1620 E Palm Lane

Phoenix, AZ 85006
  • $575,000
  • STATUS: Active
  • ON SITE: 20 days
  • MLS #: 5986176
UPDATED: 30 min ago
$575,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Multi-Family
Built:
1947
County:
Area:

School Ratings & Info

Description

1620 East Palm Lane Apartments is a 7-unit, recently-renovated property with additional upside potential. Located half a mile from the intersection of the 51 & I-10 Freeways,commuting anywhere in the valley is a breeze. The property is situated on the outskirts of the highly sought after Coronado District. With developments in the area taking place at such a feverish pace, it could be one of the few opportunities to obtain property at these price points. This offering consists of (6) efficiency units along with (1) one-bedroom / one-bathroom unit. The garden-style, blockconstruction has a timeless attractiveness to it. Property is a cash cow with the new AZ MSA FMRs recently updated to $847/studio & $958/1-bed for the 2020 fiscal year.

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© 2019 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. The ARMLS logo indicates a property listed by a real estate brokerage other than Openshaw Real Estate Group in partnership with The Jesse Herfel Real Estate Group. Data last updated 2019-10-23T21:11:03.757.
www.thejesseherfelgroup.com/homes/99538674

1620 E Palm Lane Phoenix, AZ 85006

  • Price: $575,000
  • Status: Active
  • Updated: 30 min ago
  • MLS #: 5986176
0
Beds
0
Baths
0
½ Baths
N/A
Acres
1947
Built
Neighborhood:
Roselawn Heights Lots 9-12
County:
Maricopa
Area:
Phoenix
School District:
014 - Creighton Elementary District
Property Description
1620 East Palm Lane Apartments is a 7-unit, recently-renovated property with additional upside potential. Located half a mile from the intersection of the 51 & I-10 Freeways,commuting anywhere in the valley is a breeze. The property is situated on the outskirts of the highly sought after Coronado District. With developments in the area taking place at such a feverish pace, it could be one of the few opportunities to obtain property at these price points. This offering consists of (6) efficiency units along with (1) one-bedroom / one-bathroom unit. The garden-style, blockconstruction has a timeless attractiveness to it. Property is a cash cow with the new AZ MSA FMRs recently updated to $847/studio & $958/1-bed for the 2020 fiscal year.
Exterior Features

Construction Block Construction Finish Painted Covered Parking Spaces 0.00 Exterior Amenities Desert Landscaping Lot Size Dimensions 69 Ft X 304 Ft Parking Paved Parking>1 Space Per Unit Roads Asphalt/Blacktop Roofing Rolled Total Parking Spaces 10.00

Interior Features

1 Bedroom Unit Avg Sq Ft 490 1 Bedroom Unit Baths 1 2 Bedroom Unit Avg Sq Ft 0 2 Bedroom Units Baths 0 3 Bedroom Unit Avg Sq Ft 0 3 Bedroom Unit Baths 0 4 Bedroom Unit Avg Sq Ft 0 4 Bedroom Unit Baths 0 Appliances Included Bi Oven/RangeRefrigeratorMicrowaveWasher/Dryer Cooling Window/Wall Unit Efficiency Unit Avg Sq Ft 381 Efficiency Unit Baths 1 Floors Ceramic Tile Heating Electric Interior Amenities UnfurnishedFire/Smoke Alarm(S)

Property Features

1 Bedroom Unit Avg Rent 958.00 1 Bedroom Units 1 2 Bedroom Unit Avg Rent 0.00 2 Bedroom Units 0 3 Bedroom Unit Avg Rent 0.00 3 Bedroom Units 0 4 Bedroom Unit Avg Rent 0.00 4 Bedroom Units 0 Adjusted Gross Inc 68856.00 Annual Elec Exp 9100.00 Annual Gas Exp 0.00 Annual Ins Exp 1855.00 Annual Land Lse Exp 0.00 Annual Landscape Exp 1000.00 Annual Legal And Acctg 700.00 Annual Maint Exp 2275.00 Annual Mgmt Exp 5479.00 Annual Other Expense 2662.00 Annual Ownr Asoc Fee 0.00 Annual Pad Fee 0.00 Annual Rplcmnt Rsrvs 1400.00 Annual Trash Exp 0.00 Annual Wtr Swr Exp 4900.00 Community Amenities Other (See Remarks) Cross Street 16th Street & Palm Lane Efficiency Unit Avg Rent 847.00 Efficiency Units 6 Electric Aps Gas None Gross Annual Sch Inc 72480.00 Hoa YN No Net Operating Income 38375.00 New Financing Other (See Remarks) Operating Exp 30481.00 Other Income 0.00 Owner Pays WaterSewerElectricGasTrashLandscaping Project Type 5 - 12 Units Sale Includes Land & BuildingLaundry Equipment Sewer Sewer - Public Source Of Financial Data Provided By OwnerProjected Proforma Tax Municipality Phoenix Taxes 1110.00 Tenant Pays WaterSewerElectricGas Totl Mnth Rntal Inc 6040.00 Vacancy Allowance 0.05 Water City Franchise Zoning 88% R-312% R-4

Listing courtesy of Abi Multifamily.


© 2019 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. The ARMLS logo indicates a property listed by a real estate brokerage other than Openshaw Real Estate Group in partnership with The Jesse Herfel Real Estate Group. Data last updated 2019-10-23T21:11:03.757.
 
Openshaw Real Estate Group in partnership with The Jesse Herfel Real Estate Group
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