NOT LISTED FOR SALE

2502 N Richland St Phoenix, AZ 85006

Coronado Neighborhood

Estimated Value: $509,000 - $702,000

3 Beds
3 Baths
1,319 Sq Ft
$473/Sq Ft Est. Value

Last Sold December 27, 2021

Last sale price $640,000 $485 Per Sq Ft

Est. 2% decrease in value since last sale

Current estimated payment $3,475/month

48 Days on Market

Highlights

  • Wood Flooring
  • Central Air
  • Floor Furnace
  • Phoenix Coding Academy Rated A

About This Home

As of December 2021

Value add investment opportunity! 100% occupied SFR plus 2 separate 1BR/1BA apartments. Current owner has not
increased rents for nearly a decade. Actual NOI of $31K with legitimate $38K proforma based on current comparable market rents (that's if anything was available for rent). Super well located in desirable Coronado Historic District on large corner lot with dual street access to separate parking for SFR vs Apartments. Rare City of Phoenix [R-3] Multiple Family Residence Zoning.
''Craftsman'' style home built in 1935 with many updates retains the original period quality and charm.
Tenant Rights -call listing agent for more information.

Last Agent to Sell the Property

Doug daCosta

RE/MAX Excalibur License #BR042872000 Listed on: 10/15/2021

RE/MAX Excalibur

Last Buyer's Agent

Carrie Lehrman

SRL Group License #BR626599000

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $1,957

Year Built

  • Built in 1935

Lot Details

  • 6,752

Home Design

  • Composition Roof
  • Block Exterior
  • Stucco

Flooring

  • Wood Flooring

Parking

  • 4 Parking Spaces
  • 2 Covered Spaces
  • Common or Shared Parking

Schools

  • Emerson Elementary School
  • North High School

Utilities

  • Central Air
  • Floor Furnace
  • Wall Furnace
  • Master Water Meter

Listing and Financial Details

  • Tenant pays for cable TV
  • The owner pays for water
  • Tax Lot 37
  • Assessor Parcel Number 117-30-039

Community Details

Overview

  • 2 Buildings
  • 3 Units
  • Building Dimensions are 135x50
  • Fowler Tract Lots 1 96 Subdivision

Building Details

  • Operating Expense $1,957
  • Gross Income $38,400
  • Net Operating Income $30,843

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$1,957

Year Built

Built in 1935

Lot Details

0

Listing Details

  • Cross Street: NEC Richland and Sheridan
  • Legal Info Range: 3E
  • Property Type: Multiple Dwellings
  • Zoning: [R-3] Multiple
  • Number Of Buildings: 2
  • Year Built: 1935
  • Tax Year: 2021
  • Directions: Thomas to 12th Street south to Sheridan then west to Richland Street
  • Road Surface Type: Asphalt, Curb(s) & Gutter(s), Sidewalk(s)
  • Subdivision Name: FOWLER TRACT LOTS 1-96
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Flooring: Wood
  • Appliances Included:FS OvenRange: Yes
  • Appliances Included:Refrigerator: Yes
  • Appliances Included:WasherDryer: Yes

Exterior Features

  • Disclosures: Seller Prop Disc Stm
  • Construction Type: Painted, Stucco, Block
  • Roof: Composition
  • Construction:Block: Yes

Garage/Parking

  • Total Covered Spaces: 2.0
  • Parking Features: Common
  • Attached Garage: No
  • Open Parking Spaces: 2.0
  • Total Parking Spaces: 4.0
  • General Property Description:Covered Parking Spcs: 2.0
  • General Property Description:Uncvrd Parking Spcs: 2.0
  • General Property Description:Total Parking Spcs: 4.0
  • Parking:Carport: Yes
  • Parking:Street Parking: Yes
  • Parking:_one_ SpaceUnit: Yes

Utilities

  • Electric: APS, Individual Meter
  • Cooling: Central A/C
  • Heating: Floor Furnace, Wall Furnace
  • Cooling Y N: Yes
  • Heating Yn: Yes
  • Water Source: City Franchise, Master Meter
  • Heating:Wall Furnace: Yes

Condo/Co-op/Association

  • Community Features: No Pool

Association/Amenities

  • Community Amenities:No Pool: Yes

Schools

  • Elementary School: Emerson Elementary School
  • High School: North High School
  • Middle Or Junior School: Emerson Elementary School

