NOT LISTED FOR SALE

Estimated Value: $464,791 - $1,018,000

Studio
-- Bath
2,875 Sq Ft
$288/Sq Ft Est. Value

Last Sold July 07, 2016

Last sale price $210,000 $73 Per Sq Ft

Est. 295% increase in value since last sale

Current estimated payment $4,400/month

6 Days on Market

Highlights

  • Cooling System Mounted To A Wall/Window
  • Ceramic Tile Flooring
  • Heating Available
  • Phoenix Coding Academy Rated A

About This Home

As of July 2016

Fully occupied, wonderful opportunity for an investor or owner occupant looking for an income producer. Two-2 bedroom units, two-1 bedroom units. Many updates completed over the last 10 years to include flooring, paint, appliances, ceiling fans, fixtures. Fenced front and back, security doors, private parking. Units are individually metered, tenants pay their own electric bills. Outstanding location close to Tempe Town Lake, shopping, restaurants, airport, freeway.

Last Agent to Sell the Property

Jack Mounkes

HomeSmart License #SA520195000 Listed on: 05/19/2016

HomeSmart

Last Buyer's Agent

Jose Munoz

DPR Realty LLC License #SA530866000

DPR Realty LLC

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $916

Year Built

  • Built in 1962

Lot Details

  • 0.28

Home Design

  • Built-Up Roof
  • Block Exterior
  • Stucco

Flooring

  • Carpet
  • Ceramic Tile

Parking

  • 8 Open Parking Spaces
  • 8 Parking Spaces
  • Free Parking
  • Paved Parking
  • On-Street Parking

Utilities

  • Cooling System Mounted To A Wall/Window
  • Heating Available

Listing and Financial Details

  • Tenant pays for electricity, cable TV
  • The owner pays for trash collection, water, sewer
  • Tax Lot 54
  • Assessor Parcel Number 125-13-098-A

Community Details

Overview

  • 4 Units
  • Building Dimensions are 12075
  • Palomino Estates Subdivision

Building Details

  • Operating Expense $4,016
  • Gross Income $24,840
  • Net Operating Income $21,740

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$916

Year Built

Built in 1962

Lot Details

0

Listing Details

  • Cross Street: 48th St. & McDowell
  • Legal Info Range: 4E
  • Property Type: Multiple Dwellings
  • Zoning: RES
  • Number Of Buildings: 1
  • Ownership: Fee Simple
  • Year Built: 1962
  • Tax Year: 2015
  • Road Surface Type: Asphalt
  • Subdivision Name: PALOMINO ESTATES
  • Tax Parcel Letter: A
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Flooring: Carpet, Ceramic Tile
  • Appliances: F/S Oven/Range
  • Appliances Included:FS OvenRange: Yes
  • Appliances Included:Refrigerator2: Yes

Exterior Features

  • Disclosures: Seller Prop Disc Stm
  • Construction Type: Painted, Stucco, Block
  • Roof: Built-Up
  • Construction:Block: Yes

Garage/Parking

  • Parking Features: Paved Parking, Free, Street Parking
  • Attached Garage: No
  • Open Parking Spaces: 8.0
  • Total Parking Spaces: 8.0
  • General Property Description:Uncvrd Parking Spcs: 8.0
  • General Property Description:Total Parking Spcs: 8.0
  • Parking:Free: Yes
  • Parking:Street Parking: Yes
  • Parking:Paved Parking: Yes

Utilities

  • Electric: SRP
  • Cooling: Individual, Electric, Wall/Window Unit(s)
  • Heating: Electric
  • Cooling Y N: Yes
  • Heating Yn: Yes
  • Water Source: City Franchise
  • Heating:Electric: Yes

Condo/Co-op/Association

  • Community Features: No Pool

Association/Amenities

  • Exterior Amenities:Fenced3: Yes
  • Interior Amenities:FireSmoke Alarm(s): Yes
  • Interior Amenities:Mini Blinds: Yes
  • Community Amenities:No Pool: Yes
  • Exterior Amenities:Desert Landscaping: Yes

Fee Information

  • Annual Water Sewer Expense: 2400.0

Schools

  • Junior High Dist: Phoenix Union High School District

Lot Info

  • Lot Size: 12075
  • Additional Parcels: No
  • Parcel #: 125-13-098-A

Multi Family

  • Owner Pays: Trash Collection, Water, Sewer
  • Tenant Pays: Electricity, Cable TV
  • Number Of Units Total: 4
  • Annual Gross Income: 24840.0
  • Insurance Expense: 700.0
  • Property Net Operating Income: 21740.0
  • Annual Operating Expense: 4016.0

