1006 S 3RD Avenue, Phoenix, AZ 85003, Phoenix, 85003 - 3 bed, 1 bath
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Phoenix, AZ 85003
Analysis of 1006 S 3RD Avenue, Phoenix, AZ 85003 is currently available with a list price of $85,000. The property maintains a Tear down Condition Rating (10/100), reflecting significant deferred maintenance. This property is best suited for experienced investors or developers prepared for substantial renovation work. Located in a high-demand neighborhood within the Phoenix Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for Experienced Investors and Fix-and-Flip Specialists.
Property is land value only, full reconstruction required.
This 1931-built property is in a state of severe distress and is currently unlivable. The listing confirms fire damage to an unpermitted addition that requires demolition, and the images show a boarded-up exterior, exposed structural materials, and an interior filled with debris and graffiti. Given the age of the home, the significant structural issues, and the listing's emphasis on the high-density zoning for potential rebuilding, it meets the criteria for a tear-down where the value is primarily in the land.
The R-4 multi-family zoning provides significant development potential, offering the rare opportunity to rehab or rebuild the property into a high-density duplex or rental income unit.
The absence of a Homeowners Association allows for greater creative freedom in renovations and eliminates monthly association fees, maximizing long-term cash flow for investors.
Priced significantly below market value for the 85003 zip code, this property offers a low-cost entry point into a central Phoenix location with substantial equity upside after repairs.
The property contains an unpermitted addition with fire damage that requires complete removal, indicating high initial costs for demolition and structural remediation.
The requirement for court approval and a 30-45 day waiting period, combined with an 'as-is' sale condition, makes this a complicated transaction unsuitable for traditional financing.
NO HOA!! NEEDS WORK. *UNPERMITTED addition in the back did incur fire damage, would have to be removed anyways. Current Zoning: County is ''[M-H] MULTI-FAMILY, HIGH DENSITY (UP TO 2,499 SF)'', City is ''[R-4] Multiple Family Residence, so there MIGHT BE the possibility of rehabbing/rebuilding this into a duplex rental, but Buyer will need to verify. **Court approval will be required, 30-45 days. **BUYER TO VERIFY ANY AND ALL FACTS AND/OR CIRCUMSTANCES THE BUYER MAY DEEM MATERIAL. BEING SOLD, ''AS-IS/WHERE-IS''
No exterior & parking available.
Grades PK-8 • 0.1 mi
Grades 9-12 • 4.5 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 1.0 | 2.0 | 13% |
| Square foot | 1,554 | 1,614 | 35% |
| Lot Size | 3,250 | 7,392 | 1% |
| Price | $85.0K | $650.0K | 39% |
| Price per sq ft | $55 | $374 | 39% |
| Built year | 1931 | 1937 | 30% |
| HOA | $0 | $0 | 50% |
| Days on market | 594 | 1578 | 37% |
Sep 9, 2024
$85,000
Initial Listing