122 W Washington Ave Gilbert, AZ 85233
Downtown Gilbert NeighborhoodHighlights
- Cooling Available
- Ceramic Tile Flooring
- 4-minute walk to Veterans Park
- Gilbert Elementary School Rated A-
- Heating System Uses Natural Gas
About This Home
As of March 2025Discover a unique opportunity to own a piece of historic charm in the heart of Downtown Gilbert! This delightful property offers not one, but two homes on the same lot, making it an ideal choice for savvy investors, first-time buyers, or those seeking a multi-generational living arrangement. Main House Features: 3 Bedrooms & 1.5 Bathrooms 1,124 square feet. Cozy yet spacious living areas with character-rich details. A single-car carport for convenient parking. Perfect for a small family or those looking to make this gem their own. Guest House Features: 750 square feet 2 Bedrooms & 1 Bathroom Separate entry and utilities for added privacy and independence. Ideal for rental income, extended family, or a private workspace. Prime Location: Just steps away from Downtown Gilbert's bustling dining, entertainment, and shopping scene.
Dual Utility Setup: Both homes are separately metered for electricity and water, offering flexibility and easy management. Shared trash service simplifies maintenance.
Investment Opportunity: With both homes tenant-occupied, you can start earning income immediately.
Important Notes:
The main house features variations in floor levels, adding a touch of character to the layout.
This is a rare chance to own a property in one of the most sought-after areas of Gilbert, with endless potential to customize or maintain as an income-generating asset.
Current tenants are month to month. Rented way below market $900-$1,100 Market rents are $1500-$1700 for the two bedroom and $1,900 to $2,200 3 bedroom
Zoned single family one meter shares utilities costs between houses one meter for water and sewer and trash
All facts and figures are approximate buyer verify MLS information
Drive by only do not disturb tenants
Don't miss your chance to own this incredible property in the heart of Downtown Gilbert.
Attention tenants are month to month $900-$1100. 2 electric meters (only 1 turned on), 1 gas meter for front unit (back unit has no gas), 1 water meter
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $1,144
Year Built
- Built in 1937
Home Design
- Composition Roof
- Block Exterior
Flooring
- Ceramic Tile Flooring
Parking
- 4 Open Parking Spaces
- 4 Parking Spaces
- Common or Shared Parking
Utilities
- Cooling Available
- Heating System Uses Natural Gas
Listing and Financial Details
- Tenant pays for electricity, water, sewer
- The owner pays for water, sewer
- Tax Lot 13
- Assessor Parcel Number 302-18-077
Community Details
Overview
- 2 Buildings
- 2 Units
- Building Dimensions are 0.15 acres / 6,500 sqft
- Lacy Tract Blk 9 Subdivision
Building Details
- Operating Expense $5,844
- Gross Income $44,400
- Net Operating Income $38,566
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 03/04/2025 03/04/25 | Sold | $430,000 | 0.0% | $339 / Sq Ft |
| 03/04/2025 03/04/25 | Sold | $430,000 | +1.2% | $383 / Sq Ft |
| 02/01/2025 02/01/25 | Pending | -- | -- | -- |
| 02/01/2025 02/01/25 | Price Changed | $425,000 | 0.0% | $378 / Sq Ft |
| 02/01/2025 02/01/25 | Pending | -- | -- | -- |
| 02/01/2025 02/01/25 | Price Changed | $425,000 | +6.3% | $335 / Sq Ft |
| 01/13/2025 01/13/25 | For Sale | $400,000 | 0.0% | $315 / Sq Ft |
| 01/11/2025 01/11/25 | For Sale | $400,000 | +35.6% | $356 / Sq Ft |
| 05/16/2019 05/16/19 | Sold | $295,000 | +1.8% | $146 / Sq Ft |
| 04/02/2019 04/02/19 | Pending | -- | -- | -- |
| 03/29/2019 03/29/19 | For Sale | $289,900 | -- | $144 / Sq Ft |
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $1,144 | $15,826 | -- | -- |
| 2024 | $1,154 | $15,073 | -- | -- |
| 2023 | $1,154 | $34,650 | $6,930 | $27,720 |
| 2022 | $1,119 | $25,120 | $5,020 | $20,100 |
| 2021 | $1,182 | $18,870 | $3,770 | $15,100 |
| 2020 | $470 | $13,630 | $2,720 | $10,910 |
| 2019 | $518 | $10,350 | $2,070 | $8,280 |
| 2018 | $503 | $8,300 | $1,660 | $6,640 |
| 2017 | $487 | $7,980 | $1,590 | $6,390 |
| 2016 | $499 | $7,670 | $1,530 | $6,140 |
| 2015 | $455 | $7,080 | $1,410 | $5,670 |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $410,000 | New Conventional | |
| Previous Owner | $204,000 | New Conventional | |
| Previous Owner | $93,600 | Purchase Money Mortgage |
Deed History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | $430,000 | Wfg National Title Insurance C | |
| Special Warranty Deed | -- | Professional Escrow Services | |
| Warranty Deed | $295,000 | Chicago Title Agency | |
| Interfamily Deed Transfer | -- | None Available | |
| Warranty Deed | $117,000 | Stewart Title & Tr Phoenix | |
| Cash Sale Deed | $113,000 | Stewart Title & Trust |
Source: Arizona Regional Multiple Listing Service (ARMLS)
MLS Number: 6804854
APN: 302-18-077
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
All information should be verified by the recipient and none is guaranteed as accurate by ARMLS
Listing Information presented by local MLS brokerage: Ten-X, local REALTOR®- Arlene Richardson - (888)-952-6393
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