1623 W Missouri Ave · Phoenix, AZ 85015

$4,450,000

None bd · None ba · 1,831 sqft · MultiFamily public records · 23 Days on market

Built 1964

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Why this score? — see what drove the F grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +11.6/30.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• DSCR +3.4/10.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +1.6/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 29 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

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 unit

Key facts

• Upgraded finishes
• 39 parking spots
• Pool

Tags

• MULTIFAMILY COMMUNITY
• MIDTOWN PHOENIX SUBMARKET
• UPGRADED FINISHES
• IN-UNIT WASHER AND DRYER

Property features AI

Finance

• HOA & community: Community amenities: barbecue, exercise room, pool

Exterior

• Parking: 39 total parking spaces; 29 covered spaces; 10 open spaces; Paved parking with carports; Free parking; Approximately 1 space per unit
• Utilities: Master water meter; Public sewer; Individual electric meters
• Home design: Fee simple ownership; Eight buildings on the property
• Construction: Painted block construction; Composition roof
• Exterior features: Private pool; Concrete road access; Barbecue area (community); Exercise room (community); Pool (community)

Interior

• Kitchen: Built-in range; Free-standing range; Dishwasher; Refrigerator; Microwave; Disposal
• Flooring: Vinyl flooring
• Heating & cooling: Heating present (other); Individual cooling with ceiling fans
• Interior features: Built-in range, Free-standing range, Disposal, Dishwasher, Refrigerator, Microwave; Private pool (on property); Ceiling fans in individual units
• Laundry & utility: Washer and dryer included; Individual electric meters

What this means for you Summary

Snapshot

• This is a 29 × 1-bed/1-bath units multifamily listed at $4.45M.

Deal economics

• At list price, monthly cash flow is $-1k ($-17k/yr) — negative. Per door: $-49/mo.
• To cash-flow at today's rent, offer at most $4.24M (4.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $3.71M (16.6% below list).
• Recommended offer: $3.71M (16.6% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 3.3% in Phoenix — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#16 in AZ, #3,924 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: health & safety C-, crime F.
• Phoenix Union High School District (4286) (urban): math 10% / reading 15% proficiency, ranked #224 of 249 in AZ (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents falling (-3.7%/yr); 160 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).
• At $37,130/mo this rent would consume 812% of the median local household income ($55k/yr) (locally 3390% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $31k of loan paydown is wiped out by about $134k of value loss. Plan a longer hold.
• Maricopa County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($4.38M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $2.60M; list at $4.45M implies a 71% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $3,713,000 (16.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.83% ✗
• Cap rate: 5.91%
• Cash-on-cash: -1.37%
• DSCR: 0.94
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $479,722
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5040 N 18th Ave	0.43mi	4/3.0	1,984 (+8%)	23mo	$520,000	$262	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -22.0%
• Equity multiple: 0.26×
• Total profit: $-919,801
• Equity at exit: $663,509

10-year hold

• IRR: -25.5%
• Equity multiple: -0.07×
• Total profit: $-1,335,669
• Equity at exit: $384,755

Cash invested: $1,246,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Arizona: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

5-day pay-or-quit; AZ courts known for speed; no state rent control; cities preempted by state law.

Methodology + full state rankings →

ZIP-level market 85015

• Home prices YoY: -15.3%
• Rents YoY: -3.7%
• Active inventory: 160
• Price-to-rent: 289.6×

Monthly cashflow live

• Estimated rent: $37,130 high
• Mortgage (P&I): −$23,336
• Tax est. 1.5%: −$5,562 /mo · $66,750/yr
• Insurance: −$1,854
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,797
• Net cashflow: $-1,420

Break-even live

Break-even rent $38,928

Max offer price $4,244,487

Occupancy floor 99%

29-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 29× units	1	1	$37,120
Total (29 units)			$37,130

