Gross ScheduledIncome: $225,094
- Net Operating Income: $178,903
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Listing
- Listing ID: 7030825
- Standard Status: Active
- MLS Status: Active
- 107 days on market
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Location
- Subdivision: PARK NORTH
- County/Parish: Maricopa
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Lot
- Dimensions: .40
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Owner Pays
- Pool Maintenance
- Gas
- Trash Collection
- Water
- Sewer
- Landscaping
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Parking
- 9 covered spaces
- 1 open parking spaces
- 10 total parking spaces
- <1 Space Per Unit
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Roof
- Built-Up
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Schools
- Elementary School District: Osborn Elementary District
- High School District: Phoenix Union High School District
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Sewer
- Public Sewer
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Taxes
- Additional parcels description:
- Parcel Number: 118-29-005-D
- Public Survey Range: 3E
- Public Survey Section: 29
- Annual Amount: $8,433
- Tax Book Number: 118.00
- Legal Description: PARK NORTH S 98.20' OF N 766.40' OF TR E
- Parcel Letter: D
- Year: 2025
- Zoning: R-4
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Utilities
- Water Source: Master Meter
- Individual Meter
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This content last updated on September 4, 2026 11:58PM. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.