NOT LISTED FOR SALE

Estimated Value: $626,000 - $781,638

Studio
-- Bath
2,592 Sq Ft
$284/Sq Ft Est. Value

Last Sold September 30, 2024

Last sale price $1,550,000 $598 Per Sq Ft

Current estimated payment $3,962/month

1 Day on Market

Highlights

  • Cooling Available
  • Ceramic Tile Flooring
  • Heat Pump System
  • Phoenix Coding Academy Rated A
  • Ceiling Fan

About This Home

As of September 2024

**Investment Opportunity: Harvard - Prime Garden-Style Property**

Discover an exceptional investment opportunity with this meticulously maintained garden-style property located at 1753 to1757 E Harvard. This unique offering consists of 8 units spread across two contiguous fourplexes, strategically positioned on separate parcels. This configuration not only enhances the property's versatility but also allows for the flexibility of residential financing, making it an attractive option for investors who are looking to diversify their portfolio with a stable and reliable income stream. *Property Highlights:**

- **Year Built:** Constructed in 1984, this property boasts solid construction and a timeless design that appeals to a wide range of tenants. The thoughtful layout and quality materials used in its construction contribute to the property's longevity and ease of maintenance.
- **Unit Composition:** The property is fully occupied with 2-bedroom, 1-bath units, each featuring an additional office space or study room. This added feature is particularly appealing to professionals working from home, students, or families needing extra space, thus increasing tenant retention and reducing vacancy rates.
- **Exterior Features:** Each unit includes a generously sized front patio area, providing residents with private outdoor space ideal for relaxation or entertaining. The property also features expansive backyard areas that offer additional space for outdoor activities, gardening, or potential future development. Ample front parking ensures convenience for tenants and their guests, adding to the overall appeal of the property.
- **Utilities:** Each unit is individually metered for electricity, allowing tenants to manage their own utility usage. This setup not only simplifies management responsibilities but also reduces operating expenses for the owner.
- **Additional Income Potential:** The property includes owner-operated laundry facilities in each building, providing a steady additional revenue stream. Each unit is also equipped with its own storage room, offering tenants extra storage space, which is a highly desirable amenity that can justify higher rental rates.

**Value-Add Opportunity:**

For investors looking to increase the property's income potential, there is a light value-add opportunity available. By modernizing the interiors through selective remodels, such as upgrading kitchen and bathroom fixtures, flooring, and lighting, the property's rental appeal could be significantly enhanced. These improvements could justify rent increases, leading to a higher return on investment over time.

**Prime Location Benefits:**

- **Close Proximity to Phoenix Children's Hospital:** The property's location near Phoenix Children's Hospital makes it an ideal choice for families seeking convenient access to top-tier pediatric care. This proximity ensures a steady demand for rental units from medical professionals, hospital staff, and families with children receiving treatment.
- **Nearby Amenities:** The property is situated just minutes away from prestigious amenities like the Phoenix Country Club and Coronado Park. Residents can enjoy leisurely rounds of golf, engaging community events, and recreational activities in one of Phoenix's most beloved green spaces. The vibrant Downtown Phoenix area, with its eclectic mix of dining, shopping, and cultural attractions, is also within easy reach, offering residents a dynamic urban lifestyle.
- **Transportation Access:** Commuters will appreciate the property's easy access to the Route 51 Freeway, facilitating convenient travel throughout the Phoenix metropolitan area. Additionally, Phoenix Sky Harbor International Airport is just a short drive away, making it ideal for tenants who travel frequently for business or pleasure.

**Investment Appeal:**

This garden-style property presents a compelling investment opportunity with its attractive unit mix, desirable location, and potential for additional income through owner-operated facilities. The opportunity to increase rental income through strategic renovations adds further value, making this property a prudent choice for investors looking to expand their real estate portfolio with a well-positioned, income-generating asset.

