NOT LISTED FOR SALE

407 W 7th St Tempe, AZ 85281

Riverside Neighborhood
28 Beds
-- Bath
1,800 Sq Ft
1983 Built

Last Sold August 12, 2016

Last sale price $1,650,000 $917 Per Sq Ft

13 Days on Market

Highlights

  • Cooling Available
  • Carpet
  • Heat Pump System

About This Home

As of August 2016

14 on 7th St. consists of 14 spacious 2-bedroom / 2 bath (approx 900 + sf) unit apartments. Interior amenities include washer and dryer, full size appliances. Units have great living down and sleeping up floor plans with full bathrooms on both floors. Easy to manage linoleum living and kitchen with carpet upstairs. All units have private patios with 40% also have balconies. Carports, lighting, individual metered for electricity. 12 out 14 AC Less then 10 years old. New Roof on both buildings 2009. Location can' t be beat with walking to light-rail, restaurants, shops on Mill Ave and Arizona State University. Great Value Add investment with heavy upside on rents that are 30% below market with many long term tenants. All Facts and Figures Approximate Buyer to Verify to Their Satisfaction.

Last Listed By

Eric Hegarty

Better Homes & Gardens Real Estate SJ Fowler License #SA650759000 Listed on: 06/07/2016

Better Homes & Gardens Real Estate SJ Fowler

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $9,938

Year Built

  • Built in 1983

Lot Details

  • Additional Parcels

Home Design

  • Composition Roof
  • Block Exterior
  • Stucco

Flooring

  • Carpet
  • Vinyl

Parking

  • 28 Parking Spaces
  • 14 Covered Spaces

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 2
  • Assessor Parcel Number 124-33-041

Community Details

Overview

  • 2 Buildings
  • 14 Units
  • Building Dimensions are 28357
  • State Plat No 12 Amd Subdivision

Building Details

  • Operating Expense $35,716
  • Gross Income $121,632
  • Net Operating Income $85,988

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$9,938

Year Built

Built in 1983

Lot Details

0

Listing Details

  • Cross Street: University Dr and Farmer Ave
  • Property Type: Multiple Dwellings
  • Zoning: R-3
  • Number Of Buildings: 2
  • Ownership: Fee Simple
  • Year Built: 1983
  • Tax Year: 2015
  • Directions: North on Farmer, West on 7th St. Property on south side of street.
  • Road Surface Type: Asphalt
  • Subdivision Name: State Plat NO 12 AMD
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Flooring: Carpet, Vinyl
  • Appliances: BI Oven/Range, Compactor, Washer/Dryer
  • Appliances Included:WasherDryer: Yes
  • Appliances Included:BI OvenRange: Yes
  • Appliances Included:Compactor2: Yes
  • Appliances Included:Refrigerator2: Yes

Exterior Features

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

Garage/Parking

  • Total Covered Spaces: 14.0
  • Parking Features: >1 Space Per Unit
  • Attached Garage: No
  • Open Parking Spaces: 14.0
  • Total Parking Spaces: 28.0
  • General Property Description:Covered Parking Spcs: 14.0
  • General Property Description:Uncvrd Parking Spcs: 14.0
  • General Property Description:Total Parking Spcs: 28.0
  • Parking:_greater_1 Space Per Unit: Yes

Utilities

  • Electric: APS
  • Cooling: Individual, Heat Pump
  • 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: Other, See Remarks

Association/Amenities

  • Exterior Amenities:Green Landscaping: Yes
  • Exterior Amenities:PatioBalcony: Yes
  • Interior Amenities:Other (See Remarks)51: Yes

Fee Information

  • Annual Water Sewer Expense: 6555.0

Lot Info

  • Lot Size: 28357
  • Additional Parcels: Yes
  • Parcel #: 124-33-041

Multi Family

  • Owner Pays: Trash Collection, Water, Sewer, Landscaping
  • Tenant Pays: Electricity, Cable TV
  • Number Of Units Total: 14
  • Electric Expense: 465.0
  • Annual Gross Income: 121632.0
  • Insurance Expense: 4552.0
  • Maintenance Expense: 9767.0
  • Property Net Operating Income: 85988.0
  • Annual Operating Expense: 35716.0

Tax Info

  • Tax Annual Amount: 9938.0
  • Tax Book Number: 124.00
  • Tax Lot: 2

Range of Values:

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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

Property History

Date Event Price Change Sq Ft Price
08/12/2016 08/12/16 Sold $1,650,000 -1.8% $917 / Sq Ft
06/20/2016 06/20/16 Pending -- -- --
06/07/2016 06/07/16 For Sale $1,680,000 -- $933 / Sq Ft
Source: Arizona Regional Multiple Listing Service (ARMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Eric Hegarty

    Seller's Agent in 2016

    Eric Hegarty

    Better Homes & Gardens Real Estate SJ Fowler

    (480) 649-3536

    20 Total Sales

    Eric Hegarty
    Section Image

  • R

    Buyer's Agent in 2016

    Royce Munroe

    Munroe Multifamily

    (480) 221-5449

    21 Total Sales

    Royce Munroe
    Section Image
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Map

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 5454469

Arizona Regional Multiple Listing Service (ARMLS)

Arizona Maricopa County Tempe 85281 Riverside

407 W 7th St, Tempe, AZ

Homes for Sale in Tempe, AZ

This home is located at 407 W 7th St, Tempe, AZ 85281 since 07 June 2016. This property was built in 1983. 407 W 7th St is a home located in Maricopa County with nearby schools including Scales Technology Academy, Geneva Epps Mosley Middle School, and Tempe High 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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