$10,000 Closing Credit¹
#6862187, Andy Griffin, Listing office: Gentry Real Estate
#6869774·
Listing office: Orion Investment Real Estate·
Listing agent: Cody Leslie·
Listing office phone: 480-634-6934
$999,999 List price
1620 E Palm Ln Phoenix, AZ 85006
$10,000
Closing credit¹
House
Property details
About 1620 E Palm Ln
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.
Highlights
Home typeOther
HeatingElectric
StatusActive
CoolingWall/Window Unit(s)
Year built1947
ParkingPaved, >1 Space Per Unit
MLS #6869774
Summary
- Flooring Type: Ceramic Tile
- Parking: Paved, >1 Space Per Unit
- Heating: Electric
- Cooling: Wall/Window Unit(s)
- List Price: $999,999
- Annual Tax Amount: $1,164
- Tax Year: 2024
- Year Built: 1947
- MLS Number: 6869774
- MLS Name: Arizona Regional Multiple Listing Service 2
- Office Name: Orion Investment Real Estate
- Office Phone: (480) 634-6934
- Office Email: info@orionprop.com
- Listing Agent: Cody Leslie
The data relating to real estate for sale on this site comes from the Broker Reciprocity/IDX of Arizona Regional Multiple Listing Service, Inc. Indicates a property listed by a real estate brokerage other than Rocket Homes Real Estate, LLC. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Arizona Regional Multiple Listing Service, Inc. do not create, control or review the property data displayed herein and take no responsibility for the content of such records. Federal law prohibits discrimination on the basis of race, color, religion, sex, handicap, familial status or national origin in the sale, rental or financing of housing. Information deemed reliable but not guaranteed. Copyright© 2025 Arizona Regional Multiple Listing Service, Inc. All Rights Reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 6/25/2025, 4:45:30 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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$999,999
1620 E Palm Ln
$10,000
closing credit¹
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Seller rebate
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Price information
Property sales
| Date | Event | Price |
|---|---|---|
| Nov 05, 2019 | Home Sold | $520,000 |
| Nov 29, 2017 | Home Sold | $331,500 |
| Mar 20, 2014 | Home Sold | $135,000 |
| Jun 20, 2005 | Home Sold | $270,000 |
| Jun 01, 1988 | Home Sold | $150,000 |
Tax history
| Year | Assessment | Property Tax |
|---|---|---|
| 2024 | $67,110 | $1,164 |
| 2023 | $40,580 | $1,118 |
| 2022 | $29,360 | $1,145 |
| 2020 | $21,450 | $1,117 |
| 2019 | $18,700 | $1,087 |
| 2017 | $13,550 | $1,045 |
History based on county public records data.
Nearby schools
5
Imagine Academy of Phoenix
Public Charter KG-5
1.1 mi
•2645 N 24th St
4
Asu Preparatory Academy- Phoenix Elementary School
Public Charter KG-4
1.5 mi
•735 E Fillmore St
3
Longview Elementary School
Public District PK-6
1.7 mi
•1209 E Indian School Rd
School ratings are a score out of 10, where 10 is the highest and 1 is the lowest.
Neighborhood
The neighbors living near this home have an average income of $24,029. The most common annual income of people living in Phoenix, AZ is less than $<35k. The most common type of family is single, no kids. Most residents in this area have high school diploma education.
How much money do the neighbors make?
65%
<35k
27%
35k-100k
7%
100k-200k
1%
200k+
What level of education do the neighbors have?
High School Diploma
Post Secondary Degree
Masters Degree
What types of families live nearby?
39%
Single, No Kids
25%
Single, with Kids
11%
Married, No Kids
25%
Married, with Kids
Are the neighbors home owners or renters?
Home Owners
Renters
How old are people in this area?
23%
<11 yrs old
12%
12-17 yrs old
25%
18-34 yrs old
35%
35-64 yrs old
5%
65+ yrs old
What do the neighbors do for fun?
Mexican League Soccer
Pro Boxing
Major League Soccer (MLS)
Where do the neighbors shop?
Foot Locker
Ross Dress For Less
Burlington
Where do the neighbors go to eat?
Little Caesars
Jack In The Box
White Castle
What do the neighbors drive?
Dodge
Nissan
Kia
What do the neighbors listen to?
Urban Adult Contemporary
Rhythmic Contemporary Hits
All data provided by Home Junction and Claritas
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Frequently asked questions
About 1620 E Palm Ln
The listing price of 1620 E Palm Ln property is $999,999.
The property 1620 E Palm Ln is a house located in Phoenix, Arizona, 85006.
Active Listing: 1620 E Palm Ln is For Sale (Active/New) which means the seller is accepting offers.
The nearby schools for 1620 E Palm Ln are: Imagine Academy of Phoenix (GreatSchools Rating 5/10), Asu Preparatory Academy- Phoenix Elementary School (GreatSchools Rating 4/10), Longview Elementary School (GreatSchools Rating 3/10), Whittier School (GreatSchools Rating 3/10), Excelencia School (GreatSchools Rating 2/10), William T. Machan School (GreatSchools Rating 2/10), North High School (GreatSchools Rating 3/10), Kaizen Education Foundation Dba Summit High School (GreatSchools Rating 1/10), Pathways in Education (GreatSchools Rating 2/10).
According to the records, the last property tax for 2024 is $1,164 (source: MLS/based on county public records data).
The last sale was on November 5, 2019 for $520,000 (source: MLS/tax record).
The property at 1620 E Palm Ln has 0 bathroom.
The year of construction for 1620 E Palm Ln is 1947.
This home is located at 1620 E Palm Ln in Phoenix, AZ and zip code 85006 in the Encanto neighborhood. Features: 0 bathroom. It has been listed on Rocket Homes since May 22, 2025 and is currently priced at $999,999.
Phoenix, AZ housing market in May 2025 saw over 222 listings sold above listed price, more than 419 sold at listed price and over 865 sold below. Between April and May 2025, Phoenix, AZ real estate market has seen increase in the number of listings by 4%. Listings spent 64 days on the market in May 2025, and had a median list price of $456,920 during the same period.
From Rocket Homes Real Estate and based on county public records data.