$995,000
Phoenix, AZ 85014
MLS# 5980180
Status: Closed
1 / 9
Property Description
Fairmount Eight was renovated in 2018 with approximately $20,000 per unit in improvements to the interiors and common areas. Interior renovations included upgrading kitchens, flooring, bathrooms, dual pane windows retextured ceilings, updated ceiling fans and fixtures. Fairmount Eight is located 0.5 miles from the Phoenix VA Hospital, 1 mile from Phoenix Indian Medical Center, 2 miles from Phoenix Children's Hospital and 1.5 miles from the Creighton University medical school, St. Joseph's Hospital and the Midtown Employment Corridor. Market comps suggest that there is more room in the market rents based on current condition. Additionally, new ownership will have the
Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $995,000
Sold Price: $995,000
Status: Closed
List Date: 2019-09-17
Location, Tax & Legal
Assessor's Map #: 3
Assessor's Parcel #: 26
Add'l Parcels: No
Tax Municipality: Phoenix
Taxes: 3303
Legal: LOT 22 BLOCK 1 KAY TRACT MCR 001313
Marketing Name: Fairmount Eight
Map Code/Grid: P34
House Number: 1040
Compass: E
Street Name: Fairmount
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85014
County Code: Maricopa
Assessor Number: 118-03-026
Tax Year: 2019
General Property Description
# of Buildings: 2
Uncvrd Parking Spcs: 6
Lot Size Dimensions: 66 x 303
Total # of Units: 8
Elementary School District: Osborn Elementary District
High School District: Phoenix Union High School District
Year Built: 1962
Zoning: R-3
Project Type
5 - 12 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Vinyl: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 2000
Annual Land Lse Exp: 0
Annual Landscape Exp: 1200
Annual Legal & Acctg: 1488
Annual Maint Exp: 3200
Annual Mgmt Exp: 4990
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 5067
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 1600
Annual Other Expense: 1200
Operating Exp: 24048
Other Income: 388
Vacancy Allowance: 0.05
Adjusted Gross Inc: 72934.35
Pmt & Rate Info
Cap Rate: 4.84
Down Payment: 0
Equity: 995000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Showing Notification Methods
Text: 1
Email: 1
Phone Call: 1
Lockbox Type
None: 1
Community Features
No Pool: 1
Heating
Electric: 1
Individual: 1
Window/Wall Unit(s): 1
2 or More Units: 1
Cooling
Ceiling Fan(s): 1
Window/Wall Unit: 1
Individual: 1
Exterior Amenities
Desert Landscaping: 1
Tenant Pays
Electricity: 1
Appliances Included
Free-Standing Range: 1
Refrigerator: 1
Dishwasher: 1
Disposal: 1
Microwave: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Master Meter: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
>1 Space Per Unit: 1
Paved: 1
Electric
APS: 1
Individual Meter: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
New Financing
Conventional: 1
1031 Exchange: 1
Existing 1st Loan
Treat as Free&Clear: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 3rd Loan
Other (See Remarks): 1
Reports/Disclosures
Other (See Remarks): 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
# Efficiency Units: 4
Avg Rent: 695
Avg SqFt: 360
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 2
Avg Rent: 1000
Avg SqFt: 700
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 2
Avg Rent: 1100
Avg SqFt: 800
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Loan Years: 30
Closing Cost Split: Normal - N
Payment Type: Fixed
Buyer Concession to Seller: 0
Buyer Concession $/%: %
Seller Concession to Buyer: 0
Seller Concession $/%: %
Remarks Misc
Cross Street: Indian School Road and 12th Street
Directions: Indian School Road to 12th St. South on 12th Street to Fairmount Ave , west to property
Geo Lat: 33.493389
Geo Lon: -112.059304
Status Change Info
Off Market Date: 2019-10-09
Under Contract Date: 2019-10-07
Close of Escrow Date: 2019-11-29
Sold Price: $995,000
Legal Info
Lot Number: 22
Income Expenses
Gross Annual Sch Inc: 76385
Net Operating Income: 48142
Property Features
Project Type: 5 - 12 Units
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Vinyl
Sale Includes: Land & Building
Community Features: No Pool
Exterior Amenities: Desert Landscaping
Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave
Heating: Individual; Window/Wall Unit(s); 2 or More Units
Cooling: Ceiling Fan(s); Window/Wall Unit; Individual
Water Source: City Franchise; Master Meter
Sewer: Sewer - Public
Electric: APS; Individual Meter
Gas: SW Gas
Parking Features: Carport; >1 Space Per Unit; Paved
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electricity
Source of Fincl Data: Owner
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: None
Existing 1st Loan: Treat as Free&Clear
Existing 2nd Loan: Other (See Remarks)
Existing 3rd Loan: Other (See Remarks)
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional; 1031 Exchange
Environmental: None
Supplements
opportunity to incorporate a utility recapture or RUBS.
Comparables in the area suggest a $45 monthly
RUBS across all units.
Listing Office: Platinum Living Realty
Last Updated: October - 15 - 2020
Copyright 2025 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.