NOT LISTED FOR SALE

822 N 40th Ave Unit FRNT Phoenix, AZ 85009

Estrella Village Neighborhood

Estimated Value: $374,000 - $404,000

1 Bed
9 Baths
-- Sq Ft
0.31 Acres

Last Sold August 31, 2017

Last sale price $617,000

Est. 37% decrease in value since last sale

Current estimated payment $2,228/month

209 Days on Market

Highlights

  • Cooling Available
  • Community Playground
  • Heating System Uses Natural Gas
  • Phoenix Coding Academy Rated A

About This Home

As of August 2017

Great Cash Cow Investment Property! Over 11.50% CAP RATE! Property has two homes in the front on 40th AVE and in the back there is a duplex, triplex and one other detached home. There is also a very large parking lot and play area including a basketball court! Off of 41st AVE there is a very large lot currently being leased to a tow truck company. Property produces a lot of rent with very little hassle. All 9 units are part of a 3 property parcel. So you must purchase all 3 together. All tenants have been long term tenants and there is rarely ever any vacancies. All three lots together equal to a 79,190 SF (1.8 acres). Great cash flow! Over 11.50% CAP Rate!

Last Agent to Sell the Property

Justin Cook

RE/MAX Solutions License #BR520620000 Listed on: 01/19/2017

RE/MAX Solutions

Co-Listed By

Aimee Lunt

Real Broker License #SA619650000

Last Buyer's Agent

Ian Chait

Barrett Real Estate License #BR504768000

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $1,808

Year Built

  • Built in 1982

Lot Details

  • Additional Parcels

Home Design

  • Wood Frame Construction
  • Composition Roof
  • Stucco

Parking

  • 18 Open Parking Spaces
  • 20 Parking Spaces
  • 2 Covered Spaces
  • Common or Shared Parking
  • Free Parking
  • Paved Parking
  • On-Street Parking

Schools

  • Isaac E IMES Elementary School
  • Isaac Middle School
  • Carl Hayden High School

Utilities

  • Cooling Available
  • Heating System Uses Natural Gas
  • Heat Pump System

Listing and Financial Details

  • Tenant pays for electricity
  • The owner pays for trash collection, water, sewer
  • Assessor Parcel Number 106-04-025-A

Community Details

Overview

  • 6 Buildings
  • 9 Units
  • Building Dimensions are 130 x 601
  • To Be Provided In Escrow Subdivision

Recreation

  • Community Playground

Building Details

  • Operating Expense $18,188
  • Gross Income $81,660
  • Net Operating Income $63,472

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$1,808

Year Built

Built in 1982

Lot Details

0

Listing Details

  • Cross Street: I10 Freeway and 35th AVE
  • Legal Info Range: 2E
  • Property Type: Multiple Dwellings
  • Zoning: unk
  • Number Of Buildings: 6
  • Year Built: 1982
  • Tax Year: 2014
  • Directions: Exist off of 35th AVE south to Roosevelt, W to 40th AVE, S to property
  • Road Surface Type: Gravel, Dirt, Dedicated Street
  • Co List Office Mls Id: resol001
  • Co List Office Phone: 480-610-6500
  • Subdivision Name: to be provided in escrow
  • Tax Parcel Letter: A
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Appliances Included:Refrigerator: Yes
  • Appliances Included:WD Hookup: Yes
  • Appliances Included:Other (See Remarks)56: Yes

Exterior Features

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

Garage/Parking

  • Total Covered Spaces: 2.0
  • Parking Features: Paved Parking, Free, 1 Space/Unit, Street Parking, Common
  • Attached Garage: No
  • Open Parking Spaces: 18.0
  • Total Parking Spaces: 20.0
  • General Property Description:Covered Parking Spcs: 2.0
  • General Property Description:Uncvrd Parking Spcs: 18.0
  • General Property Description:Total Parking Spcs: 20.0
  • Parking:Carport: Yes
  • Parking:Free: Yes
  • Parking:Street Parking: Yes
  • Parking:Paved Parking: Yes
  • Parking:_one_ SpaceUnit: Yes

Utilities

  • Electric: SRP
  • Cooling: Heat Pump, See Remarks
  • Heating: Natural Gas, Other, See Remarks
  • Cooling Y N: Yes
  • Heating Yn: Yes
  • Water Source: City Franchise
  • Heating:Natural Gas: Yes
  • Heating:Other4: Yes
  • Heating:See Remarks3: Yes

