$1,000,000
Phoenix, AZ 85006
MLS# 6869774
1 / 14
Property Description
1620 E Palm Ln presents an exceptional opportunity to acquire a turnkey asset in a historically significant area at an outstanding price. The property features 7 units, with 5 recently renovated and 4 units offering washer/dryer. With current rents and expenses, the investment is offered at a 6.3% cap rate, with additional optimization and growth potential. The asset is situated on a large 20,473-square-foot lot, with the current building footprint utilizing only a small portion, providing significant opportunity for future redevelopment or the addition of additional units. The existing income stream generates immediate cash flow, ensuring a strong return from day one. The current ownership has established a strong model for the remaining units, further enhancing the property's revenue.
Details
Contract Info
Current Price: $1,000,000
List Price: $1,000,000
Status: Active
List Date: 2025-05-22
Ownership: Fee Simple
Location Tax Legal
House Number: 1620
Compass: E
Street Name: PALM
St Suffix: Lane
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85006
Zip4: 1916
Country: US
County Code: Maricopa
Subdivision: ROSELAWN HEIGHTS LOTS 9-12
Assessor Number: 117-15-082
Tax Year: 2024
General Property Description
Lot Size Dimensions: 69 Ft X 304 Ft
Year Built: 1947
Uncvrd Parking Spcs: 10
Total # of Units: 7
# of Buildings: 2
Zoning: 88% R-3,12% R-4
Elementary School District: Creighton Elementary District
High School District: Phoenix Union High School District
Elementary School: William T Machan Elementary School
Remarks Misc
Cross Street: 16th Street & Palm Lane
Geo Lat: 33.469849
Geo Lon: -112.046553
Status Change Info
Status Change Date: 2025-05-22
Legal Info
Township: 2N
Range: 3E
Section: 34
Lot Number: 10
Income Expenses
Gross Annual Sch Inc: 101532
Net Operating Income: 62918.08
Showing Notification Methods
Showing Service: No Showing Service Used
Efficiency Units
# Efficiency Units: 6
Avg Rent: 1150
Avg SqFt: 381
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 1
Avg Rent: 1347
Avg SqFt: 490
# Baths: 1
Property Features
Project Type: 5 - 12 Units
Construction: Block
Const - Finish: Painted
Roofing: Rolled
Floors: Ceramic Tile
Sale Includes: Land & Building; Laundry Equipment
Community Features: Other; See Remarks
Exterior Amenities: Desert Landscaping
Interior Amenities: Unfurnished; Fire/Smoke Alarm(s)
Appliances Included: Built-In Range; Refrigerator; Microwave; Washer/Dryer
Cooling: Window/Wall Unit
Water Source: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: None
Parking Features: >1 Space Per Unit; Paved
Owner Pays: Water; Electric; Trash Collection; Landscaping
Tenant Pays: Water; Sewer
Source of Fincl Data: Owner; Projected Proforma
Showing Notification Methods: Text
Lockbox Type: None
Existing 1st Loan: Other (See Rmks)
Existing 1st Ln Type: Not Applicable
Existing 1st Ln Trms: Not Applicable
Existing 2nd Loan: Other (See Remarks)
Existing 2nd Ln Type: Fixed
Existing 2nd Ln Trms: Assume-No Qualify
Existing 3rd Ln Type: Not Applicable
Existing 3rd Ln Trms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Cash; Conventional; 1031 Exchange
Environmental: Other (See Remarks)
Listing Office: Orion Investment Real Estate
Last Updated: May - 22 - 2025
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