NOT LISTED FOR SALE

1040 E Fairmount Ave Phoenix, AZ 85014

Central City Neighborhood
6 Beds
8 Baths
1,720 Sq Ft
1962 Built

Last Sold November 29, 2019

Last sale price $995,000 $578 Per Sq Ft

20 Days on Market

Highlights

  • Cooling System Mounted To A Wall/Window
  • Ceiling Fan
  • Multiple Heating Units
  • Phoenix Coding Academy Rated A

About This Home

As of November 2019

Fairmount Eight was renovated in 2018 with
approximately $20,000 per unit in improvements
to the interiors and common areas. Interior renovations included upgrading kitchens, flooring, bathrooms, dual pane windows retextured ceilings, updated ceiling
fans and fixtures. Fairmount Eight is located 0.5 miles from the Phoenix VA Hospital, 1 mile from Phoenix Indian Medical Center, 2 miles from Phoenix Children's
Hospital and 1.5 miles from the Creighton University
medical school, St. Joseph's Hospital and the Midtown Employment Corridor. Market comps suggest that there is more room in the market rents based on current condition. Additionally, new ownership will have the opportunity to incorporate a utility recapture or RUBS.
Comparables in the area suggest a $45 monthly
RUBS across all units.

Last Agent to Sell the Property

Craig Young

Real Broker License #BR107286000 Listed on: 09/19/2019

Real Broker

Last Buyer's Agent

Non-MLS Agent

Non-MLS Office

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $3,303

Year Built

  • Built in 1962

Home Design

  • Composition Roof
  • Block Exterior

Interior Spaces

  • Ceiling Fan

Parking

  • 12 Parking Spaces
  • 6 Covered Spaces
  • Common or Shared Parking

Utilities

  • Cooling System Mounted To A Wall/Window
  • Multiple Heating Units
  • Individual Controls for Heating
  • Window Unit Heating System
  • Master Water Meter

Listing and Financial Details

  • The owner pays for trash collection, water, sewer, landscaping
  • Tax Lot 22
  • Assessor Parcel Number 118-03-026

Community Details

Overview

  • 2 Buildings
  • 8 Units
  • Building Dimensions are 66 x 303

Building Details

  • Operating Expense $24,048
  • Gross Income $72,934
  • Net Operating Income $48,142

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$3,303

Year Built

Built in 1962

Lot Details

0

Listing Details

  • Cross Street: Indian School Road and 12th Street
  • Property Type: Multiple Dwellings
  • Zoning: R-3
  • Number Of Buildings: 2
  • Year Built: 1962
  • Tax Year: 2019
  • Road Surface Type: Asphalt, Curb(s) & Gutter(s)
  • Professional Management Expense: 4990.0
  • Cooling:Ceiling Fan(s): Yes
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Appliances Included:FS OvenRange: Yes
  • Appliances Included:Refrigerator: Yes
  • Appliances Included:Dishwasher: Yes
  • Appliances Included:Disposal: Yes
  • Appliances Included:Microwave2: Yes

Exterior Features

  • Construction Type: Painted, Block
  • Roof: See Remarks, Composition
  • Construction:Block: Yes

Garage/Parking

  • Total Covered Spaces: 6.0
  • Parking Features: Common
  • Attached Garage: No
  • Open Parking Spaces: 6.0
  • Total Parking Spaces: 12.0
  • General Property Description:Covered Parking Spcs: 6.0
  • General Property Description:Uncvrd Parking Spcs: 6.0
  • General Property Description:Total Parking Spcs: 12.0
  • Parking:Carport: Yes
  • Parking:_greater_1 Space Per Unit: Yes
  • Parking:Paved Parking: Yes

Utilities

  • Electric: APS, Individual Meter
  • Cooling: Individual, Wall/Window Unit(s), Ceiling Fan(s)
  • Heating: Individual, Window/Wall Unit(s), 2 or More Units, Electric
  • Cooling Y N: Yes
  • Heating Yn: Yes
  • Water Source: City Franchise, Master Meter
  • Heating:Electric: Yes
  • Heating:Individual: Yes
  • Heating:_two_ or More Units3: Yes
  • Heating:WindowWall Unit(s): Yes

Condo/Co-op/Association

  • Community Features: No Pool

Association/Amenities

  • Interior Amenities:FireSmoke Alarm(s): Yes
  • Community Amenities:No Pool: Yes
  • Exterior Amenities:Desert Landscaping: Yes
  • Interior Amenities:Unfurnished: Yes

Fee Information

  • Annual Water Sewer Expense: 5067.0

Lot Info

  • Lot Size: 66 x 303
  • Additional Parcels: No
  • Parcel #: 118-03-026

Multi Family

  • Owner Pays: Trash Collection, Water, Sewer, Landscaping
  • Number Of Units Total: 8
  • Annual Gross Income: 72934.35
  • Insurance Expense: 2000.0
  • Maintenance Expense: 3200.0
  • Property Net Operating Income: 48142.0
  • Annual Operating Expense: 24048.0
  • Vacancy Allowance Rate: 0.05

Tax Info

  • Tax Annual Amount: 3303.0
  • Tax Book Number: 118.00
  • Tax Lot: 22
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
11/29/2019 11/29/19 Sold $995,000 0.0% $578 / Sq Ft
10/07/2019 10/07/19 Pending -- -- --
09/17/2019 09/17/19 For Sale $995,000 +126.1% $578 / Sq Ft
12/07/2016 12/07/16 Sold $440,000 0.0% $256 / Sq Ft View Prior Sale
10/04/2016 10/04/16 Price Changed $440,000 -8.3% $256 / Sq Ft
08/11/2016 08/11/16 For Sale $480,000 -- $279 / Sq Ft
Source: Arizona Regional Multiple Listing Service (ARMLS)

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 $3,520 $27,104 -- --
2024 $3,286 $25,814 -- --
2023 $3,286 $101,420 $20,280 $81,140
2022 $3,211 $76,770 $15,350 $61,420
2021 $3,271 $66,570 $13,310 $53,260
2020 $3,187 $55,530 $11,100 $44,430
2019 $3,048 $47,870 $9,570 $38,300
2018 $2,946 $41,380 $8,270 $33,110
2017 $2,701 $33,870 $6,770 $27,100
2016 $2,605 $26,480 $5,290 $21,190
2015 $2,423 $24,750 $4,950 $19,800
Source: Public Records

Agents Affiliated with this Home

  • Craig Young

    Seller's Agent in 2019

    Craig Young

    Real Broker

    (480) 773-2183

    14 in this area

    149 Total Sales

    Craig Young
    Section Image

  • N

    Buyer's Agent in 2019

    Non-MLS Agent

    Non-MLS Office

  • Sophia Baron

    Seller's Agent in 2016

    Sophia Baron

    Get Multifamily

    (480) 375-0227

    4 in this area

    77 Total Sales

    Sophia Baron
    Section Image

  • B

    Seller Co-Listing Agent in 2016

    Baylee Estrada

    Keller Williams Arizona Realty

    (480) 688-8444

    Baylee Estrada
    Section Image
  • Tony Werstler

    Buyer's Agent in 2016

    Tony Werstler

    Jason Mitchell Real Estate

    (602) 283-0274

    1 in this area

    15 Total Sales

    Tony Werstler
    Section Image
See All Agents

Map

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 5980180

Arizona Regional Multiple Listing Service (ARMLS)
Arizona Maricopa County Phoenix 85014 Central City

1040 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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