NOT LISTED FOR SALE

4401 N 23rd Ave Phoenix, AZ 85015

Alhambra Neighborhood

Estimated Value: $566,000 - $800,000

-- Bed
-- Bath
2,522 Sq Ft
$262/Sq Ft Est. Value

Last Sold November 12, 2020

Last sale price $1,314,000 $521 Per Sq Ft

Est. 50% decrease in value since last sale

Current estimated payment $3,605/month

15 Days on Market

Highlights

  • Cooling Available
  • Ceiling Fan
  • Individual Controls for Heating
  • Phoenix Coding Academy Rated A

About This Home

As of November 2020

23rd AVE is a 12-unit apartment community located less than two miles northwest of Phoenix's most prestigious employment hotspot, the Innovation Corridor. As a point of pride for the area, the corridor is comprised of midtown and downtown Phoenix, and boasts more than ±171,000 employees across ±1,700 businesses. The property is also positioned approximately two miles southwest of Christown Spectrum Mall - an iconic Phoenix retail center featuring Harkins Theaters, Walmart, and Target. Developed in 1961, 23rd Ave is comprised of complementary mix of one- and two-bedroom floor plans averaging ±630-square-feet. Future ownership will have the opportunity to bring all units up to market rent burning through the in-place loss-to-lease and to add a RUBS or
utility recapture for domestic water,

Last Agent to Sell the Property

Craig Young

REI Marketing License #BR107286000 Listed on: 09/21/2020

Last Buyer's Agent

Joseph Sisneros

RE/MAX Elite License #BR557584000

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $5,020

Year Built

  • Built in 1961

Lot Details

  • 0.32

Home Design

  • Composition Roof
  • Block Exterior

Parking

  • 3 Open Parking Spaces
  • 15 Parking Spaces
  • 12 Covered Spaces
  • Common or Shared Parking

Schools

  • Westwind Elementary School
  • R E Simpson Middle School
  • Alhambra High School

Utilities

  • Cooling Available
  • Individual Controls for Heating

Additional Features

  • Ceiling Fan
  • Additional Parcels

Listing and Financial Details

  • Tenant pays for cable TV
  • The owner pays for trash collection, water, sewer, landscaping
  • Tax Lot 5
  • Assessor Parcel Number 154-16-006-A

Community Details

Overview

  • 3 Buildings
  • 12 Units
  • Building Dimensions are Retangular
  • Tierra Frutal Subdivision

Building Details

  • Operating Expense $39,556
  • Gross Income $115,361
  • Net Operating Income $75,941

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$5,020

Year Built

Built in 1961

Lot Details

0

Listing Details

  • Cross Street: 23rd Avenue and Camelback Rd
  • Legal Info Range: 2E
  • Property Type: Multiple Dwellings
  • Zoning: R-3
  • Number Of Buildings: 3
  • Year Built: 1961
  • Tax Year: 2021
  • Road Surface Type: Asphalt, Curb(s) & Gutter(s), Sidewalk(s)
  • Professional Management Expense: 6467.0
  • Subdivision Name: TIERRA FRUTAL
  • Tax Parcel Letter: A
  • Cooling:Ceiling Fan(s): Yes
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

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

Exterior Features

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

Garage/Parking

  • Total Covered Spaces: 12.0
  • Parking Features: Common
  • Attached Garage: No
  • Open Parking Spaces: 3.0
  • Total Parking Spaces: 15.0
  • General Property Description:Covered Parking Spcs: 12.0
  • General Property Description:Uncvrd Parking Spcs: 3.0
  • General Property Description:Total Parking Spcs: 15.0
  • Parking:Carport: Yes
  • Parking:Free: Yes
  • Parking:_greater_1 Space Per Unit: Yes

Utilities

  • Electric: APS, Individual Meter
  • Cooling: Individual, Electric, Ceiling Fan(s)
  • 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: No Pool

Association/Amenities

  • Exterior Amenities:Fenced3: Yes
  • Exterior Amenities:Cable TV Available: Yes
  • Exterior Amenities:PatioBalcony: Yes
  • Interior Amenities:FireSmoke Alarm(s): Yes
  • Interior Amenities:Mini Blinds: Yes
  • Community Amenities:No Pool: Yes
  • Exterior Amenities:Desert Landscaping: Yes
  • Exterior Amenities:Separate Storage: Yes
  • Interior Amenities:Unfurnished: Yes
  • Interior Amenities:Vertical Blinds2: Yes

Fee Information

  • Annual Water Sewer Expense: 11456.0

Schools

  • Elementary School: Westwind Elementary School
  • High School: Alhambra High School
  • Middle Or Junior School: R E Simpson School

