720 E Montecito Ave Phoenix, AZ 85014
Highlights
- Cooling Available
- Vinyl Flooring
- Individual Controls for Heating
- Phoenix Coding Academy Rated A
About This Home
As of December 2024Montecito is a 4-unit apartment community located in the Midtown Phoenix Submarket. Built in 1955, the asset has been extensively renovated over the past few years and features (3) 2+1 units and (1) 1+1 unit . Current ownership has successfully run short-term rentals on 3 of the 4 units through Air BnB. New ownership will have the opportunity to take over the 3 units furnished and continue the current operation or run as a traditional apartment building. Significant capital is being invested in the immediate area with the addition of Fate Brewery and several new townhome developments around the corner. The property also sits in close proximity to Carl T Hayden VA Hospital, Brophy & Xavier Prep Schools, and provides easy access to Midtown & Downtown Phoenix.
CONTACT AGENT FOR COPY OF OM
Last Agent to Sell the Property
Matthews Real Estate Investment Services License #SA692958000
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $2,798
Year Built
- Built in 1955
Home Design
- Composition Roof
- Block Exterior
- Stucco
Flooring
- Vinyl Flooring
Parking
- 6 Open Parking Spaces
- 6 Parking Spaces
Utilities
- Cooling Available
- Individual Controls for Heating
- Master Water Meter
Listing and Financial Details
- Tenant pays for electricity
- The owner pays for gas, electricity, trash collection, water, sewer
- Tax Lot 34
- Assessor Parcel Number 155-19-027
Community Details
Overview
- 4 Units
- Building Dimensions are 9,095
- Carolyn Place Lot 1 9, 46 54 Subdivision
Building Details
- Operating Expense $2,798
- Gross Income $94,594
- Net Operating Income $60,501
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 12/30/2024 12/30/24 | Sold | $1,000,000 | -2.4% | $488 / Sq Ft |
| 12/05/2024 12/05/24 | Pending | -- | -- | -- |
| 09/28/2024 09/28/24 | Price Changed | $1,025,000 | -6.8% | $500 / Sq Ft |
| 06/04/2024 06/04/24 | For Sale | $1,100,000 | -- | $537 / 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 | $2,896 | $23,077 | -- | -- |
| 2024 | $2,798 | $21,978 | -- | -- |
| 2023 | $2,798 | $55,320 | $11,060 | $44,260 |
| 2022 | $2,782 | $37,070 | $7,410 | $29,660 |
| 2021 | $2,829 | $27,890 | $5,570 | $22,320 |
| 2020 | $2,758 | $25,830 | $5,160 | $20,670 |
| 2019 | $1,167 | $20,260 | $4,050 | $16,210 |
| 2018 | $1,088 | $17,600 | $3,520 | $14,080 |
| 2017 | $997 | $16,430 | $3,280 | $13,150 |
| 2016 | $961 | $12,530 | $2,500 | $10,030 |
| 2015 | $894 | $9,830 | $1,960 | $7,870 |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $800,000 | New Conventional | |
| Previous Owner | $306,680 | Commercial | |
| Previous Owner | $210,000 | Unknown | |
| Previous Owner | $130,414 | Seller Take Back | |
| Previous Owner | $93,750 | New Conventional | |
| Previous Owner | $65,000 | Unknown | |
| Previous Owner | $44,000 | Credit Line Revolving | |
| Previous Owner | $188,000 | New Conventional | |
| Previous Owner | $149,600 | New Conventional | |
| Previous Owner | $141,334 | FHA | |
| Previous Owner | $143,043 | FHA |
Deed History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | $1,000,000 | Homelight Settlement | |
| Warranty Deed | $230,000 | Empire West Title Agency Llc | |
| Warranty Deed | $140,414 | Chicago Title Agency Inc | |
| Quit Claim Deed | -- | Security Title Agency | |
| Warranty Deed | $135,000 | Security Title Agency | |
| Trustee Deed | $92,826 | Security Title Agency | |
| Trustee Deed | $92,826 | None Available | |
| Warranty Deed | $235,000 | Fidelity National Title | |
| Interfamily Deed Transfer | -- | Grand Canyon Title Agency In | |
| Warranty Deed | $187,000 | Grand Canyon Title Agency In | |
| Interfamily Deed Transfer | $140,297 | -- | |
| Interfamily Deed Transfer | -- | Lawyers Title Of Arizona Inc | |
| Joint Tenancy Deed | $147,000 | Fidelity National Title | |
| Warranty Deed | -- | Stewart Title & Trust | |
| Interfamily Deed Transfer | -- | Stewart Title & Trust | |
| Warranty Deed | -- | -- | |
| Trustee Deed | -- | -- |
Source: Arizona Regional Multiple Listing Service (ARMLS)
MLS Number: 6714468
APN: 155-19-027
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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