1620 E Palm Lane, Phoenix, AZ 85006
- $995,000
- List Price
- $995,000
- Price Change
- ▼ $4,999 1755148108
- Days on Market
- 90
- Status
- ACTIVE
- MLS#
- 6869774
- City
- Phoenix
- Subdivision
- Roselawn Heights Lots 9-12
- Year Built
- 1947
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.
Additional Information
- Elementary School
- William T Machan Elementary School
- School District
- Phoenix Union High School District
- Community Features
- Other, See Remarks
- Construction
- Painted, Block
- Cooling
- Window/Wall Unit
- Electric
- APS
- Flooring
- Ceramic Tile
- Heating
- Electric
- New Financing
- Conventional, 1031 Exchange
- Parking Features
- Paved, >1 Space Per Unit
- Roofing
- Rolled/Hot Mop
- Sewer
- Public Sewer
- Subdivision
- Roselawn Heights Lots 9-12
- Taxes
- $1,177
- Tax Year
- 2024
- Units
- 7
- Water
- City Franchise
- Zoning
- 88% R-3,12% R-4
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Listing courtesy of Orion Investment Real Estate.
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