710 E PALM Lane, Phoenix, AZ 85006 (MLS# 6615541)

710 E PALM Lane, Phoenix, AZ 85006

$3,300,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $3,300,000 List Date: 10/09/2023 Last Modified: 5/27/2025

Overview

Description

Coronada Historic Neighborhood amazing 12 unit fully furnished property. Great opportunity for short or long term rentals. All units where updated in 2021 and 2022. From AC units to flooring. This is a great turn key opportunity located in the central corridor downtown. Located between 7th street & 16th street from Thomas to McDowell. Easy access to freeways, ASU downtown, UofA, Creighton University campuses and all the downtown experiences. This courtyard apartment complex is a true community driven property. Added value is the vacant lot for future development.

Listing Details MLS# 6615541

Location, Tax & Legal

House Number: 710
Compass: E
Street Name: PALM
St Suffix: Lane
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85006
Zip4: 2197
Country: US
County Code: Maricopa
Subdivision: LOS OLIVOS HEIGHTS
Assessor Number: 117-31-120-A
Tax Year: 2022
Assessor's Map #: 31
Legal Description (Abbrev): LOT 19 BLOCK 5 LOS OLIVOS HEIGHTS MCR 000531
Assessor's Parcel #: 120
Assessor Parcel Ltr: A
Add'l Parcels: Yes
Tax Municipality: Phoenix
Census Tract: 111700
Taxes: 8869
Legal: LOT 19 BLOCK 5 LOS OLIVOS HEIGHTS MCR 000531
Marketing Name: LOS OLIVOS HEIGHTS

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 1668
Year Built: 1963
Uncvrd Parking Spcs: 6
Total # of Units: 12
# of Buildings: 2
Zoning: R-4
Flood Zone: No
Elementary School District: Phoenix Elementary District
High School District: Phoenix Union High School District
Elementary School: Emerson Elementary School
Jr. High School: Emerson Elementary School
High School: North High School

Remarks Misc

Cross Street: 7th Street and Palm
Directions: At 7th street and Palm Lane head east and property is on the NE corner of 8th street and Palm Lane

Status Change Info

Off Market Date: 2024-02-16
Under Contract Date: 2023-11-21
Close of Escrow Date: 2024-03-19

Legal Info

Township: 2N
Range: 3E
Section: 33
Block: 5
Lot Number: 19

More Information

Income Expenses

Gross Annual Sch Inc: 244800
Net Operating Income: 197585.16

Showing Notification Methods

Showing Service: Aligned Showings
Text: Yes

Efficiency Units

# Efficiency Units: 5
Avg Rent: 1700
Avg SqFt: 350
# Baths: Yes

1 Bedroom Units

# 1 Bedroom Units: 5
Avg Rent: 1700
Avg SqFt: 500
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: 2
Avg Rent: 1700
Avg SqFt: 700
# Baths: Yes

Sold Info

Loan Type: Other
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

5 - 12 Units: Yes

Other Type

Other (See Remarks): Yes

Construction

Block: Yes
Wood Frame: Yes

Const - Finish

Painted: Yes
Stucco: Yes

Roofing

Composition: Yes

Floors

Concrete: Yes
Vinyl: Yes

Sale Includes

Land & Building: Yes
Personal Property: Yes
Laundry Equipment: Yes

Income & Expenses

Annual Elec Exp: 8032.8
Annual Gas Exp: 377.36
Annual Landscape Exp: 3825
Annual Maint Exp: 17707
Annual Mgmt Exp: 3380.86
Annual Wtr/Swr Exp: 5022.82
Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 47214.84
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 244800

Pmt & Rate Info

Cap Rate: 5.99
Equity: 3300000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0

Lockbox Type

See Private Remarks: Yes
None: Yes

Community Features

No Pool: Yes
Barbecue: Yes

Heating

Electric: Yes
Individual: Yes

Cooling

Ceiling Fan(s): Yes
Electric: Yes
Individual: Yes

Exterior Amenities

Landscape Water System: Yes
Desert Landscaping: Yes
Fenced: Yes
Cable TV Available: Yes
Security Light(s): Yes

Interior Features

Furnished: Yes
Vertical Blinds: Yes

Tenant Pays

None: Yes

Appliances Included

Refrigerator: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

Free: Yes
On Street: Yes
Paved: Yes

Electric

APS: Yes

Gas

SW Gas: Yes

Owner Pays

Water: Yes
Sewer: Yes
Electric: Yes
Gas: Yes
Trash Collection: Yes
Cable TV: Yes
Landscaping: Yes

New Financing

Conventional: Yes

Existing 1st Loan

Conventional: Yes

Existing 1st Loan Terms

Non Assumable: Yes

Reports/Disclosures

Soil Test: Yes

Environmental

Phase I Available: Yes
Phase II Available: Yes

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 5 - 12 Units Other Type: Other (See Remarks) Construction: Block; Wood Frame Const - Finish: Painted; Stucco Roofing: Composition Floors: Concrete; Vinyl Sale Includes: Land & Building; Personal Property; Laundry Equipment Community Features: No Pool; Barbecue Exterior Amenities: Landscape Water System; Desert Landscaping; Fenced; Cable TV Available; Security Light(s) Interior Features: Furnished; Vertical Blinds Appliances Included: Refrigerator Heating: Individual Cooling: Ceiling Fan(s); Electric; Individual Water Source: City Franchise Sewer: Sewer - Public Electric: APS Gas: SW Gas Parking Features: On Street; Free; Paved Road Surface Type: Asphalt Owner Pays: Water; Electric; Gas; Trash Collection; Cable TV; Landscaping Tenant Pays: None Source of Fincl Data: Owner Showing Notification Methods: Text Lockbox Type: See Private Remarks; None Existing 1st Loan: Conventional Existing 1st Loan Terms: Non Assumable New Financing: Conventional Environmental: Phase I Available; Phase II Available

Listing Office: eXp Realty

Last Updated: May - 27 - 2025