$2,606,250
Phoenix, AZ 85020
MLS# 4926308
Status: Closed
146 beds | 73 baths
1 / 15
Property Description
75-units available for sale as a package (bulk condos), inside Loma Bonita Condominium located in Phoenix. Located on Mountain View Road, west of the SR-51 Freeway, and east of 7th Street, near Phoenix Mountains, Camelback Corridor, John C Lincoln Hospital, Arizona Christian University, shopping, schools, and plenty of transportation options. Property is being sold ''As-Is.'' For the investor: This property offers the rare opportunity to acquire 80s vintage condos (fully rehabbed in 2007 for conversion) with a majority of the units within the HOA. Projected gross potential rent of $495,000, less 10% vacancy of $49,000 per year, added income of $90,000, equals $535,500 adjusted gross income. After expenses of $316,125, the pro forma net operating income is $219,375. This is a 7.8% CAP RATE!
Details
Contract Info
Current Price: $2,606,250
Sold Price: $2,606,250
Status: Closed
List Date: 2013-04-25
Ownership: Condominium
Location, Tax & Legal
Map Code/Grid: M34
House Number: 1301
Compass: E
Street Name: MOUNTAIN VIEW
St Suffix: Road
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85020
Zip4: 2270
Country: US
County Code: Maricopa
Subdivision: Mountain View Manor Condominium AKA Loma Bonita
Assessor Number: 159-31-216
Tax Year: 2012
General Property Description
Lot Size Dimensions: IRR
Year Built: 1983
Uncvrd Parking Spcs: 75
Total # of Units: 75
# of Buildings: 10
Zoning: R-3 Phoenix
Elementary School District: Washington Elementary District
High School District: Phoenix Union High School District
Legal Info
Township: 3N
Range: 3E
Section: 28
Lot Number: 102
2 Bedroom Units
# 2 Bedroom Units: 73
Avg Rent: 550
Avg SqFt: 800
# Baths: 1
Structure
Bedrooms Total: 146
Bathrooms Total: 73
Sold Info
Loan Type: Cash
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Remarks Misc
Cross Street: 12th Street & Northern
Directions: N on 12th Street, E on Mountain View Road; Complex on South side of street.
Geo Lat: 33.574654
Geo Lon: -112.052909
Status Change Info
Off Market Date: 2013-09-05
Under Contract Date: 2013-09-05
Close of Escrow Date: 2013-10-31
Sold Price: $2,606,250
Income Expenses
Gross Annual Sch Inc: 495000
Net Operating Income: 219375
Property Features
Project Type: 51 - 99 Units
Other Type: Packaged Offering
Construction: Wood Frame
Const - Finish: Painted; Stucco
Roofing: Composition
Floors: Vinyl; Ceramic Tile; Carpet
Sale Includes: Other (See Remarks)
Community Features: Pool; Play Area; Barbecue
Exterior Amenities: Landscape Water System; Green Landscaping
Interior Features: Unfurnished
Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal
Heating: Individual
Cooling: Electric; Individual
Water Source: City Franchise
Sewer: Sewer - Public; Sewer-In & Connected
Electric: SRP; Individual Meter
Gas: None
Parking Features: 1 Space/Unit; Add'l Parking Avail; Free; Paved
Road Surface Type: Asphalt
Owner Pays: Other; See Remarks
Tenant Pays: Electricity
Source of Fincl Data: Owner; Projected Proforma
Existing 1st Loan: Treat as Free&Clear
Existing 1st Loan Type: Not Applicable
Existing 1st Loan Terms: Not Applicable
Existing 2nd Loan: Treat as Free&Clear
Existing 2nd Loan Type: Not Applicable
Existing 2nd Loan Terms: Not Applicable
Existing 3rd Loan: Treat as Free&Clear
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: No Carry; 1031 Exchange
Environmental: None
Listing Office: Vestis Group
Office Phone: 602-281-6202
Office Email: [email protected]
Last Updated: March - 18 - 2026
Copyright 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.