**Please Note:** Buyers are advised to verify all facts and figures to ensure accuracy. Seller financing is not available for this property. Interior inspections will be conducted only after an accepted contract, to respect the privacy and comfort of the tenants. Interested parties are encouraged to drive by the property, but please do not disturb the tenants.

Last Agent to Sell the Property

Linda Gerchick

Gerchick Real Estate License #BR114848000 Listed on: 08/25/2024

Last Buyer's Agent

Linda Gerchick

Gerchick Real Estate License #BR114848000 Listed on: 08/25/2024

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $2,676

Year Built

  • Built in 1984

Lot Details

  • Additional Parcels

Home Design

  • Composition Roof
  • Block Exterior

Interior Spaces

  • Ceiling Fan
  • Ceramic Tile Flooring

Parking

  • 8 Open Parking Spaces
  • 8 Parking Spaces
  • Free Parking
  • Paved Parking
  • On-Street Parking

Utilities

  • Cooling Available
  • Heat Pump System
  • Individual Controls for Heating

Listing and Financial Details

  • Tenant pays for electricity, cable TV
  • The owner pays for trash collection, water, sewer, landscaping
  • Tax Lot 47-48
  • Assessor Parcel Number 117-06-069-J

Community Details

Overview

  • 2 Buildings
  • 8 Units
  • Building Dimensions are Irr

Building Details

  • Operating Expense $21,516
  • Gross Income $140,456
  • Net Operating Income $118,840

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$2,676

Year Built

Built in 1984

Lot Details

0

Listing Details

  • Cross Street: Thomas and 16th Street
  • Property Type: Multiple Dwellings
  • Zoning: R-3
  • Number Of Buildings: 2
  • Ownership: Fee Simple
  • Year Built: 1984
  • Tax Year: 2023
  • Road Surface Type: Asphalt, Curb(s) & Gutter(s)
  • Professional Management Expense: 6240.0
  • Tax Parcel Letter: J
  • Cooling:Ceiling Fan(s): Yes
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Flooring: Ceramic Tile
  • Appliances: F/S Oven/Range
  • Appliances Included:FS OvenRange: Yes
  • Appliances Included:Refrigerator2: Yes

Exterior Features

  • Disclosures: Other (See Remarks), Seller Prop Disc Stm, APOD/Backup Avaible, Sch of Personal Prop
  • Construction Type: Painted, Block
  • Roof: Composition
  • Construction:Block: Yes

Garage/Parking

  • Parking Features: Paved Parking, Free, >1 Space Per Unit, Street Parking
  • Attached Garage: No
  • Open Parking Spaces: 8.0
  • Total Parking Spaces: 8.0
  • General Property Description:Uncvrd Parking Spcs: 8.0
  • General Property Description:Total Parking Spcs: 8.0
  • Parking:Free: Yes
  • Parking:Street Parking: Yes
  • Parking:_greater_1 Space Per Unit: Yes
  • Parking:Paved Parking: Yes

Utilities

  • Electric: APS
  • Cooling: Heat Pump, Ceiling Fan(s)
  • Heating: Individual, Heat Pump
  • Cooling Y N: Yes
  • Heating Yn: Yes
  • Water Source: City Franchise
  • Heating:Individual: Yes
  • Heating:Heat Pump2: Yes

Condo/Co-op/Association

  • Community Features: No Pool

Association/Amenities

  • Exterior Amenities:Cable TV Available: Yes
  • Exterior Amenities:PatioBalcony: Yes
  • Interior Amenities:FireSmoke Alarm(s): Yes
  • Community Amenities:No Pool: Yes
  • Exterior Amenities:Partially Fenced: Yes
  • Exterior Amenities:Desert Landscaping: Yes
  • Exterior Amenities:Separate Storage: Yes
  • Interior Amenities:Unfurnished: Yes
  • Interior Amenities:Other (See Remarks)51: Yes

