NOT LISTED FOR SALE

1030 E Fairmount Ave Phoenix, AZ 85014

Central City Neighborhood

Estimated Value: $1,059,000 - $1,503,526

-- Bed
-- Bath
1,140 Sq Ft
$1,123/Sq Ft Est. Value

Last Sold December 28, 2018

Last sale price $575,000 $504 Per Sq Ft

Est. 118% increase in value since last sale

Current estimated payment $6,756/month

37 Days on Market

Highlights

  • Central Air
  • Vinyl Flooring
  • Heating Available
  • Phoenix Coding Academy Rated A

About This Home

As of December 2018

The Fairmount Avenue Apartments is a 7-unit, value-add multifamily investment opportunity. The property is surrounded by many residential remodeled projects in a gentrifying location of Phoenix.
The Fairmount Avenue Apartments features an attractive unit mix consisting of (4) one-bed / one-bath, (2) two-bed / one-bath, and (1) three-bed / one-bath units. The property has many potential features to add value through interior and exterior renovations. Each unit has access to a private back patio. All units have been renovated except one unit. Each unit have brand new HVAC's, roof, & parking lot.

Last Agent to Sell the Property

Dallin Hammond

ABI Multifamily License #SA677560000 Listed on: 10/02/2018

Co-Listed By

Ryan Smith

ZENDOOR License #BR659309000

Last Buyer's Agent

Andrea Gowan

ProSmart Realty License #SA650047000

ProSmart Realty

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $1,882

Year Built

  • Built in 1955

Lot Details

  • 0.42

Home Design

  • Wood Frame Construction
  • Concrete Roof
  • Stucco

Flooring

  • Vinyl Flooring

Parking

  • 12 Open Parking Spaces
  • 12 Parking Spaces
  • Free Parking
  • Paved Parking
  • On-Street Parking

Utilities

  • Central Air
  • Heating Available
  • Master Water Meter

Listing and Financial Details

  • Tenant pays for gas, electricity, cable TV
  • The owner pays for trash collection, water, sewer, landscaping
  • Legal Lot and Block 24 / 1
  • Assessor Parcel Number 118-03-028-C

Community Details

Overview

  • 4 Buildings
  • 7 Units
  • Building Dimensions are 65.21x303.90
  • Kay Tract Subdivision

Building Details

  • Operating Expense $17,179
  • Gross Income $64,980
  • Net Operating Income $39,363

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$1,882

Year Built

Built in 1955

Lot Details

0

Listing Details

  • Cross Street: 7th Street & Indian School
  • Legal Info Range: 3E
  • Property Type: Multiple Dwellings
  • Zoning: R-3
  • Number Of Buildings: 4
  • Ownership: Fee Simple
  • Year Built: 1955
  • Tax Year: 2018
  • Road Surface Type: Asphalt
  • Professional Management Expense: 4300.0
  • Co List Office Mls Id: abim01
  • Co List Office Phone: 602-714-1400
  • Subdivision Name: KAY TRACT
  • Tax Parcel Letter: C
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Flooring: Vinyl
  • Appliances: Microwave
  • Appliances Included:Microwave2: Yes
  • Appliances Included:Refrigerator2: Yes
  • Appliances Included:Dishwasher2: Yes

Exterior Features

  • Disclosures: None
  • Construction Type: Painted, Stucco, Frame - Wood
  • Roof: Concrete
  • Construction:Frame - Wood: Yes

Garage/Parking

  • Parking Features: Paved Parking, Free, Street Parking
  • Attached Garage: No
  • Open Parking Spaces: 12.0
  • Total Parking Spaces: 12.0
  • General Property Description:Uncvrd Parking Spcs: 12.0
  • General Property Description:Total Parking Spcs: 12.0
  • Parking:Free: Yes
  • Parking:Street Parking: Yes
  • Parking:Paved Parking: Yes

Utilities

  • Electric: Other (See Remarks)
  • Cooling: Central A/C
  • Heating: Electric
  • Cooling Y N: Yes
  • Heating Yn: Yes
  • Water Source: Master Meter
  • Heating:Electric: Yes

