NOT LISTED FOR SALE

506 E Southern Ave Unit 11 Apache Junction, AZ 85119

Estimated Value: $389,000 - $580,762

-- Bed
-- Bath
-- Sq Ft
10,149 Sq Ft Lot

Last Sold June 27, 2023

Last sale price $550,000

Est. 5% decrease in value since last sale

Current estimated payment $2,861/month

2 Days on Market

Highlights

  • Cooling Available
  • Concrete Flooring
  • Heat Pump System

About This Home

As of June 2023

This 4-Plex has easy access to Highway 60 in Apache Junction. The exterior of the building was just remodeled this May, as well as, painted.. All facia boards were replaced, as well. The unit has four remodeled secured laundry rooms with easy access. Ample parking in the rear of the building. Each unit has its owned private fenced for privacy. There are FOUR - 2 bedroom units with one bath each.
All units are rented with solid tenants. Cap rate 6.49%

Last Agent to Sell the Property

Robert Russo

United Real Estate-Alliance License #BR536241000 Listed on: 05/31/2023

United Real Estate-Alliance

Co-Listed By

Jonathan Russo

United Real Estate-Alliance License #SA673993000

Last Buyer's Agent

Lethe Lew

Desert River Realty License #BR569884000

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $1,385

Year Built

  • Built in 1982

Lot Details

  • 10,149

Home Design

  • Wood Frame Construction
  • Composition Roof

Flooring

  • Concrete Flooring

Parking

  • 8 Open Parking Spaces
  • 8 Parking Spaces

Schools

  • Superstition Mountain Elementary School
  • Desert Mountain Middle School
  • Apache Junction High School

Utilities

  • Cooling Available
  • Heat Pump System
  • Septic Tank

Listing and Financial Details

  • Tenant pays for cable TV
  • The owner pays for trash collection, water, sewer, landscaping
  • Tax Lot 1182
  • Assessor Parcel Number 102-06-083

Community Details

Overview

  • 4 Units
  • Building Dimensions are 0.233 acres / 10,133 sqft County Zone
  • Palm Springs #11 Lot 1182 Subdivision

Building Details

  • Operating Expense $9,890
  • Gross Income $47,400
  • Net Operating Income $38,895

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$1,385

Year Built

Built in 1982

Lot Details

0

Listing Details

  • Cross Street: IDAHO AND SOUTHERN AVENUE
  • Legal Info Range: 08E
  • Property Type: Multiple Dwellings
  • Zoning: (04-02) RENTAL
  • Number Of Buildings: 1
  • Year Built: 1982
  • Tax Year: 2022
  • Road Surface Type: Gravel, Dirt, Asphalt, Alley
  • Co List Office Mls Id: impl01
  • Co List Office Phone: 480-987-3200
  • Subdivision Name: PALM SPRINGS #11 LOT 1182
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Flooring: Concrete
  • Appliances Included:FS OvenRange: Yes
  • Appliances Included:Refrigerator: Yes
  • Appliances Included:Dishwasher: Yes
  • Appliances Included:Disposal: Yes
  • Appliances Included:WD Hookup: Yes
  • Appliances Included:BI OvenRange: Yes

Exterior Features

  • Disclosures: None
  • Construction Type: Painted, Frame - Wood
  • Roof: Composition
  • Construction:Frame - Wood: Yes

Garage/Parking

  • 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:Assigned: Yes

Utilities

  • Electric: SRP
  • Cooling: Heat Pump, Electric
  • Heating: Heat Pump, Electric
  • Cooling Y N: Yes
  • Heating Yn: Yes
  • Water Source: City Franchise
  • Heating:Electric: Yes
  • Sewer Septic Tank: Yes
  • Heating:Heat Pump2: Yes

Condo/Co-op/Association

  • Community Features: No Pool

Association/Amenities

  • Exterior Amenities:Landscape Wtr System: Yes
  • Exterior Amenities:Cable TV Available: Yes
  • Interior Amenities:FireSmoke Alarm(s): Yes
  • Interior Amenities:Mini Blinds: Yes
  • Community Amenities:No Pool: Yes
  • Exterior Amenities:Partially Fenced: Yes
  • Exterior Amenities:Desert Landscaping: Yes
  • Exterior Amenities:Separate Storage: Yes
  • Interior Amenities:Unfurnished: Yes