Fee Information

  • Trash Expense: 2400.0
  • Annual Water Sewer Expense: 4800.0

Schools

  • Junior High Dist: Phoenix Union High School District

Lot Info

  • Lot Size: Irr
  • Additional Parcels: Yes
  • Parcel #: 117-06-069-J

Multi Family

  • Owner Pays: Trash Collection, Water, Sewer, Landscaping
  • Tenant Pays: Electricity, Cable TV
  • Number Of Units Total: 8
  • Annual Gross Income: 140456.0
  • Insurance Expense: 2700.0
  • Maintenance Expense: 2000.0
  • Property Net Operating Income: 118840.0
  • Annual Operating Expense: 21516.0
  • Vacancy Allowance Rate: 0.03

Tax Info

  • Tax Annual Amount: 2676.0
  • Tax Book Number: 117.00
  • Tax Lot: 47-48

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Aug 25, 2024
Closed on
Sep 27, 2024
Sold by
Footprint Properties Llc
Bought by
Liu Xiaofang and Xu Yan
Seller's Agent
Linda Gerchick
Gerchick Real Estate
Buyer's Agent
Linda Gerchick
Gerchick Real Estate
List Price
$1,595,000
Sold Price
$1,550,000
Premium/Discount to List
-$45,000
-2.82%
Views
194
Current Estimated Value
$735,910

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
-$814,090
Avg. Annual Appreciation
-43.87%
Original Mortgage
$504,525
Outstanding Balance
$499,360
Interest Rate
6.49%
Mortgage Type
New Conventional
Estimated Equity
$236,550

Purchase Details

Listed on
Aug 25, 2024
Closed on
Sep 26, 2024
Sold by
Liu Xiaofang and Xu Yan
Bought by
Avenue One Investments Llc
Seller's Agent
Linda Gerchick
Gerchick Real Estate
Buyer's Agent
Linda Gerchick
Gerchick Real Estate
List Price
$1,595,000
Sold Price
$1,550,000
Premium/Discount to List
-$45,000
-2.82%
Views
194

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$504,525
Outstanding Balance
$499,360
Interest Rate
6.49%
Mortgage Type
New Conventional
Estimated Equity
$236,550

Purchase Details

Closed on
Nov 25, 2020
Sold by
Jennings V Thurston J
Bought by
Footprint Properties Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$388,125
Interest Rate
2.8%
Mortgage Type
New Conventional

Purchase Details

Closed on
Nov 19, 2020
Sold by
Surani Sohel and Surani Mihir
Bought by
Jennings V Thurston J

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$388,125
Interest Rate
2.8%
Mortgage Type
New Conventional

Purchase Details

Closed on
Mar 3, 2017
Sold by
Valentino Group Llc
Bought by
Surani Schel and Surani Mihir

Purchase Details

Closed on
Nov 2, 2015
Sold by
1753 E Harvard St Llc
Bought by
Valentino Group Llc

Purchase Details

Closed on
Jul 10, 2015
Sold by
Waucer Damien
Bought by
1753 C Harvard St Llc

Purchase Details

Closed on
Oct 2, 2014
Sold by
1753 E Harvard Street Llc
Bought by
Walker Damien

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$100,000
Interest Rate
4.08%
Mortgage Type
New Conventional

Purchase Details

Closed on
Nov 16, 2012
Sold by
Walker Damien
Bought by
1753 E Harvard St Llc

Purchase Details

Closed on
Sep 16, 2011
Sold by
Cg Harvard Llc
Bought by
Walker Damien B

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$97,367
Interest Rate
4.25%
Mortgage Type
FHA

Purchase Details

Closed on
Feb 19, 2009
Sold by
Aurora Loan Services Llc
Bought by
Cg Harvard Llc

Purchase Details

Closed on
Dec 22, 2008
Sold by
Rios Jose and Lopez Irma
Bought by
Aurora Loan Services Llc

Purchase Details

Closed on
Oct 5, 2006
Sold by
Trevizo Elizabeth
Bought by
Trevizo Ricard

Purchase Details

Closed on
Nov 10, 2005
Sold by
Rios Jose and Lopez Irma
Bought by
Rios Jose and Lopez Irma