Condo/Co-op/Association

  • Community Features: Other, Play Area

Association/Amenities

  • Community Amenities:Play Area: Yes

Fee Information

  • Annual Water Sewer Expense: 8400.0

Schools

  • Elementary School: Isaac E Imes School
  • High School: Carl Hayden High School
  • Junior High Dist: Phoenix Union High School District
  • Middle Or Junior School: Isaac Middle School

Lot Info

  • Lot Size: 130 x 601
  • Additional Parcels: Yes
  • Parcel #: 106-04-025-A

Multi Family

  • Owner Pays: Trash Collection, Water, Sewer
  • Tenant Pays: Electricity
  • Number Of Units Total: 9
  • Electric Expense: 2400.0
  • Annual Gross Income: 81660.0
  • Insurance Expense: 4380.0
  • Maintenance Expense: 1200.0
  • Property Net Operating Income: 63472.0
  • Annual Operating Expense: 18188.0

Tax Info

  • Tax Annual Amount: 1808.0
  • Tax Book Number: 106.00
  • Tax Lot: 0

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Jul 24, 2018
Sold by
Costello Kristina and Estate Of Jon Earl Clarke
Bought by
Roundtable Capital Llc
Current Estimated Value
$390,667

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,000,000
Outstanding Balance
$868,565
Interest Rate
4.6%
Mortgage Type
Purchase Money Mortgage
Estimated Equity
-$477,898

Purchase Details

Listed on
Jan 19, 2017
Closed on
Aug 17, 2017
Sold by
Lemmermann Lynn J and Lemmermann Rebecca
Bought by
Clarke Jon Earl
Seller's Agent
Justin Cook
RE/MAX Solutions
Buyer's Agent
Ian Chait
Barrett Real Estate
List Price
$549,900
Sold Price
$617,000
Premium/Discount to List
$67,100
12.2%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
-5.47%

Purchase Details

Closed on
Feb 12, 2008
Sold by
Best Dennis C and Landers Madolyn T Best
Bought by
Lemmermann Lynn J and Lemmermann Rebecca

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$495,000
Interest Rate
6.04%
Mortgage Type
New Conventional

Purchase Details

Closed on
Oct 16, 1996
Sold by
Best Dennis C
Bought by
Best Dennis C
Source: Public Records

Range of Values:

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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
Roundtable Capital Llc $560,000 Dhi Title Agency
Clarke Jon Earl $617,000 Jetclosing Inc
Lemmermann Lynn J $457,000 Westland Title Agency Of Az
Best Dennis C -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Roundtable Capital Llc $1,000,000
Previous Owner Lemmermann Lynn J $495,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
08/31/2017 08/31/17 Sold $617,000 +12.2% --
01/18/2017 01/18/17 For Sale $549,900 -- --
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 $1,881 $11,482 -- --
2024 $1,834 $10,935 -- --
2023 $1,834 $27,730 $5,540 $22,190
2022 $1,750 $20,410 $4,080 $16,330
2021 $1,744 $15,980 $3,190 $12,790
2020 $1,712 $14,900 $2,980 $11,920
2019 $1,682 $11,900 $2,380 $9,520
2018 $817 $7,850 $1,570 $6,280
2017 $812 $6,630 $1,320 $5,310
2016 $940 $6,710 $1,340 $5,370
2015 $575 $5,370 $1,070 $4,300
Source: Public Records

Agents Affiliated with this Home

  • Justin Cook

    Seller's Agent in 2017

    Justin Cook

    RE/MAX

    (602) 405-2665

    1 in this area

    183 Total Sales

    Justin Cook
    Section Image
  • Aimee Lunt

    Seller Co-Listing Agent in 2017

    Aimee Lunt

    Real Broker

    (480) 228-0320

    122 Total Sales

    Aimee Lunt
    Section Image
  • Ian Chait

    Buyer's Agent in 2017

    Ian Chait

    Barrett Real Estate

    (602) 430-5572

    29 Total Sales

    Ian Chait
    Section Image
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Map

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 5548568

Arizona Regional Multiple Listing Service (ARMLS)

APN: 106-04-025A

Arizona Maricopa County Phoenix 85009 Estrella Village

822 N 40th Ave Unit FRNT, Phoenix, AZ

This home is located at 822 N 40th Ave Unit FRNT, Phoenix, AZ 85009 since 19 January 2017 and is currently estimated at $390,667. This property was built in 1982. 822 N 40th Ave Unit FRNT is a home located in Maricopa County with nearby schools including Moya Elementary School, Morris K. Udall Middle School, and Carl Hayden 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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