Tax Info

  • Tax Annual Amount: 916.0
  • Tax Book Number: 125.00
  • Tax Lot: 54

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
May 19, 2016
Closed on
Jun 20, 2016
Sold by
Ait Properties Llc
Bought by
Lopez Miguel Angel Mendez
Seller's Agent
Jack Mounkes
HomeSmart
Buyer's Agent
Jose Munoz
DPR Realty LLC
List Price
$210,000
Sold Price
$210,000
Current Estimated Value
$829,198

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$619,198
Avg. Annual Appreciation
15.50%
Original Mortgage
$157,500
Outstanding Balance
$125,638
Interest Rate
3.64%
Mortgage Type
New Conventional
Estimated Equity
$703,560

Purchase Details

Closed on
Feb 29, 2016
Sold by
Torres Adam
Bought by
Ait Properties Llc

Purchase Details

Closed on
Jul 14, 2009
Sold by
Brittner Lonny
Bought by
Torres Adam

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$124,699
Interest Rate
5.31%
Mortgage Type
FHA

Purchase Details

Closed on
May 18, 2007
Sold by
Brittner Lonny
Bought by
Brittner Lonny and Brittner Michelle

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$180,000
Interest Rate
6.12%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
May 16, 2007
Sold by
Brittner Michelle
Bought by
Brittner Lonny B

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$180,000
Interest Rate
6.12%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Feb 7, 2006
Sold by
Vanvanhorn Christopher Van
Bought by
Fitterer Jesse S and Fitterer Debra L

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$248,000
Interest Rate
8.75%
Mortgage Type
Fannie Mae Freddie Mac

Purchase Details

Closed on
Apr 18, 2005
Sold by
Vanhorn Christopher
Bought by
Christopher Van Horn Family Trust

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$186,500
Interest Rate
3%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Feb 22, 2005
Sold by
Vanhorn Heidi Ann
Bought by
Vanhorn Christopher

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$186,500
Interest Rate
3%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Aug 8, 2001
Sold by
Correa Jose C
Bought by
Manauri Marco Antonio

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$118,400
Interest Rate
7.1%
Mortgage Type
New Conventional

Purchase Details

Closed on
Sep 23, 1999
Sold by
Urquhart Joseph
Bought by
Correa Jose C

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$109,831
Interest Rate
7.97%
Mortgage Type
FHA

Purchase Details

Closed on
Feb 6, 1998
Sold by
Bansal Arlene
Bought by
Urquhart Joseph

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$66,100
Interest Rate
10.9%
Mortgage Type
New Conventional

Purchase Details

Closed on
Jan 4, 1982
Sold by
Ostrander Ronald C
Bought by
Burkhead Raymond W and Burkhead Carolyn Sue
Source: Public Records
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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
Lopez Miguel Angel Mendez $210,000 Grand Canyon Title Agency
Ait Properties Llc -- None Available
Torres Adam $127,000 Stewart Title & Trust Of Pho
Brittner Lonny -- None Available
Brittner Lonny B -- Security Title Agency Inc
Brittner Lonny B $240,000 Security Title Agency Inc
Fitterer Jesse S $310,000 Security Title Agency Inc
Christopher Van Horn Family Trust -- Security Title Agency Inc
Vanhorn Christopher -- Security Title Agency Inc
Vanhorn Christopher $235,000 Security Title Agency Inc
Manauri Marco Antonio $148,000 Fidelity National Title
Correa Jose C $110,000 Arizona Title Agency Inc
Urquhart Joseph $94,500 Stewart Title & Trust
Burkhead Raymond W -- Chicago Title Insurance Co
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Lopez Miguel Angel Mendez $157,500
Previous Owner Torres Adam $124,699
Previous Owner Brittner Lonny B $180,000
Previous Owner Fitterer Jesse S $248,000
Previous Owner Vanhorn Christopher $186,500
Previous Owner Manauri Marco Antonio $118,400
Previous Owner Correa Jose C $109,831
Previous Owner Urquhart Joseph $66,100
Closed Urquhart Joseph $24,250
Closed Manauri Marco Antonio $14,800
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
07/07/2016 07/07/16 Sold $210,000 0.0% $73 / Sq Ft
05/25/2016 05/25/16 Pending -- -- --
05/19/2016 05/19/16 For Sale $210,000 -- $73 / 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 $1,283 $10,057 -- --
2024 $1,196 $9,578 -- --
2023 $1,196 $48,730 $9,740 $38,990
2022 $1,153 $30,500 $6,100 $24,400
2021 $1,173 $26,530 $5,300 $21,230
2020 $1,151 $22,700 $4,540 $18,160
2019 $1,147 $19,970 $3,990 $15,980
2018 $1,080 $16,880 $3,370 $13,510
2017 $1,035 $15,500 $3,100 $12,400
2016 $1,012 $11,280 $2,250 $9,030
Source: Public Records

Agents Affiliated with this Home

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Map

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 5445440

Arizona Regional Multiple Listing Service (ARMLS)

APN: 125-13-098A