NOT LISTED FOR SALE

1218 S Farmer Ave Tempe, AZ 85281

Mitchell Park East Neighborhood

Estimated Value: $540,000 - $1,312,000

-- Bed
9 Baths
888 Sq Ft
$1,070/Sq Ft Est. Value

Last Sold December 20, 2019

Last sale price $1,400,000 $1,577 Per Sq Ft

Est. 32% decrease in value since last sale

Current estimated payment $5,397/month

8 Days on Market

About This Home

As of December 2019

We are please to announce State College Home Apartments. 9 units walking distance to ASU and Mill Ave. These apartments have nice
updates of new exterior paint and brand new landscaping. Two separate lots with 6 and 3 units. Individually metered for gas and electric.Some have newer
windows floors and bathrooms and most kitchens have been updated. Also there is room in the back lot where you can build 2 to possible 3 more units. Parking in the front and back as well as covered parking. (8) one bedroom and (1) studio. Amazing value add with rents not being raised in over 10 years. Existing washer and dryer onsite coin operated. Most units are large enough to add stack able washer and dryer units. All facts and figures are
approximate buyer verify MLS info Drive by on

Last Agent to Sell the Property

Sophia Baron

Grace CRE License #BR648866000 Listed on: 11/23/2019

Co-Listed By

Joshua Willets

Grace CRE License #BR675965000

Last Buyer's Agent

Chris Bianco

Civic Center Real Estate License #BR641764000

Civic Center Real Estate

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $4,367

Year Built

  • Built in 1947

Lot Details

  • Additional Parcels

Home Design

  • Composition Roof
  • Block Exterior

Flooring

  • Carpet
  • Vinyl

Parking

  • 15 Open Parking Spaces
  • 24 Parking Spaces
  • 9 Covered Spaces

Utilities

  • Cooling Available
  • Master Water Meter

Listing and Financial Details

  • Tenant pays for gas, electricity, cable TV
  • The owner pays for trash collection, water, sewer, landscaping
  • Tax Lot 4,5
  • Assessor Parcel Number 124-70-026

Community Details

Overview

  • 2 Buildings
  • 9 Units
  • Building Dimensions are 19000 sq
  • State College Homes Lots 30 40 Subdivision

Building Details

  • Operating Expense $22,794
  • Gross Income $105,056
  • Net Operating Income $79,046

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$4,367

Year Built

Built in 1947

Lot Details

0

Listing Details

  • Cross Street: Farmer Ave & 12 St.
  • Property Type: Multiple Dwellings
  • Zoning: c-3
  • Number Of Buildings: 2
  • Ownership: Fee Simple
  • Year Built: 1947
  • Tax Year: 2019
  • Directions: University and Mill. West to Farmer Ave. South to Property
  • Road Surface Type: Asphalt
  • Co List Office Mls Id: grcr001
  • Co List Office Phone: 602-758-9981
  • Subdivision Name: State College Homes Lots 30-40
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Flooring: Carpet, Vinyl
  • Appliances Included:FS OvenRange: Yes
  • Appliances Included:Microwave2: Yes
  • Appliances Included:BI OvenRange: Yes
  • Appliances Included:Refrigerator2: Yes
  • Appliances Included:Dishwasher2: Yes

Exterior Features

  • Disclosures: None
  • Construction Type: Painted, Block
  • Roof: Composition
  • Construction:Block: Yes

Garage/Parking

  • Total Covered Spaces: 9.0
  • Parking Features: 1 Space/Unit
  • Attached Garage: No
  • Open Parking Spaces: 15.0
  • Total Parking Spaces: 24.0
  • General Property Description:Covered Parking Spcs: 9.0
  • General Property Description:Uncvrd Parking Spcs: 15.0
  • General Property Description:Total Parking Spcs: 24.0
  • Parking:_one_ SpaceUnit: Yes

Utilities

  • Electric: APS, Individual Meter
  • Cooling Y N: Yes
  • Water Source: City Franchise, Master Meter
  • Heating:Individual: Yes

Association/Amenities

  • Exterior Amenities:Other (See Remarks)58: Yes

Fee Information

  • Annual Fuel Expense: 550.0
  • Trash Expense: 1000.0
  • Annual Water Sewer Expense: 3000.0

Schools

  • Junior High Dist: Tempe Union High School District

Lot Info

  • Lot Size: 19000 sq
  • Additional Parcels: Yes
  • Parcel #: 124-70-026

Multi Family

  • Owner Pays: Trash Collection, Water, Sewer, Landscaping
  • Tenant Pays: Gas, Electricity, Cable TV
  • Number Of Units Total: 9
  • Electric Expense: 600.0
  • Annual Gross Income: 105056.0
  • Insurance Expense: 1800.0
  • Maintenance Expense: 6000.0
  • Property Net Operating Income: 79046.0
  • Annual Operating Expense: 22794.0
  • Vacancy Allowance Rate: 0.02

