NOT LISTED FOR SALE

1241 E Thomas Rd Phoenix, AZ 85014

Coronado Neighborhood
35 Beds
-- Bath
2,242 Sq Ft
1952 Built

Last Sold August 05, 2016

Last sale price $2,400,000 $1,070 Per Sq Ft

77 Days on Market

Highlights

  • Cooling Available
  • Phoenix Coding Academy Rated A
  • Individual Controls for Heating

About This Home

As of August 2016

28 on Thomas is a 27-unit garden-style apartment community located in a highly desirable central Phoenix location that was completely renovated and repositioned in 2015 with premium finishes. The property is made of block construction with new pitched composition shingle roofs and is individually-metered for electricity. The unit mix is comprised of a studio, one and two bedroom floor plans that are spacious, well designed and range in size from 525 to 1,075 square feet. The units have been completely renovated with exposed polished concrete and 24" porcelain tile flooring, new contemporary cabinetry with brushed nickel hardware, granite countertops, full-size appliances, ceramic tile shower surrounds with new brushed nickel fixtures, modern bathroom vanities, brushed-nickel light fixtures and new mini blinds.

The property is situated on approximately 0.9 acres and has attractive landscaping with lush turf, mature shade trees and low maintenance desert plants. Exterior renovations include a two-toned paint scheme, an attractive monument sign with high visibility on Thomas Road, dual pane, energy efficient windows, professionally designed landscaping, unit entry doors, upgraded lighting and all new HVAC units.

28 on Thomas offers an investor the rare opportunity to acquire an extensively renovated asset located in a dynamic central Phoenix location priced below replacement cost. In the third quarter of 2015, the submarket rents averaged $1.18 per square foot, 16% greater than the metropolitan Phoenix average. Furthermore, the average submarket vacancy decreased by 222 basis points in the 3rd quarter, significantly greater than the metro Phoenix average. With the strong submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, 28 on Thomas is well positioned to achieve continual revenue increase.

Last Agent to Sell the Property

Jeff Seaman

CBRE, Inc License #SA551921000 Listed on: 02/11/2016

Last Buyer's Agent

Jeff Seaman

CBRE, Inc License #SA551921000 Listed on: 02/11/2016

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $7,991

Year Built

  • Built in 1952

Lot Details

  • Additional Parcels

Home Design

  • Composition Roof
  • Block Exterior

Parking

  • 27 Parking Spaces
  • 27 Covered Spaces
  • Common or Shared Parking

Utilities

  • Cooling Available
  • Individual Controls for Heating
  • Master Water Meter

Listing and Financial Details

  • The owner pays for water, sewer
  • Tax Lot 9
  • Assessor Parcel Number 117-21-066-A

Community Details

Overview

  • 7 Buildings
  • 27 Units
  • Building Dimensions are 30870

Building Details

  • Gross Income $145,862
  • Net Operating Income $159,432

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$7,991

Year Built

Built in 1952

Lot Details

0

Listing Details

  • Property Type: Multiple Dwellings
  • Zoning: R-5
  • Number Of Buildings: 7
  • Year Built: 1952
  • Tax Year: 2015
  • Road Surface Type: Asphalt
  • Tax Parcel Letter: A
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

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

Exterior Features

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

Garage/Parking

  • Total Covered Spaces: 27.0
  • Parking Features: Common
  • Attached Garage: No
  • Total Parking Spaces: 27.0
  • General Property Description:Covered Parking Spcs: 27.0
  • General Property Description:Total Parking Spcs: 27.0
  • Parking:Carport: Yes

Utilities

  • Electric: Individual Meter
  • Cooling: Individual
  • Heating: Individual
  • Cooling Y N: Yes
  • Heating Yn: Yes
  • Water Source: Master Meter
  • Heating:Individual: Yes

Condo/Co-op/Association

  • Community Features: No Pool

Association/Amenities

  • Exterior Amenities:Green Landscaping: Yes
  • Exterior Amenities:Fenced3: Yes
  • Exterior Amenities:PatioBalcony: Yes
  • Community Amenities:No Pool: Yes
  • Exterior Amenities:Partially Fenced: Yes
  • Interior Amenities:Unfurnished: Yes

Lot Info

  • Lot Size: 30870
  • Additional Parcels: Yes
  • Parcel #: 117-21-066-A

Multi Family

  • Owner Pays: Water, Sewer
  • Number Of Units Total: 27
  • Annual Gross Income: 145861.8
  • Property Net Operating Income: 159432.0
  • Vacancy Allowance Rate: 0.4

Tax Info

  • Tax Annual Amount: 7991.0
  • Tax Book Number: 117.00
  • Tax Lot: 9

Range of Values:

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Sold Price
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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 Change Sq Ft Price
08/05/2016 08/05/16 Sold $2,400,000 -9.4% $1,070 / Sq Ft
04/28/2016 04/28/16 Pending -- -- --
02/11/2016 02/11/16 For Sale $2,650,000 -- $1,182 / Sq Ft
Source: Arizona Regional Multiple Listing Service (ARMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Jeff Seaman

    Seller's Agent in 2016

    Jeff Seaman

    CBRE, Inc

    (602) 295-1660

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Map

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 5397403

Arizona Regional Multiple Listing Service (ARMLS)

Arizona Maricopa County Phoenix 85006 Coronado

1241 E Thomas Rd, Phoenix, AZ

This home is located at 1241 E Thomas Rd, Phoenix, AZ 85014 since 11 February 2016. This property was built in 1952. 1241 E Thomas Rd is a home located in Maricopa County with nearby schools including Longview Elementary School, Osborn Middle School, and North High School.

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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