Fee Information

  • Trash Expense: 240.0
  • Annual Water Sewer Expense: 960.0

Schools

  • Elementary School: Superstition Mountain Elementary School
  • High School: Apache Junction High School
  • Middle Or Junior School: Desert Mountain School

Lot Info

  • Lot Size: 0.233 acres / 10,133 sqft County Zone
  • Additional Parcels: No
  • Parcel #: 102-06-083

Multi Family

  • Owner Pays: Trash Collection, Water, Sewer, Landscaping
  • Tenant Pays: Cable TV
  • Number Of Units Total: 4
  • Annual Gross Income: 47400.0
  • Insurance Expense: 720.0
  • Maintenance Expense: 2500.0
  • Property Net Operating Income: 38895.0
  • Annual Operating Expense: 9890.0

Tax Info

  • Tax Annual Amount: 1385.0
  • Tax Book Number: 102.00
  • Tax Lot: 1182

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Nov 23, 2010
Sold by
Engbrecht Jackie
Bought by
Engbrecht Donald L
Current Estimated Value
$522,691

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$47,250
Outstanding Balance
$31,016
Interest Rate
4.17%
Mortgage Type
Purchase Money Mortgage
Estimated Equity
$491,675

Purchase Details

Closed on
Nov 8, 2010
Sold by
Household Realty Corporation
Bought by
Engbrecht Donald L

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$47,250
Outstanding Balance
$31,016
Interest Rate
4.17%
Mortgage Type
Purchase Money Mortgage
Estimated Equity
$491,675

Purchase Details

Closed on
May 29, 2010
Sold by
Ozaeta Francisco and Ozaeta Elizabeth A
Bought by
Household Realty Corporation

Purchase Details

Closed on
Oct 19, 1998
Sold by
Corriveau Norman H
Bought by
Ozaeta Francisco and Ozaeta Elizabeth A

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$111,600
Interest Rate
6.61%
Mortgage Type
New Conventional

Purchase Details

Closed on
Mar 17, 1998
Sold by
Corriveau Norman H
Bought by
Norman H Corriveau Living Trust
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
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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

Purchase History

Date Buyer Sale Price Title Company
Engbrecht Donald L -- Security Title Agency
Engbrecht Donald L $63,000 Security Title Agency
Household Realty Corporation -- First American Title Ins Co
Ozaeta Francisco $124,000 --
Norman H Corriveau Living Trust -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Engbrecht Donald L $47,250
Previous Owner Ozaeta Francisco $111,600
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
06/27/2023 06/27/23 Sold $550,000 -8.2% --
06/03/2023 06/03/23 Pending -- -- --
05/31/2023 05/31/23 For Sale $599,000 -- --
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 $1,467 $21,795 -- --
2024 $1,385 $21,826 -- --
2023 $1,444 $14,051 $5,066 $8,985
2022 $1,385 $20,385 $5,066 $15,319
2021 $1,411 $19,382 $0 $0
2020 $1,374 $16,030 $0 $0
2019 $1,318 $15,411 $0 $0
2018 $1,291 $8,256 $0 $0
2017 $1,286 $8,045 $0 $0
2016 $1,273 $8,054 $1,100 $6,954
2014 $1,275 $7,459 $1,100 $6,359
Source: Public Records

Agents Affiliated with this Home

  • Robert Russo

    Seller's Agent in 2023

    Robert Russo

    United Real Estate-Alliance

    (623) 340-5493

    1 in this area

    37 Total Sales

    Robert Russo
    Section Image

  • J

    Seller Co-Listing Agent in 2023

    Jonathan Russo

    United Real Estate-Alliance

    (480) 987-3200

    2 in this area

    24 Total Sales

    Jonathan Russo
    Section Image
  • Lethe Lew

    Buyer's Agent in 2023

    Lethe Lew

    Desert River Realty

    (602) 380-7880

    3 in this area

    32 Total Sales

    Lethe Lew
    Section Image
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Map

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 6562638

Arizona Regional Multiple Listing Service (ARMLS)

APN: 102-06-083

Arizona Pinal County Apache Junction 85119

506 E Southern Ave Unit 11, Apache Junction, AZ

Not Listed for Sale

MultiFamily

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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