NOT LISTED FOR SALE

508 E Pierson St Phoenix, AZ 85012

Uptown Phoenix Neighborhood

Estimated Value: $1,084,000 - $1,157,000

-- Bed
-- Bath
2,733 Sq Ft
$410/Sq Ft Est. Value

Last Sold September 08, 2020

Last sale price $1,750,000 $640 Per Sq Ft

Est. 36% decrease in value since last sale

Current estimated payment $6,074/month

75 Days on Market

Highlights

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

About This Home

As of September 2020

Pierson 8 consists of 2 adjacent 4-plexes (508-514). It is mid-century, block-constructed buildings and
has been completely updated top to bottom with high quality finishes. Some upgrades
include washer / dryers in each unit, new electrical, new windows, doors,
flooring, fixtures, bath surrounds, paint, landscaping, and private patios in 2 bed units.
It truly feels like a brand new property and was leased up immediately upon
completion of the improvements. The property is individually metered for electricity
and has a very attractive unit mix with (6) 2-bed / 1-bath units and (2) 1-bed / 1-bath
units in two separate fourplexes, which would allow for residential financing on each
property if desired. This is an amazing opportunity for a turn-key, bite-sized
investment in a fantast Pierson 8 Apartments is an 8-unit apartment community located in a quaint
neighborhood in the heart of Uptown Phoenix. Located right next to Brophy College
Preparatory, the property is located at "ground zero" of the Central Corridor and is
just over half a mile to the prestigious Central & Camelback intersection, with a light
rail station and Uptown Plaza. Uptown Plaza is a popular destination with Lou
Malnati's, Flower Child, AJ's Fine Foods, Shake Shack, and more. This is one of the
hottest areas of town for new, hip developments and more new restaurants and
retail than one could name. Restaurant Row along 7th Street is approximately 3/4 of
a mile away and hotspots such as Windsor, Postino, Federal Pizza, Joyride, and
Churn are a short bike ride away, just north of Uptown Plaza. The property is also
less than 2 miles to the newly renovated Park Central Mall and the new Creighton
University Campus. This location is as central is it gets and allows residents to enjoy,
with ease, so much of what Uptown has to offer. It is also just a short light rail ride
away, straight down Central, to Downtown Phoenix, ASU Downtown Campus, the
Stadium District, and more. With many dining, shopping, and entertainment
options, as well as multiple freeway access points all within minutes, Pierson Palms is
an extremely desirable location for residents and has consistently stayed fully
occupied.

Last Agent to Sell the Property

John Klocek

ABI Multifamily License #SA657592000 Listed on: 04/29/2020

Co-Listed By

Patrick Burch

ABI Multifamily License #BR515118000

Last Buyer's Agent

Non-MLS Agent

Non-MLS Office

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $3,015

Year Built

  • Built in 1964

Lot Details

  • Additional Parcels

Home Design

  • Composition Roof
  • Block Exterior

Parking

  • 8 Open Parking Spaces
  • 8 Parking Spaces

Utilities

  • Cooling Available
  • Heating Available

Listing and Financial Details

  • The owner pays for trash collection, water, sewer
  • Tax Lot 28
  • Assessor Parcel Number 155-22-024

Community Details

Overview

  • 2 Buildings
  • 8 Units
  • Building Dimensions are 124' x 138'
  • Camelback Square Subdivision

Building Details

  • Operating Expense $24,517
  • Gross Income $121,344
  • Net Operating Income $97,599

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$3,015

Year Built

Built in 1964

Lot Details

0

Listing Details

  • Cross Street: 7th Street & Camelback
  • Legal Info Range: 3E
  • Property Type: Multiple Dwellings
  • Zoning: R-4
  • Number Of Buildings: 2
  • Year Built: 1964
  • Tax Year: 2019
  • Directions: South on 7th Street, Right (West) on Pierson to Property on right (North) side of street.
  • Road Surface Type: Dedicated Street, Alley
  • Co List Office Mls Id: abim01
  • Co List Office Phone: 602-714-1400
  • Subdivision Name: CAMELBACK SQUARE
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Flooring: Other
  • Appliances Included:Other (See Remarks)56: Yes

Exterior Features

  • Disclosures: None
  • Construction Type: Painted, Block, Other, See Remarks
  • Roof: Composition, Other, See Remarks
  • Construction:Other (See Remarks)23: Yes
  • Construction:Block: 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:Other (See Remarks)24: Yes
  • Parking:_one_ SpaceUnit: Yes

Utilities

  • Electric: Other (See Remarks), APS, Individual Meter
  • Cooling: Other, See Remarks
  • Heating: Other, See Remarks
  • Cooling Y N: Yes
  • Heating Yn: Yes
  • Water Source: City Franchise
  • Heating:Other4: Yes
  • Heating:See Remarks3: Yes

