1620 E Palm Ln Phoenix, AZ 85006
--
Bed
--
Bath
1,276
Sq Ft
0.47
Acres
Highlights
- Cooling System Mounted To A Wall/Window
- Phoenix Coding Academy Rated A
- Heating Available
About This Home
As of November 20191620 East Palm Lane Apartments is a 7-unit, recently-renovated property with additional upside potential. Located half a mile from the intersection of the 51 & I-10 Freeways,commuting anywhere in the valley is a breeze. The property is situated on the outskirts of the highly sought after Coronado District. With developments in the area taking place at such a feverish pace, it could be one of the few opportunities to obtain property at these price points. This offering consists of (6) efficiency units along with (1) one-bedroom / one-bathroom unit. The garden-style, block
construction has a timeless attractiveness to it. Property is a cash cow with the new AZ MSA FMRs recently updated to $847/studio & $958/1-bed for the 2020 fiscal year.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $1,110
Year Built
- Built in 1947
Home Design
- Block Exterior
Parking
- 10 Open Parking Spaces
- 10 Parking Spaces
Utilities
- Cooling System Mounted To A Wall/Window
- Heating Available
Listing and Financial Details
- Tenant pays for water, sewer
- The owner pays for trash collection, water, sewer, landscaping
- 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 $30,481
- Gross Income $68,856
- Net Operating Income $38,375
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Closed on
Feb 2, 2021
Sold by
Lu Jing and Short Bodhi
Bought by
Pyr Llc
Total Days on Market
19
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$415,000
Outstanding Balance
$373,943
Interest Rate
2.6%
Mortgage Type
Commercial
Estimated Equity
$413,968
Purchase Details
Listed on
Oct 2, 2019
Closed on
Oct 30, 2019
Sold by
Bryan Schlueter Pllc
Bought by
Lu Jing and Short Bodhi
Seller's Agent
Dallin Hammond
ABI Multifamily
Buyer's Agent
Alexandra Pfannenstiel
My Home Group Real Estate
List Price
$575,000
Sold Price
$520,000
Premium/Discount to List
-$55,000
-9.57%
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
7.76%
Original Mortgage
$442,000
Interest Rate
3.7%
Mortgage Type
Commercial
Purchase Details
Closed on
Nov 29, 2017
Sold by
Scooter Investments Llc
Bought by
Bryan Schlueter Pllc
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$280,000
Interest Rate
3.88%
Mortgage Type
Seller Take Back
Purchase Details
Listed on
Feb 13, 2014
Closed on
Mar 18, 2014
Sold by
Roselawn Llc
Bought by
Scooter Investments Llc
Seller's Agent
Lloyd Kaipainen
Better Homes & Gardens Real Estate SJ Fowler
Buyer's Agent
Jared Piper
My Home Group Real Estate
List Price
$145,000
Sold Price
$135,000
Premium/Discount to List
-$10,000
-6.9%
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
17.08%
Original Mortgage
$94,500
Interest Rate
4.18%
Mortgage Type
Seller Take Back
Purchase Details
Closed on
Jul 13, 2009
Sold by
Sharp Greg and Sharp Theresa
Bought by
Roselawn Llc
Purchase Details
Closed on
Mar 1, 2007
Sold by
Sharp Greg J
Bought by
P38 Uranium
Purchase Details
Closed on
Jun 21, 2005
Sold by
Sharp Theresa
Bought by
Sharp Greg
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$175,000
Interest Rate
5.72%
Mortgage Type
New Conventional
Purchase Details
Closed on
Jun 16, 2005
Sold by
Eastwood Charles H
Bought by
Sharp Greg
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$175,000
Interest Rate
5.72%
Mortgage Type
New Conventional
Purchase Details
Closed on
Oct 8, 2002
Sold by
Jones Thatcher D and Jones Donna M
Bought by
Eastwood Charles H
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$225,000
Interest Rate
5.99%
Mortgage Type
Seller Take Back
Purchase Details
Closed on
Oct 19, 2000
Sold by
Jones Robert G
Bought by
Jones Thatcher D and Jones Donna M
Map
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Similar Home in Phoenix, AZ
Home Values in the Area
Average Home Value in this Area
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 |
Source: Public Records
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: Public Records
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 |
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 | $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 |
Source: Public Records
Source: Arizona Regional Multiple Listing Service (ARMLS)
MLS Number: 5986176
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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