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $1,112,500
• Closing costs: $133,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1851 W Vermont Ave Phoenix, AZ	2.0	2.5	1847	$1,850	$1.00	1d	1	0.33mi
5620 N 19th Ave Phoenix, AZ	2.0	3.5	1344	$1,900	$1.41	1d	1	0.39mi
1226 W Rancho Dr Phoenix, AZ	3.0	2.0	1584	$2,799	$1.77	1d	1	0.45mi
5015 N 13th Ave Phoenix, AZ	3.0	2.0	1312	$2,350	$1.79	12d	1	0.55mi
902 W Oregon Ave Phoenix, AZ	3.0	2.0	1478	$3,200	$2.17	1d	1	0.56mi
1514 W Rovey Ave Phoenix, AZ	3.0	2.0	1642	$1,995	$1.21	11d	1	0.57mi
1507 W Berridge Ln Phoenix, AZ	3.0	2.0	1302	$1,886	$1.45	13d	1	0.61mi
1540 W Berridge Ln Phoenix, AZ	3.0	2.0	1320	$2,795	$2.12	1d	1	0.63mi
920 W Solcito Ln Unit 920 Phoenix, AZ	2.0	2.0	1465	$2,395	$1.63	17d	1	0.72mi
920 W Solcito Ln Unit 920 Phoenix, AZ	2.0	2.0	1465	$2,395	$1.63	1d	1	0.72mi
703 W Palo Verde Dr Phoenix, AZ	3.0	2.0	1521	$2,995	$1.97	14d	1	0.76mi
500 W Missouri Ave Phoenix, AZ	2.0	2.5	1322	$2,395	$1.81	1d	1	0.80mi
1555 W Hazelwood St Phoenix, AZ	3.0	2.5	1584	$2,300	$1.45	1d	1	0.90mi
500 W Camelback Rd Phoenix, AZ	1.0–3.0	1.0–3.0	1133	$2,536	$2.24	1d	26	0.91mi
537 W Mariposa St Phoenix, AZ	3.0	2.0	1507	$2,400	$1.59	1d	1	0.95mi
777 W Coolidge St Phoenix, AZ	2.0	2.5	1325	$2,500	$1.89	1d	3	0.96mi
777 W Coolidge St Unit 16 Phoenix, AZ	2.0	2.5	1325	$2,599	$1.96	1d	1	0.96mi
775 W Coolidge St Unit 6 Phoenix, AZ	2.0	2.5	1300	$2,699	$2.08	14d	1	0.97mi
4522 N 15th Ave Phoenix, AZ	3.0	2.5	1584	$1,800	$1.14	1d	1	0.97mi
6027 N 23rd Ave Phoenix, AZ	1.0–3.0	1.0–2.0	995	$1,325	$1.33	1d	1	0.98mi
6501 N 17th Ave #101 Phoenix, AZ	2.0	1.5	1320	$1,575	$1.19	1d	1	1.00mi
40 W Medlock Dr Phoenix, AZ	3.0	2.0	2001	$4,200	$2.10	2d	1	1.01mi
385 W Pierson St Unit E5 Phoenix, AZ	1.0	2.0	1244	$2,250	$1.81	1d	1	1.04mi
6548 N 15th Dr Phoenix, AZ	3.0	2.5	1881	$2,950	$1.57	1d	1	1.07mi
1511 W Sierra Vista Dr Phoenix, AZ	3.0	2.5	2068	$3,150	$1.52	22d	1	1.08mi
1802 W Maryland Ave Phoenix, AZ	1.0–3.0	1.0–2.0	994	$1,516	$1.53	1d	23	1.09mi
6564 N 15th Dr Phoenix, AZ	3.0	2.5	2068	$3,250	$1.57	10d	1	1.09mi
6564 N 15th Dr Phoenix, AZ	3.0	2.5	2068	$3,250	$1.57	1d	1	1.09mi
1530 W Sierra Vista Dr Phoenix, AZ	3.0	2.5	1881	$2,950	$1.57	1d	1	1.10mi
6521 N 19th Dr Phoenix, AZ	3.0	2.0	1395	$2,295	$1.65	1d	1	1.11mi
2025 W Campbell Ave Phoenix, AZ	3.0	2.0	1607	$1,961	$1.22	10d	1	1.13mi
325 W Highland Ave Phoenix, AZ	3.0	2.0	1656	$2,500	$1.51	1d	1	1.16mi
21 W Pasadena Ave #5 Phoenix, AZ	2.0	2.5	1713	$2,400	$1.40	19d	1	1.17mi
4630 N 23rd Ave Phoenix, AZ	2.0–3.0	2.5	1643	$2,150	$1.31	1d	9	1.17mi
171 W Highland Ave Phoenix, AZ	3.0	2.0	1300	$2,300	$1.77	10d	1	1.22mi
4319 N 15th Ave Phoenix, AZ	3.0	2.0	1385	$1,836	$1.33	14d	1	1.22mi
2001 W Turney Ave Unit 6 Phoenix, AZ	2.0	1.0	1620	$1,900	$1.17	1d	1	1.24mi
2311 W Maryland Ave Phoenix, AZ	3.0	1.5	1563	$1,676	$1.07	1d	1	1.30mi
1407 W Glenrosa Ave Phoenix, AZ	2.0	2.0	1976	$2,500	$1.27	1d	1	1.30mi
314 W Maryland Ave Unit A Phoenix, AZ	2.0	2.0	1296	$1,874	$1.45	1d	1	1.31mi

