Seller's Agent in 2018
John Klocek
ABI Multifamily
(602) 639-0088
23 Total Sales
706 E Palm Ln Phoenix, AZ 85006
Coronado Neighborhood
8
Beds
12
Baths
1,732
Sq Ft
1963
Built
Highlights
- Cooling Available
- Emerson Elementary School Rated 9+
- Heating Available
About This Home
As of November 2018Palm Lane Apartments sits in an extremely popular historic district of houses built around the turn of the century. This property was built at different times from 1925 to 1963, and the vintage charm it exhibits fits right into the neighborhood. The
property has been updated over time, yet still maintains the mid-century charm that is becoming more and more popular. A buyer could add value through additional property upgrades as well as rent increases. This quaint property is very attractive to
tenants who are looking for a small, neighborhood type setting with tons of
character. Properties like this, in neighborhoods such as this, do not come on the market often. DISCLOSURE - Seller is in the process of doing a lot split. The vacant land to the west,
along with the storage containers, is not included in the price, but the land is also available for sale. Seller intends to complete the lot split prior to a sale of the apartments. Seller is open to selling both the vacant land and the apartments to the same party. Palm Lane Apartments is a 12-unit apartment community located in the heart of the Coronado Historic District in Midtown Phoenix. The property is located just off of the popular 7th Street Corridor. This portion of 7th Street has been extremely popular for revitalization and adaptive re-use projects, with old buildings or historic houses being converted into vibrant, cool, hip restaurants and cafes such as The Coronado, America's Taco Shop, Humble Pie, The Main Ingredient Ale House, Green and Nami, all within walking distance. Palm Lane Apartments is also approximately 3/4 mile walk to two different light rail stops and less than a mile to both the Phoenix Art Museum and Burton Barr Library. It is minutes to the nearest freeway, approximately
a mile and a half to the Phoenix Stadium District, and minutes to the Downtown ASU campus. This location is as central is it gets and allows residents to enjoy, with ease, so much of what Downtown and Midtown have to offer. With many dining, shopping, and entertainment options, as well as multiple freeway access points within minutes, Palm Lane Apartments is an extremely desirable location for residents and has consistently stayed fully occupied.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $2,017
Year Built
- Built in 1963
Utilities
- Cooling Available
- Heating Available
- Master Water Meter
Listing and Financial Details
- The owner pays for water
- Legal Lot and Block 19 / 5
- Assessor Parcel Number 117-31-120-A
Community Details
Overview
- 4 Buildings
- 12 Units
- Building Dimensions are 111 x 150
- Los Olivos Heights Subdivision
Building Details
- Operating Expense $40,902
- Gross Income $125,454
- Net Operating Income $84,499
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 11/15/2018 11/15/18 | Sold | $1,675,000 | +7.4% | $967 / Sq Ft |
| 08/17/2018 08/17/18 | Pending | -- | -- | -- |
| 06/12/2018 06/12/18 | For Sale | $1,560,000 | -- | $901 / Sq Ft |
Source: Arizona Regional Multiple Listing Service (ARMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
John Klocek
-
Patrick Burch
Seller Co-Listing Agent in 2018
Patrick Burch
ABI Multifamily
(520) 603-1768
38 Total Sales
-
Carrick Sears
Buyer's Agent in 2018
Carrick Sears
SVN/Desert Commercial Advisors
(602) 327-0325
19 Total Sales
Map
Source: Arizona Regional Multiple Listing Service (ARMLS)
MLS Number: 5779286
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.
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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