Condo/Co-op/Association

  • Community Features: Other, See Remarks
  • Amenities: Other

Association/Amenities

  • Community Amenities:Other18: Yes
  • Community Amenities:See Remarks15: Yes

Lot Info

  • Lot Size: 124' x 138'
  • Additional Parcels: Yes
  • Parcel #: 155-22-024

Multi Family

  • Owner Pays: Trash Collection, Water, Sewer
  • Number Of Units Total: 8
  • Annual Gross Income: 121344.0
  • Property Net Operating Income: 97599.0
  • Annual Operating Expense: 24517.0
  • Vacancy Allowance Rate: 0.04

Tax Info

  • Tax Annual Amount: 3015.0
  • Tax Book Number: 155.00
  • Tax Lot: 28

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Apr 29, 2020
Closed on
Sep 4, 2020
Sold by
46 Street Llc
Bought by
Goldstein Investment Co
Seller's Agent
John Klocek
ABI Multifamily
Buyer's Agent
Non-MLS Agent
Non-MLS Office
List Price
$1,800,000
Sold Price
$1,750,000
Premium/Discount to List
-$50,000
-2.78%
Current Estimated Value
$1,120,500

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
-$629,500
Avg. Annual Appreciation
-8.83%

Purchase Details

Closed on
Dec 31, 2018
Sold by
Ppp Investments Llc
Bought by
46Th Street Llc

Purchase Details

Listed on
Aug 13, 2018
Closed on
Aug 20, 2018
Sold by
Callas Debbie and Callas John
Bought by
Ppp Investments Llc
Seller's Agent
Lisa Eagan
Leagan Realty, LLC
Buyer's Agent
Lisa Eagan
Leagan Realty, LLC
List Price
$390,000
Sold Price
$392,500
Premium/Discount to List
$2,500
0.64%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
15.64%
Original Mortgage
$395,000
Interest Rate
4.5%
Mortgage Type
Stand Alone First

Purchase Details

Listed on
Jul 19, 2012
Closed on
Jul 30, 2012
Sold by
Bmp Capital Llc
Bought by
Callas John and Callas Debra
Seller's Agent
Ben Koerner
Fathom Realty Elite
Buyer's Agent
Lisa Eagan
Leagan Realty, LLC
List Price
$205,900
Sold Price
$206,000
Premium/Discount to List
$100
0.05%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
11.26%
Original Mortgage
$146,250
Interest Rate
3.53%
Mortgage Type
New Conventional

Purchase Details

Listed on
Jul 19, 2012
Closed on
Jul 23, 2012
Sold by
Hassett Timothy J and Hassett Carol L
Bought by
Bmp Capital Llc
Seller's Agent
Ben Koerner
Fathom Realty Elite
Buyer's Agent
Lisa Eagan
Leagan Realty, LLC
List Price
$205,900
Sold Price
$206,000
Premium/Discount to List
$100
0.05%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$146,250
Interest Rate
3.53%
Mortgage Type
New Conventional

Purchase Details

Closed on
Feb 19, 2008
Sold by
Hassett Carol L
Bought by
Hassett Dreams L L C

Purchase Details

Closed on
Sep 6, 2007
Sold by
Hassett Timothy J and Hassett Carol L
Bought by
Hassett Timothy J and Hassett Carol L

Purchase Details

Closed on
Apr 25, 2007
Sold by
Mcmanimen Tim
Bought by
Hassett Timothy J and Hassett Carol L

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$336,000
Interest Rate
6.14%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Jun 8, 2006
Sold by
Sorel Derek
Bought by
Mcmanimen Tim

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$300,500
Interest Rate
6.69%
Mortgage Type
Seller Take Back

Purchase Details

Closed on
Jan 30, 2006
Sold by
Sorel Dorothy
Bought by
Sorel Derek

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$240,000
Interest Rate
6.21%
Mortgage Type
New Conventional

Purchase Details

Closed on
May 30, 2001
Sold by
Solo Cynthia G and Solo Joseph J
Bought by
Sorel Derek and Sorel Dorothy

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$136,000
Interest Rate
7.14%
Mortgage Type
Unknown

Purchase Details

Closed on
Dec 27, 2000
Sold by
Passariello John D and Geller Laura
Bought by
Solo Joseph J and Solo Cynthia G

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$143,100
Interest Rate
7.71%

Purchase Details

Closed on
Mar 19, 1999
Sold by
Smith Herman George and Smith Margaret Kay
Bought by
Passariello John D