Listing history 30 events

1. 2026-06-18
   days on market $4,450,000 Active 23 DOM
2. 2026-06-17
   days on market $4,450,000 Active 22 DOM
3. 2026-06-16
   days on market $4,450,000 Active 21 DOM
4. 2026-06-15
   days on market $4,450,000 Active 20 DOM
5. 2026-06-13
   days on market $4,450,000 Active 18 DOM
6. 2026-06-13
   days on market $4,450,000 Active 17 DOM
7. 2026-06-09
   days on market $4,450,000 Active 14 DOM
8. 2026-06-08
   days on market $4,450,000 Active 13 DOM
9. 2026-06-07
   days on market $4,450,000 Active 12 DOM
10. 2026-06-04
    days on market $4,450,000 Active 9 DOM
11. 2026-06-03
    days on market $4,450,000 Active 8 DOM
12. 2026-06-02
    days on market $4,450,000 Active 7 DOM
13. 2026-06-01
    days on market $4,450,000 Active 6 DOM
14. 2026-05-31
    days on market $4,450,000 Active 5 DOM
15. 2026-05-26
    listed $4,450,000 Active
16. 2023-11-01
    historical
17. 2023-07-31
    listed $6,300,000 Active
18. 2022-05-09
    historical
19. 2022-04-11
    historical Under Contract Accepting Backups
20. 2022-03-21
    listed $6,900,000 Active
21. 2019-04-30
    soldstatus $2,600,000
22. 2013-04-25
    soldstatus $1,420,000
23. 2012-07-26
    soldstatus $670,000
24. 2011-07-26
    soldstatus $670,000
25. 2010-12-13
    soldstatus $1,043,044
26. 2010-12-13
    soldstatus $1,043,044
27. 2006-03-01
    soldstatus $1,600,000
28. 2003-08-04
    soldstatus $1,105,000
29. 1991-08-30
    soldstatus $115,000
30. 1991-08-30
    soldstatus $115,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 6 d/yr ≥112°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $445,560
• − Mortgage interest: −$249,269
• − Property taxes: −$66,750
• − Insurance: −$22,250
• − Repairs & maintenance: −$35,645
• − Management: −$35,645
• − Depreciation: −$129,455
• Taxable loss: −$93,453
• Est. tax savings @ 24.0%: +$22,429
• After-tax cash flow: $5,386/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Phoenix Union High School District (4286)
• NCES district ID: 0406330
• Math proficiency: 10% ▼ -27.00%
• Reading proficiency: 15% ▼ -18.00%
• Median HH income: $39,055
• Composite: 10.63/100
• National rank: #9773
• State rank: #224 of 249 in AZ

Livability — Phoenix

• Score: 75/100
• State rank: #16
• US rank: #3924

Category grades

Amenities A+ Commute A+ Cost of living B- Crime F Employment B- Housing A+ Health & safety C- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Phoenix, AZ
• County: Maricopa County · 4,537,380 people
• City population: 1,500,198
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 41,490
• Household income: $54,874
• Rent vs Own: 65.4% rent · 34.6% own
• Severe rent burden: 3390.0

Population outlook (Maricopa County) Hauer SSP2

• Today (2025): 4,979,203 people
• By 2030: 5,378,229 · +8.0%
• By 2040: 6,156,598 · +23.6%
• By 2050: 6,872,376 · +38.0%
• By 2075: 8,401,270 · +68.7%
• By 2100: 9,247,439 · +85.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: Hispanic / Latino 54% Two or more races 29% White 23% Black 12% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 44%
• Common ancestry: Italian 1% Scotch-Irish 1% Slovak 1%
• Foreign-born: 26% · Canada, India, Vietnam
• Languages at home: 51% English-only · Spanish 40% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Maricopa

• 2024 margin: Toss-up / Even · D 47.7% · R 51.2% · Other 1.1%
• 2008→2024 swing: +7.1pp toward D · 2008: -10.6pp · 2024: -3.5pp
• All cycles: 2024: R+3.5 2020: D+2.2 2016: R+3.5 2012: R+12.0 2008: R+10.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.80%
• Current HPI: 446.4613
• Rent YoY: ▼ -3.74%
• Metro: Phoenix-Mesa-Chandler, AZ
• State GDP YoY: ▲ 4.54%
• F500 in state: 20

Industry mix (Fortune 500 HQ in AZ)

Industry	F500 HQs	Revenue
▸Technology	2	$13B
▸Mining / Metals	1	$23B
▸Environmental Services	1	$16B
▸Metals / Steel	1	$14B
▸Technology Distribution	1	$9B
▸Homebuilding	1	$8B

Price history

+3769.6% since first listed

16 events — show timeline

• 2026-05-26 Listed $4,450,000 ARMLS
• 2023-11-01 Listing Removed — ARMLS
• 2023-07-31 Listed $6,300,000 ARMLS
• 2022-05-09 Listing Removed — ARMLS
• 2022-04-11 Contingent — ARMLS
• 2022-03-21 Listed $6,900,000 ARMLS
• 2019-04-30 Sold (Public Records) $2,600,000 Public Records
• 2013-04-25 Sold (Public Records) $1,420,000 Public Records
• 2012-07-26 Sold (Public Records) $670,000 Public Records
• 2011-07-26 Sold (Public Records) $670,000 Public Records
• 2010-12-13 Sold (Public Records) $1,043,044 Public Records
• 2010-12-13 Sold (Public Records) $1,043,044 Public Records
• 2006-03-01 Sold (Public Records) $1,600,000 Public Records
• 2003-08-04 Sold (Public Records) $1,105,000 Public Records
• 1991-08-30 Sold (Public Records) $115,000 Public Records
• 1991-08-30 Sold (Public Records) $115,000 Public Records

Property tax history

+0.3%/yr

Latest (2025): $4,064 · +3.5% YoY. Source: county tax records.