$2,400,000

Estimated payment $12,708/month

Total Views 430
-- Bed
-- Bath
-- Sq Ft
-- Price per Sq Ft

Highlights

  • Cooling Available
  • Phoenix Coding Academy Rated A
  • Heating Available

About This Home

Advantageously situated directly north of Midtown's Melrose Arts District , Palm Square (''the property'') is an 18-unit community primely located in Central Phoenix. With the convenience and proximity of the Interstate 17 Freeway and State Route 51, two of The Valley's major transportation arteries, residents are provided direct access to nearly any destination across The Valley within a desirable commute time. A number of the most prominent employment and entertainment corridors in the state are just a short drive away. The Innovation Employment Corridor, which runs down Central Avenue, provides employment opportunities from some of the most prolific companies in Arizona such as Banner Health and IBM. In addition, Palm Square is just two miles from Grand Canyon University, the largest Christian university in the nation, with an on-campus enrollment of ±25,000 students and online enrollment of ±90,000 students. Built in 1958 Palm Square is comprised of 6 studio, 10 one-bedroom, and 2 two-bedroom floorplans. The entire community's exterior has been renovated with new paint, landscaping, roof, windows, and select mechanical (HVAC and electrical). In addition, 15 of the 18 unit's interiors have been renovated with new appliances, countertops, cabinets, flooring, fixtures, hardware, and individual washer/dryer.

Listing Agent

Paul Bay

Marcus & Millichap License #SA671037000 Listed on: 03/03/2026

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $4,286

Year Built

  • Built in 1958

Lot Details

  • Additional Parcels

Home Design

  • Tile Roof
  • Composition Roof
  • Block Exterior

Parking

  • 3 Open Parking Spaces
  • 20 Parking Spaces
  • 17 Covered Spaces

Utilities

  • Cooling Available
  • Heating Available

Listing and Financial Details

  • The owner pays for water, sewer, trash collection, landscaping
  • Tax Lot 64
  • Assessor Parcel Number 155-44-069-B

Community Details

Overview

  • 2 Buildings
  • 18 Units
  • Building Dimensions are 0.67

Building Details

  • Operating Expense $90,167
  • Gross Income $227,859
  • Net Operating Income $141,099

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$4,286

Year Built

Built in 1958

Lot Details

0 Sq Ft Lot

Listing Details

  • Property Type: Multiple Dwellings
  • Zoning: R-4
  • Number Of Buildings: 2
  • Ownership: Fee Simple
  • Year Built: 1958
  • Tax Year: 2025
  • Road Surface Type: Asphalt
  • Professional Management Expense: 9251.0
  • Tax Parcel Letter: B
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Appliances: Free-Standing Range, Refrigerator, Washer/Dryer, W/D Hookup

Exterior Features

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

Garage/Parking

  • Total Covered Spaces: 17.0
  • Parking Features: 1 Space/Unit
  • Attached Garage: No
  • Open Parking Spaces: 3.0
  • Total Parking Spaces: 20.0

Utilities

  • Electric: SRP
  • Cooling: Varies by Unit
  • Heating: Varies by Unit
  • Cooling Y N: Yes
  • Heating Yn: Yes
  • Water Source: City Franchise

Condo/Co-op/Association

  • Community Features: No Pool

Lot Info

  • Lot Size: 0.67
  • Additional Parcels: Yes
  • Parcel #: 155-44-069-B

Multi Family

  • Owner Pays: Water, Sewer, Trash Collection, Landscaping
  • Tenant Pays: Electricity
  • Number Of Units Total: 18
  • Electric Expense: 16258.0
  • Annual Gross Income: 227859.3
  • Insurance Expense: 6513.0
  • Maintenance Expense: 15064.0
  • Property Net Operating Income: 141099.0
  • Annual Operating Expense: 90167.0
  • Vacancy Allowance Rate: 0.1

Tax Info

  • Tax Annual Amount: 4286.0
  • Tax Book Number: 155.0
  • Tax Lot: 64

Map

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Home Values in the Area

Source: Public Records

Average Home Value in this Area





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 $2,184 $16,821 -- --
2024 $2,039 $16,020 -- --
2023 $2,039 $65,420 $12,500 $52,920
2022 $2,028 $45,240 $8,640 $36,600
2021 $2,062 $39,410 $7,530 $31,880
2020 $2,010 $33,360 $6,370 $26,990
2019 $1,923 $29,170 $5,570 $23,600
2018 $1,859 $24,870 $4,750 $20,120
2017 $1,707 $21,640 $4,130 $17,510
2016 $1,647 $19,920 $3,800 $16,120
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
03/03/2026 03/03/26 For Sale $2,400,000 0.0% --
12/15/2023 12/15/23 For Rent -- -- --
12/31/2014 12/31/14 Sold $450,000 -4.1% $236 / Sq Ft View Prior Sale
11/15/2014 11/15/14 Pending -- -- --
11/14/2014 11/14/14 For Sale $469,000 -- $246 / Sq Ft
Source: Arizona Regional Multiple Listing Service (ARMLS)

Purchase History

Date Type Sale Price Title Company
Special Warranty Deed $2,400,000 Chicago Title Agency Inc
Warranty Deed $1,800,000 Magnus Title Agency Llc
Warranty Deed $437,500 Great Amer Title Agency Inc
Special Warranty Deed $695,000 Chicago Title Insurance Co
Warranty Deed $475,000 Security Title Agency
Warranty Deed $277,500 Fidelity Title
Source: Public Records

Mortgage History

Date Status Loan Amount Loan Type
Closed $1,820,000 Construction
Previous Owner $1,350,000 Commercial
Previous Owner $500,000 Purchase Money Mortgage
Previous Owner $210,000 Seller Take Back
Source: Public Records

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 6992561

Arizona Regional Multiple Listing Service (ARMLS)

APN: 155-44-071A

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