Lot Info

  • Lot Size: Retangular
  • Additional Parcels: Yes
  • Parcel #: 154-16-006-A

Multi Family

  • Owner Pays: Trash Collection, Water, Sewer, Landscaping
  • Tenant Pays: Cable TV
  • Number Of Units Total: 12
  • Annual Gross Income: 115360.56
  • Insurance Expense: 3126.0
  • Maintenance Expense: 4500.0
  • Property Net Operating Income: 75941.0
  • Annual Operating Expense: 39556.0
  • Vacancy Allowance Rate: 0.06

Tax Info

  • Tax Annual Amount: 5020.0
  • Tax Book Number: 154.00
  • Tax Lot: 5

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Aug 18, 2021
Sold by
Lippi Leslie
Bought by
Santorini Suites Llc
Current Estimated Value
$660,314

Purchase Details

Listed on
Sep 21, 2020
Closed on
Oct 27, 2020
Sold by
4401 23Rd Ave Llc
Bought by
Lippi Leslie
Seller's Agent
Craig Young
REI Marketing
Buyer's Agent
Joseph Sisneros
RE/MAX Elite
List Price
$1,475,000
Sold Price
$1,314,000
Premium/Discount to List
-$161,000
-10.92%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
-12.95%
Original Mortgage
$328,500
Outstanding Balance
$292,318
Interest Rate
2.8%
Mortgage Type
New Conventional
Estimated Equity
$367,996

Purchase Details

Closed on
Oct 17, 2019
Sold by
Cdrrt Properties Llc
Bought by
4401 23Rd Ave Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$693,750
Interest Rate
3.5%
Mortgage Type
Commercial

Purchase Details

Closed on
Mar 27, 2018
Sold by
Cook Alex
Bought by
Cdrrt 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
$570,000
Interest Rate
4.43%
Mortgage Type
Commercial

Purchase Details

Listed on
May 22, 2017
Closed on
Jul 5, 2017
Sold by
Avit 1 Llc
Bought by
Cook Alex
Seller's Agent
Terry Kass
Coldwell Banker Commercial Realty
Buyer's Agent
Bryan Mortensen
LRA Real Estate Group, LLC
List Price
$675,000
Sold Price
$630,000
Premium/Discount to List
-$45,000
-6.67%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
0.57%

Purchase Details

Listed on
Mar 2, 2016
Closed on
May 25, 2016
Sold by
Suryam Llc
Bought by
Avit1 Llc
Seller's Agent
Sophia Baron
Grace CRE
Buyer's Agent
Terry Kass
Coldwell Banker Commercial Realty
List Price
$499,000
Sold Price
$465,000
Premium/Discount to List
-$34,000
-6.81%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
31.79%
Original Mortgage
$372,000
Interest Rate
3.66%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Aug 24, 2011
Sold by
Patel Pravinkumar
Bought by
Suryam Llc

Purchase Details

Closed on
Sep 13, 2010
Sold by
Johnson Erik and Johnson Ronald
Bought by
Patel Pravinkumar

Purchase Details

Closed on
May 20, 2010
Sold by
Johnson Erik and Johnson Ronald
Bought by
Patel Pravinkumar

Purchase Details

Closed on
Feb 18, 2010
Sold by
Milazzo Michael
Bought by
Johnson Erik and Johnson Ronald

Purchase Details

Closed on
Jun 11, 2009
Sold by
Artemis Ventures Llc
Bought by
Milazzo Michael

Purchase Details

Closed on
May 16, 2007
Sold by
Johnson Erik K
Bought by
Artemis Ventures Llc

Purchase Details

Closed on
May 2, 2005
Sold by
Peric Miodrag
Bought by
Johnson Erik K

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$231,200
Interest Rate
1.37%
Mortgage Type
Negative Amortization

Purchase Details

Closed on
Feb 26, 2004
Sold by
Peric Ljiljana
Bought by
Peric Miodrag

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$136,500
Interest Rate
5.65%
Mortgage Type
New Conventional

Purchase Details

Closed on
Jan 24, 2003
Sold by
Siegler Jeffrey M
Bought by
Peric Miodrag

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$135,425
Interest Rate
5.78%
Mortgage Type
New Conventional

Purchase Details

Closed on
Jan 15, 2002
Sold by
Siegler Jeanne M
Bought by
Siegler Jeffrey M

Purchase Details

Closed on
Jan 10, 2002
Sold by
Flores Jeffrey R and Flores Kathleen D
Bought by
Siegler Jeffrey

