1620 E Palm Ln Phoenix, AZ 85006
Estimated payment $5,695/month
Highlights
- Cooling System Mounted To A Wall/Window
- Ceramic Tile Flooring
- Heating Available
- Phoenix Coding Academy Rated A
About This Home
1620 E Palm Ln presents an exceptional opportunity to acquire a turnkey asset in a historically significant area at an outstanding price. The property features 7 units, with 5 recently renovated and 4 units offering washer/dryer. With current rents and expenses, the investment is offered at a 6.3% cap rate, with additional optimization and growth potential.The asset is situated on a large 20,473-square-foot lot, with the current building footprint utilizing only a small portion, providing significant opportunity for future redevelopment or the addition of additional units.The existing income stream generates immediate cash flow, ensuring a strong return from day one. The current ownership has established a strong model for the remaining units, further enhancing the property's revenue.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $1,178
Year Built
- Built in 1947
Home Design
- Block Exterior
Flooring
- Ceramic Tile Flooring
Parking
- 10 Open Parking Spaces
- 10 Parking Spaces
- Over 1 Space Per Unit
- Paved Parking
Schools
- William T Machan Elementary School
Utilities
- Cooling System Mounted To A Wall/Window
- Heating Available
Listing and Financial Details
- Tax Lot 10
- Assessor Parcel Number 117-15-082
Community Details
Overview
- 2 Buildings
- 7 Units
- Building Dimensions are 69 Ft X 304 Ft
- Roselawn Heights Lots 9 12 Subdivision
Building Details
- Operating Expense $32,523
- Gross Income $95,440
- Net Operating Income $62,918
Map
Home Values in the Area
Average Home Value in this Area
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 | $1,178 | $9,061 | -- | -- |
| 2024 | $1,164 | $8,629 | -- | -- |
| 2023 | $1,164 | $40,580 | $8,110 | $32,470 |
| 2022 | $1,119 | $29,360 | $5,870 | $23,490 |
| 2021 | $1,146 | $24,720 | $4,940 | $19,780 |
| 2020 | $1,118 | $21,450 | $4,290 | $17,160 |
| 2019 | $1,110 | $18,700 | $3,740 | $14,960 |
| 2018 | $1,087 | $14,560 | $2,910 | $11,650 |
| 2017 | $1,045 | $13,550 | $2,710 | $10,840 |
| 2016 | $1,005 | $11,180 | $2,230 | $8,950 |
| 2015 | $935 | $9,510 | $1,900 | $7,610 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 05/22/2025 05/22/25 | For Sale | $1,000,000 | +92.3% | -- |
| 11/05/2019 11/05/19 | Sold | $520,000 | -9.6% | $408 / Sq Ft |
| 10/02/2019 10/02/19 | For Sale | $575,000 | 0.0% | $451 / Sq Ft |
| 06/24/2019 06/24/19 | Rented | $850 | 0.0% | -- |
| 06/07/2019 06/07/19 | Under Contract | -- | -- | -- |
| 04/25/2019 04/25/19 | For Rent | $850 | 0.0% | -- |
| 03/21/2014 03/21/14 | Sold | $135,000 | -6.9% | $106 / Sq Ft |
| 03/06/2014 03/06/14 | Pending | -- | -- | -- |
| 01/15/2014 01/15/14 | For Sale | $145,000 | -- | $114 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Special Warranty Deed | -- | Grand Canyon Title Agency | |
| Warranty Deed | $520,000 | Grand Canyon Title Agency | |
| Special Warranty Deed | $331,500 | Fidelity National Title Agen | |
| Warranty Deed | $135,000 | Chicago Title Agency | |
| Deed In Lieu Of Foreclosure | -- | None Available | |
| Special Warranty Deed | -- | None Available | |
| Interfamily Deed Transfer | -- | -- | |
| Interfamily Deed Transfer | -- | -- | |
| Cash Sale Deed | $270,000 | Chicago Title Insurance Co | |
| Warranty Deed | $250,000 | Chicago Title Insurance Co | |
| Interfamily Deed Transfer | $66,500 | First American Title |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $415,000 | Commercial | |
| Previous Owner | $442,000 | Commercial | |
| Previous Owner | $280,000 | Seller Take Back | |
| Previous Owner | $94,500 | Seller Take Back | |
| Previous Owner | $175,000 | New Conventional | |
| Previous Owner | $225,000 | Seller Take Back |
Source: Arizona Regional Multiple Listing Service (ARMLS)
MLS Number: 6869774
APN: 117-15-082
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.
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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