Condo/Co-op/Association

  • Community Features: No Pool

Association/Amenities

  • Exterior Amenities:Green Landscaping: Yes
  • Exterior Amenities:PatioBalcony: Yes
  • Community Amenities:No Pool: Yes

Fee Information

  • Annual Water Sewer Expense: 5397.0

Lot Info

  • Lot Size: 65.21x303.90
  • Additional Parcels: No
  • Parcel #: 118-03-028-C

Multi Family

  • Owner Pays: Trash Collection, Water, Sewer, Landscaping
  • Tenant Pays: Gas, Electricity, Cable TV
  • Number Of Units Total: 7
  • Annual Gross Income: 64980.0
  • Insurance Expense: 1400.0
  • Maintenance Expense: 3000.0
  • Property Net Operating Income: 39363.0
  • Annual Operating Expense: 17179.0
  • Vacancy Allowance Rate: 0.05

Tax Info

  • Tax Annual Amount: 1882.0
  • Tax Block: 1
  • Tax Book Number: 118.00
  • Tax Lot: 24

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Mar 29, 2022
Sold by
Randdliving Llc
Bought by
Elite 8 Llc
Current Estimated Value
$1,255,262

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$958,000
Outstanding Balance
$674,713
Interest Rate
4.2%
Mortgage Type
New Conventional
Estimated Equity
$605,462

Purchase Details

Closed on
Dec 11, 2020
Sold by
Alvarez Richard Manuel and Alvarez Danielle Marie
Bought by
Randliving Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$722,000
Interest Rate
2.8%
Mortgage Type
Future Advance Clause Open End Mortgage

Purchase Details

Listed on
Oct 2, 2018
Closed on
Jan 4, 2019
Sold by
Alvarez Richard and Alvarez Danielle
Bought by
Alvarez Richard Manuel and Alvarez Danielle Marie
Seller's Agent
Dallin Hammond
ABI Multifamily
Buyer's Agent
Andrea Gowan
ProSmart Realty
List Price
$585,000
Sold Price
$575,000
Premium/Discount to List
-$10,000
-1.71%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
12.11%

Purchase Details

Listed on
Oct 2, 2018
Closed on
Dec 28, 2018
Sold by
United Realty Mta Llc
Bought by
Alvarez Richard and Alvarez Danielle
Seller's Agent
Dallin Hammond
ABI Multifamily
Buyer's Agent
Andrea Gowan
ProSmart Realty
List Price
$585,000
Sold Price
$575,000
Premium/Discount to List
-$10,000
-1.71%

Purchase Details

Listed on
Oct 7, 2015
Closed on
Dec 28, 2015
Sold by
Sell Quick For Cash Llc
Bought by
United Realty Mta Llc
Seller's Agent
Marla Wicks
Better Homes & Gardens Real Estate SJ Fowler
Buyer's Agent
Austin Zaback
LPT Realty, LLC
List Price
$294,900
Sold Price
$277,500
Premium/Discount to List
-$17,400
-5.9%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
27.49%

Purchase Details

Listed on
Dec 4, 2013
Closed on
Dec 29, 2013
Sold by
Lane Spencer and Manaktala Virendra
Bought by
V & D Real Estate Investments Lllp
Seller's Agent
Virendra Manaktala
Knock Homes
Buyer's Agent
Marla Wicks
DeLex Realty
List Price
$199,900
Sold Price
$190,000
Premium/Discount to List
-$9,900
-4.95%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
20.85%

Purchase Details

Closed on
Nov 30, 2012
Sold by
Noren Timothy S and Noren Susan F
Bought by
Lane Spencer and Manaktala Virendra

Purchase Details

Closed on
Feb 8, 2000
Sold by
Srock Steve and Srock Stephen
Bought by
Noren Timothy S and Noren Susan F

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$140,000
Interest Rate
8.16%
Mortgage Type
Seller Take Back

Purchase Details

Closed on
Nov 18, 1996
Sold by
Closset Laurie A
Bought by
Srock Steve

Purchase Details

Closed on
Nov 8, 1996
Sold by
Shelden Mitchell Robert
Bought by
Srock Steve

Purchase Details

Closed on
Jul 10, 1995
Sold by
Shelden Bette Jeanne
Bought by
Shelden Mitchell Robert