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$246,000
Interest Rate
2%
Mortgage Type
New Conventional

Purchase Details

Closed on
Jan 19, 2005
Sold by
Marcus Narcis and Marcus Monica
Bought by
Rios Jose and Mercado Irma

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$204,000
Interest Rate
6.5%
Mortgage Type
New Conventional

Purchase Details

Closed on
Jul 8, 2004
Sold by
Saunders Ronald O and Saunders Frances E
Bought by
Marcus Narcis and Marcus Monica

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$151,400
Interest Rate
6.29%
Mortgage Type
New Conventional

Purchase Details

Closed on
Dec 17, 1998
Sold by
Parkin Patricia J
Bought by
Saunders Ronald O and Saunders Frances E

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$76,500
Interest Rate
6.91%

Purchase Details

Closed on
May 14, 1997
Sold by
Parkin Patricia A
Bought by
Parkin Patricia J and The Henry H Parkin Trust

Purchase Details

Closed on
Mar 7, 1997
Sold by
Sharp Jacqueline J
Bought by
Parkin Patricia J

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$60,000
Interest Rate
7.74%
Mortgage Type
New Conventional
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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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
Liu Xiaofang $775,000 Wfg National Title Insurance C
Avenue One Investments Llc -- --
Footprint Properties Llc -- Great American Ttl Agcy Inc
Jennings V Thurston J -- Great American Ttl Agcy Inc
Jennings V Thurston J $517,500 Great American Ttl Agcy Inc
Surani Schel $217,500 Old Republic Title Agency
Valentino Group Llc $185,000 Clear Title Agency Of Az
1753 C Harvard St Llc -- None Available
Walker Damien -- Title365 Agency
1753 E Harvard St Llc -- None Available
Walker Damien B $99,900 Lawyers Title Of Arizona Inc
Cg Harvard Llc $83,750 Security Title Agency
Aurora Loan Services Llc $116,600 None Available
Trevizo Ricard -- Dhi Title Of Arizona Inc
Rios Jose -- Fidelity National Title
Rios Jose $255,000 Lawyers Title Ins
Marcus Narcis $190,000 Ticor Title Agency Of Az Inc
Saunders Ronald O $85,000 Transnation Title Ins Co
Parkin Patricia J -- North American Title Agency
Parkin Patricia J $75,000 North American Title Agency
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Liu Xiaofang $504,525
Previous Owner Jennings V Thurston J $388,125
Previous Owner Walker Damien $100,000
Previous Owner Walker Damien B $97,367
Previous Owner Rios Jose $246,000
Previous Owner Rios Jose $204,000
Previous Owner Marcus Narcis $151,400
Previous Owner Saunders Ronald O $76,500
Previous Owner Parkin Patricia J $60,000
Closed Marcus Narcis $10,100
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
09/30/2024 09/30/24 Sold $1,550,000 +100.0% $598 / Sq Ft
09/30/2024 09/30/24 Sold $775,000 -51.4% $299 / Sq Ft View Prior Sale
08/26/2024 08/26/24 Pending -- -- --
08/26/2024 08/26/24 Pending -- -- --
08/25/2024 08/25/24 For Sale $1,595,000 +100.6% $615 / Sq Ft
08/23/2024 08/23/24 For Sale $795,000 -- $307 / 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 $1,351 $10,006 -- --
2024 $1,286 $9,529 -- --
2023 $1,286 $42,660 $8,530 $34,130
2022 $1,235 $32,000 $6,400 $25,600
2021 $1,265 $23,620 $4,720 $18,900
2020 $1,235 $20,580 $4,110 $16,470
2019 $1,226 $18,070 $3,610 $14,460
2018 $1,201 $15,950 $3,190 $12,760
2017 $1,154 $14,560 $2,910 $11,650
2016 $1,110 $11,980 $2,390 $9,590
Source: Public Records

Agents Affiliated with this Home

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Map

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 6748483

Arizona Regional Multiple Listing Service (ARMLS)

APN: 117-06-069J