NOT LISTED FOR SALE

2424 E Grandview Rd Phoenix, AZ 85032

Paradise Valley Village Neighborhood
1 Bed
1 Bath
600 Sq Ft
1984 Built

Last Sold July 10, 2013

Last sale price $1,350,000 $2,250 Per Sq Ft

3 Days on Market

Highlights

  • Heated Community Pool
  • Cooling Available
  • Individual Controls for Heating

About This Home

As of July 2013

Grandview Terrace is a 36-unit apartment community located in North Phoenix. Located on East Grandview Road, west of the SR-51 Freeway, and east of Cave Creek Road, near Lookout Mountain, Paradise Valley Community College, Costco, Arizona Christian University, shopping, schools, and plenty of transportation options. Property is being sold ''As-Is.'' For the investor: This property offers the rare opportunity to acquire 80s vintage apartments (fully rehabbed in 2012). Projected gross potential rent of $234,000, less 12% vacancy of $28,080 per year, added income of $2,200, equals $208,120 adjusted gross income. After expenses of $101,176, the pro forma net operating income is $106,944. This is a 8.23% CAP RATE!

Last Agent to Sell the Property

Natan Jacobs

Vestis Group License #BR525576000 Listed on: 05/29/2013

Last Buyer's Agent

Rick Horst

Keller Williams Arizona Realty License #SA640657000

Keller Williams Arizona Realty

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $10,034

Year Built

  • Built in 1984

Lot Details

  • Additional Parcels

Home Design

  • Composition Roof
  • Block Exterior
  • Stucco

Parking

  • 16 Open Parking Spaces
  • 52 Parking Spaces
  • 36 Covered Spaces
  • Common or Shared Parking
  • Assigned Parking

Utilities

  • Cooling Available
  • Individual Controls for Heating

Listing and Financial Details

  • Tenant pays for cable TV
  • The owner pays for trash collection, water, sewer, landscaping, pool/spa maintenance
  • Tax Lot 16
  • Assessor Parcel Number 214-27-002-D

Community Details

Overview

  • 3 Buildings
  • 36 Units
  • Building Dimensions are IRR
  • Grandview Terrace Apartments Subdivision

Recreation

  • Heated Community Pool

Building Details

  • Operating Expense $101,176
  • Gross Income $207,856
  • Net Operating Income $111,624

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$10,034

Year Built

Built in 1984

Lot Details

0

Listing Details

  • Cross Street: Bell Road & Cave Creek Road
  • Legal Info Range: 3E
  • Property Type: Multiple Dwellings
  • Zoning: C-2 Phoenix
  • Number Of Buildings: 3
  • Year Built: 1984
  • Tax Year: 2012
  • Directions: South on Cave Creek Road to Grandview Road. East to property on North side of street.
  • Road Surface Type: Asphalt
  • Professional Management Expense: 16474.0
  • Subdivision Name: Grandview Terrace Apartments
  • Tax Parcel Letter: D
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

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

Exterior Features

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

Garage/Parking

  • Total Covered Spaces: 36.0
  • Parking Features: Assigned, Common
  • Attached Garage: No
  • Open Parking Spaces: 16.0
  • Total Parking Spaces: 52.0
  • General Property Description:Covered Parking Spcs: 36.0
  • General Property Description:Uncvrd Parking Spcs: 16.0
  • General Property Description:Total Parking Spcs: 52.0
  • Parking:Carport: Yes
  • Parking:Free: Yes
  • Parking:_greater_1 Space Per Unit: Yes
  • Parking:Paved Parking: Yes
  • Parking:Add_squote_l Parking Avail: Yes

Utilities

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

Condo/Co-op/Association

  • Community Features: Pool

Association/Amenities

  • Exterior Amenities:Landscape Wtr System: Yes
  • Exterior Amenities:Partially Fenced: Yes
  • Community Amenities:Pool2: Yes
  • Exterior Amenities:Desert Landscaping: Yes

Lot Info

  • Lot Size: IRR
  • Additional Parcels: Yes
  • Parcel #: 214-27-002-D

Multi Family

  • Owner Pays: Trash Collection, Water, Sewer, Landscaping, Pool/Spa Maintenance
  • Tenant Pays: Cable TV
  • Number Of Units Total: 36
  • Annual Gross Income: 207856.0
  • Insurance Expense: 6892.0
  • Maintenance Expense: 13626.0
  • Property Net Operating Income: 111624.0
  • Annual Operating Expense: 101176.06
  • Vacancy Allowance Rate: 0.12

Tax Info

  • Tax Annual Amount: 10034.06
  • Tax Book Number: 214.00
  • Tax Lot: 16

Range of Values:

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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 List to Sale Price per Sq Ft
07/10/2013 07/10/13 Sold $1,350,000 +3.8% $2,250 / Sq Ft
05/31/2013 05/31/13 Pending -- -- --
05/28/2013 05/28/13 For Sale $1,300,000 -- $2,167 / Sq Ft
Source: Arizona Regional Multiple Listing Service (ARMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Natan Jacobs

    Seller's Agent in 2013

    Natan Jacobs

    Vestis Group

    (480) 440-4403

    1 in this area

    29 Total Sales

    Natan Jacobs
    Section Image
  • Rick Horst

    Buyer's Agent in 2013

    Rick Horst

    Keller Williams Arizona Realty

    (480) 767-3014

    4 in this area

    37 Total Sales

    Rick Horst
    Section Image
See All Agents

Map

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 4943606

Arizona Regional Multiple Listing Service (ARMLS)
Arizona Maricopa County Phoenix 85032 Paradise Valley Village

2424 E Grandview Rd, Phoenix, AZ

This home is located at 2424 E Grandview Rd, Phoenix, AZ 85032 since 29 May 2013. This property was built in 1984. 2424 E Grandview Rd is a home located in Maricopa County with nearby schools including Palomino Primary School, Palomino Intermediate School, and Greenway Middle 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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