Purchase Details

Closed on
Feb 26, 1971
Sold by
Galkowski Grace
Bought by
Appleget Jerrol W and Appleget Judy A
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Elite 8 Llc $1,500,000 Pioneer Title
Randliving Llc -- Thomas Title & Escrow
Alvarez Richard Manuel -- Thomas Title & Escrow
Alvarez Richard $575,000 Thomas Title & Escrow
United Realty Mta Llc $273,000 American Title Svc Agency Ll
Sell Quick For Cash Llc $255,000 American Title Svc Agency Ll
V & D Real Estate Investments Lllp $190,000 Chicago Title Agency Inc
Lane Spencer -- Chicago Title Agency Inc
Noren Timothy S -- None Available
Noren Timothy S $170,000 --
Srock Steve -- --
Srock Steve $135,000 Transnation Title Ins Co
Shelden Mitchell Robert -- --
Appleget Jerrol W -- Stewart Title & Trust
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Elite 8 Llc $958,000
Previous Owner Randliving Llc $722,000
Previous Owner Noren Timothy S $140,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
12/28/2018 12/28/18 Sold $575,000 -3.4% $504 / Sq Ft
11/08/2018 11/08/18 Pending -- -- --
10/31/2018 10/31/18 Price Changed $595,000 +1.7% $522 / Sq Ft
10/02/2018 10/02/18 For Sale $585,000 +110.8% $513 / Sq Ft
12/30/2015 12/30/15 Sold $277,500 -5.9% $243 / Sq Ft View Prior Sale
12/17/2015 12/17/15 Pending -- -- --
10/07/2015 10/07/15 For Sale $294,900 +55.2% $259 / Sq Ft
12/30/2013 12/30/13 Sold $190,000 -5.0% $167 / Sq Ft View Prior Sale
12/18/2013 12/18/13 Pending -- -- --
12/04/2013 12/04/13 For Sale $199,900 -- $175 / Sq Ft
Source: Arizona Regional Multiple Listing Service (ARMLS)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $2,382 $18,340 -- --
2024 $2,223 $17,466 -- --
2023 $2,223 $67,650 $13,530 $54,120
2022 $2,211 $50,750 $10,150 $40,600
2021 $2,248 $42,770 $8,550 $34,220
2020 $2,192 $36,450 $7,290 $29,160
2019 $2,096 $34,320 $6,860 $27,460
2018 $2,027 $30,070 $6,010 $24,060
2017 $1,861 $23,420 $4,680 $18,740
2016 $1,795 $17,780 $3,550 $14,230
2015 $1,669 $16,180 $3,230 $12,950
Source: Public Records

Agents Affiliated with this Home

  • Dallin Hammond

    Seller's Agent in 2018

    Dallin Hammond

    ABI Multifamily

    (602) 714-1400

    4 in this area

    35 Total Sales

    Dallin Hammond
    Section Image
  • Ryan Smith

    Seller Co-Listing Agent in 2018

    Ryan Smith

    ZENDOOR

    (602) 566-7203

    Ryan Smith
    Section Image

  • A

    Buyer's Agent in 2018

    Andrea Gowan

    ProSmart Realty

    (480) 355-4055

    27 Total Sales

    Andrea Gowan
    Section Image

  • M

    Seller's Agent in 2015

    Marla Wicks

    Better Homes & Gardens Real Estate SJ Fowler

    Section Image
  • Austin Zaback

    Buyer's Agent in 2015

    Austin Zaback

    LPT Realty, LLC

    (480) 399-0669

    2 in this area

    225 Total Sales

    Austin Zaback
    Section Image

  • V

    Seller's Agent in 2013

    Virendra Manaktala

    Knock Homes

See All Agents

Map

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 5840239

Arizona Regional Multiple Listing Service (ARMLS)

APN: 118-03-028C

Arizona Maricopa County Phoenix 85014 Central City

1030 E Fairmount Ave, Phoenix, AZ

Not Listed for Sale

MultiFamily

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Arizona Regional Multiple Listing Service (ARMLS) All information should be verified by the recipient and none is guaranteed as accurate by ARMLS

Listing Information presented by local MLS brokerage: Ten-X, local REALTOR®- Arlene Richardson - (888)-952-6393

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