Purchase Details

Closed on
Feb 21, 1998
Sold by
The Lily Group Llc
Bought by
Fta Group Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$40,000
Interest Rate
7.11%
Mortgage Type
Assumption

Purchase Details

Closed on
Jan 2, 1998
Sold by
Tabesh Nahid
Bought by
The Lily Group Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$40,000
Interest Rate
7.11%
Mortgage Type
Assumption
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
Santorini Suites Llc -- None Available
Lippi Leslie $438,000 Security Title Agency
4401 23Rd Ave Llc $925,000 Chicago Title Agency Inc
Cdrrt Properties Llc $760,000 Old Republic Title Agency
Cook Alex $630,000 Old Republic Title Agency
Avit1 Llc $465,000 First Arizona Title Agency
Suryam Llc -- Accommodation
Patel Pravinkumar -- The Talon Group
Patel Pravinkumar $58,000 The Talon Group
Johnson Erik -- None Available
Milazzo Michael -- Accommodation
Artemis Ventures Llc -- None Available
Johnson Erik K $289,000 Tsa Title Agency
Peric Miodrag -- Old Republic Title Agency
Peric Miodrag $176,000 Security Title Agency
Siegler Jeffrey M -- Stewart Title & Trust
Siegler Jeffrey $170,000 Stewart Title & Trust
Fta Group Llc $220,500 Chicago Title Insurance Co
The Lily Group Llc $220,500 Chicago Title Insurance Co
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Lippi Leslie $328,500
Previous Owner 4401 23Rd Ave Llc $693,750
Previous Owner Cdrrt Properties Llc $570,000
Previous Owner Avit1 Llc $372,000
Previous Owner Johnson Erik K $231,200
Previous Owner Peric Miodrag $136,500
Previous Owner Peric Miodrag $135,425
Previous Owner Fta Group Llc $40,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
11/12/2020 11/12/20 Sold $1,314,000 -10.9% $521 / Sq Ft
10/05/2020 10/05/20 Pending -- -- --
09/20/2020 09/20/20 For Sale $1,475,000 +134.1% $585 / Sq Ft
07/06/2017 07/06/17 Sold $630,000 -6.7% $250 / Sq Ft View Prior Sale
06/19/2017 06/19/17 Pending -- -- --
05/22/2017 05/22/17 For Sale $675,000 +45.2% $268 / Sq Ft
05/31/2016 05/31/16 Sold $465,000 -6.8% $184 / Sq Ft View Prior Sale
02/23/2016 02/23/16 For Sale $499,000 -- $198 / 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 $1,791 $11,327 -- --
2024 $1,635 $10,787 -- --
2023 $1,635 $40,710 $8,140 $32,570
2022 $1,610 $29,970 $5,990 $23,980
2021 $1,625 $25,750 $5,150 $20,600
2020 $1,562 $21,780 $4,350 $17,430
2019 $1,543 $17,680 $3,530 $14,150
2018 $1,424 $13,600 $2,720 $10,880
2017 $1,406 $13,900 $2,780 $11,120
2016 $1,347 $12,080 $2,410 $9,670
2015 $1,275 $10,210 $2,040 $8,170
Source: Public Records

Agents Affiliated with this Home

  • Craig Young

    Seller's Agent in 2020

    Craig Young

    REI Marketing

    (480) 773-2183

    1 in this area

    165 Total Sales

    Craig Young
    Section Image

  • J

    Buyer's Agent in 2020

    Joseph Sisneros

    RE/MAX

    (480) 626-5933

    1 in this area

    37 Total Sales

    Joseph Sisneros
    Section Image
  • Terry Kass

    Seller's Agent in 2017

    Terry Kass

    Coldwell Banker Commercial Realty

    (602) 330-2525

    23 Total Sales

    Terry Kass
    Section Image

  • M

    Seller Co-Listing Agent in 2017

    Mark Skelpsa

    HomeSmart Realty

    Section Image
  • Bryan Mortensen

    Buyer's Agent in 2017

    Bryan Mortensen

    LRA Real Estate Group, LLC

    (602) 509-4835

    95 Total Sales

    Bryan Mortensen
    Section Image
  • Sophia Baron

    Seller's Agent in 2016

    Sophia Baron

    Grace CRE

    (480) 375-0227

    2 in this area

    81 Total Sales

    Sophia Baron
    Section Image
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Map

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 6135431

Arizona Regional Multiple Listing Service (ARMLS)

APN: 154-16-006A

Arizona Maricopa County Phoenix 85015 Alhambra

4401 N 23rd Ave, Phoenix, AZ

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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