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$84,800
Interest Rate
6.96%
Mortgage Type
New Conventional

Purchase Details

Closed on
Apr 25, 1995
Sold by
Campol Verdamae A
Bought by
Smith Herman George and Smith Margaret Kay

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$69,500
Interest Rate
8.46%
Mortgage Type
Trade
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
Goldstein Investment Co $1,750,000 Commonwealth Title
46Th Street Llc $475,000 Landmark Title Assurance Age
Ppp Investments Llc $397,500 Landmark Title Assurance Age
Callas John $206,000 First American Title Ins Co
Bmp Capital Llc $159,000 None Available
Hassett Dreams L L C -- None Available
Hassett Timothy J -- None Available
Hassett Timothy J $420,000 Land Title Agency Of Az Inc
Mcmanimen Tim $302,500 Land Title Agency Of Az Inc
Sorel Derek -- Ticor Title Agency Of Az Inc
Sorel Derek $170,000 American Title Insurance
Solo Joseph J -- American Title Insurance
Passariello John D $106,000 Security Title Agency
Smith Herman George $77,250 United Title Agency
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Ppp Investments Llc $395,000
Previous Owner Callas John $146,250
Previous Owner Bmp Capital Llc $149,000
Previous Owner Hassett Timothy J $336,000
Previous Owner Mcmanimen Tim $300,500
Previous Owner Sorel Derek $240,000
Previous Owner Sorel Derek $136,000
Previous Owner Solo Joseph J $143,100
Previous Owner Passariello John D $84,800
Previous Owner Smith Herman George $69,500
Closed Sorel Derek $25,500
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
09/08/2020 09/08/20 Sold $1,750,000 -2.7% $640 / Sq Ft
07/13/2020 07/13/20 Pending -- -- --
07/09/2020 07/09/20 Price Changed $1,799,000 -0.1% $658 / Sq Ft
04/29/2020 04/29/20 For Sale $1,800,000 +358.6% $659 / Sq Ft
09/07/2018 09/07/18 Sold $392,500 +0.6% $144 / Sq Ft
09/04/2018 09/04/18 For Sale $390,000 0.0% $143 / Sq Ft
09/04/2018 09/04/18 Price Changed $390,000 0.0% $143 / Sq Ft
08/13/2018 08/13/18 For Sale $390,000 +89.3% $143 / Sq Ft
08/24/2012 08/24/12 Sold $206,000 0.0% $75 / Sq Ft
07/27/2012 07/27/12 Pending -- -- --
07/19/2012 07/19/12 For Sale $205,900 -- $75 / 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 $1,607 $12,802 -- --
2024 $1,552 $12,192 -- --
2023 $1,552 $62,380 $12,470 $49,910
2022 $1,543 $50,620 $10,120 $40,500
2021 $1,569 $43,770 $8,750 $35,020
2020 $1,530 $38,350 $7,670 $30,680
2019 $1,463 $34,500 $6,900 $27,600
2018 $1,415 $28,780 $5,750 $23,030
2017 $1,299 $19,710 $3,940 $15,770
2016 $1,253 $15,130 $3,020 $12,110
2015 $1,165 $12,420 $2,480 $9,940
Source: Public Records

Agents Affiliated with this Home

  • John Klocek

    Seller's Agent in 2020

    John Klocek

    ABI Multifamily

    (602) 639-0088

    1 in this area

    25 Total Sales

    John Klocek
    Section Image
  • Patrick Burch

    Seller Co-Listing Agent in 2020

    Patrick Burch

    ABI Multifamily

    (520) 603-1768

    1 in this area

    39 Total Sales

    Patrick Burch
    Section Image

  • N

    Buyer's Agent in 2020

    Non-MLS Agent

    Non-MLS Office

  • Lisa Eagan

    Seller's Agent in 2018

    Lisa Eagan

    Leagan Realty, LLC

    (480) 766-2115

    13 Total Sales

    Lisa Eagan
    Section Image
  • Ben Koerner

    Seller's Agent in 2012

    Ben Koerner

    Fathom Realty Elite

    (602) 647-9151

    45 Total Sales

    Ben Koerner
    Section Image
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Map

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 6071665

Arizona Regional Multiple Listing Service (ARMLS)

APN: 155-22-024

Arizona Maricopa County Phoenix 85012 Uptown Phoenix

508 E Pierson St, Phoenix, AZ

This home is located at 508 E Pierson St, Phoenix, AZ 85012 since 29 April 2020 and is currently estimated at $1,120,500, approximately $409 per square foot. This property was built in 1964. 508 E Pierson St is a home located in Maricopa County with nearby schools including Longview Elementary School, Osborn Middle School, and Central 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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