1602 W Olney Ave Phoenix, AZ 85041
South Mountain NeighborhoodEstimated payment $3,482/month
Total Views
5,515
2.05
Acres
$253,610
Price per Acre
89,298
Sq Ft Lot
About This Lot
Seller says highest and best use to lot split into 3 half acre lots !
- 1602 W. Olney Ave, Phoenix, AZ, 85041
- 2-acre lot
- Zoned R10 - one house per 10,000 sqft lot
- Former fire damage property - Recently been scrapped
- Water meter on site - use to be on septic tank - Access to water less that 50 yards away INFORMATION FROM SELLER:
Active comps are at 1.2 - 1.7 mill for a product that is over 4,000 sq ft with over 12k lots
- 8503 S 9th dr, phoenix az, - Active at 1.3 mill
Sold comp at 1.7 mill sold 2 months ago that really helps substantiate the values for larger builds that will help new build projects to price out for us
- 1009 W Ardmore rd., Phoenix, AZ, 85041
numbers for build-out for 3 Lots
20k lots with 4000 sq ft houses (type of product I think should be built)
Homes are worth 1.5 mill plus for resale Cost per lot (2 payoff notes) 160k a lot X 3 = 480k (Cost for the dirt)
Cost for Infrastructure at 70k per lot X 3 = 210k Build out $200 sq ft X 4000 sq ft = 800k x 3 houses =2.4 mill Total cost (not including holding cost) = $3,090,000
List all 3 new builds for 1.5 mill X 3 = $4,500,000
Total profit: $4,500,000 - $3,090,000 - $337,500 = $1,072,500 Return on Cash: $1,072,500 / $3,090,000 = 34.7% ROI (cash on cash)
Holding cost: $3,090,000 X 10% = $463,500k for 18-month Final ROI: $609,000 / $3,553,500 = 17% Cash on cash Final ROI
Some May View ROI: 19.7% (if you don't add holding cost to cash basis)
Property Details
Property Type
- Land
Est. Annual Taxes
- $6,961
Year Built
- 2001
Lot Details
- 2.05 Acre Lot
- Property is zoned R-10
Community Details
- No Home Owners Association
Listing and Financial Details
- Assessor Parcel Number 300-52-004-W
Map
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Home Values in the Area
Average Home Value in this Area
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 | $7,165 | $48,774 | -- | -- |
| 2024 | $6,961 | $46,451 | -- | -- |
| 2023 | $6,961 | $62,870 | $12,570 | $50,300 |
| 2022 | $6,821 | $50,870 | $10,170 | $40,700 |
| 2021 | $6,960 | $46,820 | $9,360 | $37,460 |
| 2020 | $6,874 | $43,500 | $8,700 | $34,800 |
| 2019 | $6,652 | $37,100 | $7,420 | $29,680 |
| 2018 | $5,873 | $47,730 | $9,540 | $38,190 |
| 2017 | $5,432 | $53,350 | $10,670 | $42,680 |
| 2016 | $5,154 | $41,920 | $8,380 | $33,540 |
Source: Public Records
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 07/03/2024 07/03/24 | For Sale | $519,900 | -- | -- |
Source: Arizona Regional Multiple Listing Service (ARMLS)
Deed History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Trustee Deed | $50,000 | Old Republic National Title In | |
| Warranty Deed | $450,000 | Driggs Title Agency | |
| Warranty Deed | $250,000 | Driggs Title Agency | |
| Contract Of Sale | -- | -- | |
| Quit Claim Deed | -- | None Available | |
| Interfamily Deed Transfer | -- | Magnus Title Agency | |
| Warranty Deed | $600,000 | Magnus Title Agency | |
| Interfamily Deed Transfer | -- | Magnus Title Agency | |
| Interfamily Deed Transfer | -- | None Available |
Source: Public Records
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $250,000 | New Conventional | |
| Previous Owner | $150,000 | Seller Take Back | |
| Previous Owner | $150,000 | New Conventional | |
| Previous Owner | $417,000 | New Conventional | |
| Previous Owner | $148,000 | New Conventional | |
| Previous Owner | $150,000 | New Conventional | |
| Closed | $150,000 | No Value Available |
Source: Public Records
Similar Properties in the area
Source: Arizona Regional Multiple Listing Service (ARMLS)
MLS Number: 6726810
APN: 300-52-004W
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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