Lot Info

  • Lot Size: 135x50
  • Additional Parcels: No
  • Parcel #: 117-30-039

Multi Family

  • Owner Pays: Water
  • Tenant Pays: Cable TV
  • Number Of Units Total: 3
  • Annual Gross Income: 38400.0
  • Property Net Operating Income: 30843.0
  • Annual Operating Expense: 1957.0

Tax Info

  • Tax Annual Amount: 1957.0
  • Tax Book Number: 117.00
  • Tax Lot: 37

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Mar 7, 2022
Sold by
Tom Gutberg
Bought by
North Richland Llc
Current Estimated Value
$624,457

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$455,000
Outstanding Balance
$424,786
Interest Rate
3.69%
Mortgage Type
New Conventional
Estimated Equity
$215,093

Purchase Details

Listed on
Oct 15, 2021
Closed on
Dec 17, 2021
Sold by
John T Witherspoon T and John Judith M
Bought by
Gutberg Tom
Seller's Agent
Doug daCosta
RE/MAX Excalibur
Buyer's Agent
Carrie Lehrman
SRL Group
List Price
$689,000
Sold Price
$640,000
Premium/Discount to List
-$49,000
-7.11%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
-0.01%

Purchase Details

Closed on
Dec 3, 2019
Sold by
Witherspoon John T and Janet E Witherspoon Trust
Bought by
Witherspoon John T and Witherspoon John T

Purchase Details

Closed on
Feb 18, 2014
Sold by
Witherspoon Janet
Bought by
Declaratio Witherspoon Janet E and Declaratio Janet E Witherspoon

Purchase Details

Closed on
Jan 23, 1996
Sold by
Miller Lee M
Bought by
Witherspoon Janet

Purchase Details

Closed on
Nov 30, 1994
Sold by
Schell Jimmie Lavern and Schell James L
Bought by
Miller Lee M
Source: Public Records

Range of Values:

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Average Value
Not Available
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
North Richland Llc -- Premier Title
Gutberg Tom $640,000 Premier Title
Witherspoon John T -- None Available
Declaratio Witherspoon Janet E -- None Available
Witherspoon Janet -- --
Miller Lee M $58,900 Lawyers Title
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Gutberg Tom $455,000
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
12/27/2021 12/27/21 Sold $640,000 -7.1% $485 / Sq Ft
12/21/2021 12/21/21 For Sale $689,000 0.0% $522 / Sq Ft
12/21/2021 12/21/21 Price Changed $689,000 0.0% $522 / Sq Ft
10/15/2021 10/15/21 For Sale $689,000 -- $522 / 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 $2,124 $15,885 -- --
2024 $2,104 $15,128 -- --
2023 $2,104 $51,160 $10,230 $40,930
2022 $1,968 $38,610 $7,720 $30,890
2021 $1,957 $34,860 $6,970 $27,890
2020 $1,981 $27,460 $5,490 $21,970
2019 $1,978 $23,970 $4,790 $19,180
2018 $1,944 $18,810 $3,760 $15,050
2017 $1,893 $18,670 $3,730 $14,940
2016 $1,839 $16,130 $3,220 $12,910
2015 $1,696 $16,860 $3,370 $13,490
Source: Public Records

Agents Affiliated with this Home

  • Doug daCosta

    Seller's Agent in 2021

    Doug daCosta

    RE/MAX

    (602) 430-3788

    1 in this area

    12 Total Sales

    Doug daCosta
    Section Image
  • Carrie Lehrman

    Buyer's Agent in 2021

    Carrie Lehrman

    SRL Group

    (480) 338-9641

    2 in this area

    77 Total Sales

    Carrie Lehrman
    Section Image
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Map

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 6307712

Arizona Regional Multiple Listing Service (ARMLS)

APN: 117-30-039

Arizona Maricopa County Phoenix 85006 Coronado

2502 N Richland St, Phoenix, AZ

This home is located at 2502 N Richland St, Phoenix, AZ 85006 since 15 October 2021 and is currently estimated at $624,457, approximately $473 per square foot. This property was built in 1935. 2502 N Richland St is a home located in Maricopa County with nearby schools including Emerson Elementary School, North High School, and Phoenix Coding Academy.

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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