Tax Info

  • Tax Annual Amount: 4367.0
  • Tax Book Number: 124.00
  • Tax Lot: 4,5

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Nov 23, 2019
Closed on
Dec 16, 2019
Sold by
Proactive Investments Llc
Bought by
Flying Heart Stables Llc
Seller's Agent
Sophia Baron
Grace CRE
Buyer's Agent
Chris Bianco
Civic Center Real Estate
List Price
$1,485,000
Sold Price
$1,400,000
Premium/Discount to List
-$85,000
-5.72%
Current Estimated Value
$949,842

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
-$450,158
Avg. Annual Appreciation
-5.87%

Purchase Details

Closed on
Apr 16, 2019
Sold by
Universal Student Housing Llc
Bought by
Proactive Investments Llc

Purchase Details

Listed on
Aug 4, 2015
Closed on
Oct 16, 2015
Sold by
Thompson Philip R and Thompson Susan P
Bought by
Universal Student Housing Llc
Seller's Agent
Eric Hegarty
Better Homes & Gardens Real Estate SJ Fowler
Buyer's Agent
Non-MLS Agent
Non-MLS Office
List Price
$775,000
Sold Price
$748,000
Premium/Discount to List
-$27,000
-3.48%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
2.92%
Original Mortgage
$527,100
Interest Rate
3.85%
Mortgage Type
Commercial

Purchase Details

Closed on
Mar 22, 2004
Sold by
Thompson Philip R
Bought by
Thompson Philip R and Thompson Susan P
Source: Public Records

Range of Values:

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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
Flying Heart Stables Llc $1,400,000 Great American Title Agency
Proactive Investments Llc $1,200,000 Chicago Title Agency Inc
Universal Student Housing Llc $748,000 North American Title Company
Thompson Philip R -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Universal Student Housing Llc $527,100
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
12/20/2019 12/20/19 Sold $1,400,000 -5.7% $1,577 / Sq Ft
11/23/2019 11/23/19 For Sale $1,485,000 +98.5% $1,672 / Sq Ft
10/24/2015 10/24/15 Sold $748,000 -3.5% $842 / Sq Ft
08/24/2015 08/24/15 Pending -- -- --
07/28/2015 07/28/15 For Sale $775,000 -- $873 / 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 $2,668 $23,817 -- --
2024 $2,636 $22,682 -- --
2023 $2,636 $81,700 $16,340 $65,360
2022 $2,528 $65,330 $13,060 $52,270
2021 $2,546 $55,480 $11,090 $44,390
2020 $2,468 $49,450 $9,890 $39,560
2019 $2,422 $39,650 $7,930 $31,720
2018 $2,362 $32,850 $6,570 $26,280
2017 $2,291 $27,100 $5,420 $21,680
2016 $2,275 $24,680 $4,930 $19,750
2015 $2,185 $24,810 $4,960 $19,850
Source: Public Records

Agents Affiliated with this Home

  • Sophia Baron

    Seller's Agent in 2019

    Sophia Baron

    Grace CRE

    (480) 375-0227

    3 in this area

    88 Total Sales

    Sophia Baron
    Section Image
  • Joshua Willets

    Seller Co-Listing Agent in 2019

    Joshua Willets

    Grace CRE

    (561) 473-4477

    3 in this area

    34 Total Sales

    Joshua Willets
    Section Image
  • Chris Bianco

    Buyer's Agent in 2019

    Chris Bianco

    Civic Center Real Estate

    (602) 291-2090

    84 Total Sales

    Chris Bianco
    Section Image
  • Eric Hegarty

    Seller's Agent in 2015

    Eric Hegarty

    Better Homes & Gardens Real Estate SJ Fowler

    (480) 649-3536

    1 in this area

    21 Total Sales

    Eric Hegarty
    Section Image

  • N

    Buyer's Agent in 2015

    Non-MLS Agent

    Non-MLS Office

See All Agents

Map

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 6008284

Arizona Regional Multiple Listing Service (ARMLS)

APN: 124-70-026

Arizona Maricopa County Tempe 85281 Mitchell Park East

1218 S Farmer Ave, Tempe, AZ

This home is located at 1218 S Farmer Ave, Tempe, AZ 85281 since 23 November 2019 and is currently estimated at $949,842, approximately $1,069 per square foot. This property was built in 1947. 1218 S Farmer Ave is a home located in Maricopa County with nearby schools including Geneva Epps Mosley Middle School, Tempe High School, and New School for the Arts & Academics.

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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