This closed with seller financing (25% down, 6.5% interest; with a 10 year amortization/term). Near Paradise Valley Village, Desert Ridge & Scottsdale. No HOA. Huge units! Three 2 bed/1 bath units (950 sf /-) paired with a 3 bed/2 bath unit (1150 sf /-). 4000 total sf. 11,975 sf lot. R-3 zoning. 20+ year owner has self-managed. Rents are very low at $1000/$850/$850 (2 bed units) & $1450 (3 bed unit). $49,800/yr +$1200 seller-owned w/d units/late/pet/misc = $51,000 gross/yr. $1500/rent for 2 bedroom is viable. 100% occupied with all month-to-month leases. All long-term tenants. No recent rent increases. Two units had kitchen/bath/lighting/etc upgrades in 2022. Newer HVAC/WH. Value-add opportunity.
Sold for $850,000
$850,000
18227 N 40TH Place, Phoenix, AZ 85032
5beds
3baths
4,000sqft
Multi Family
Built in 1980
-- sqft lot
$919,900 Zestimate®
$213/sqft
$1,997 Estimated rent
Home value
$919,900
$819,000 - $1.04M
$1,997/mo
Zestimate® history
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Huge units
Zillow last checked:
Listing updated:
Listed by:
James C Stephens 602-672-3526,
Better Homes & Gardens Real Estate SJ Fowler
Bought with:
Dragan Danilovic, SA530408000
DPR Realty LLC
Source: ARMLS,MLS#: 6865522
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 5
- Bathrooms: 3
Heating
- See Remarks, Individual, Heat Pump, Electric
Cooling
- Electric, Heat Pump, Individual
Appliances
- Included: See Remarks
Features
- Flooring: Other, Ceramic Tile, Vinyl
Interior area
- Total structure area: 4,000
- Total interior livable area: 4,000 sqft
Property
Parking
- Total spaces: 8
- Parking features: Free, Assigned, >1 Space Per Unit
- Uncovered spaces: 8
Lot
- Size: 0.27 Acres
- Dimensions: 11975 sf
Details
- Parcel number: 21515099
- Zoning: R-3
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
Materials
- Painted, Slump Block
- Roof: Other,Built-Up
Condition
- Year built: 1980
Utilities & green energy
- Electric: APS, Individual Meter
- Sewer: Public Sewer
- Water: City Franchise
Community & neighborhood
Community
- Community features: See Remarks
Location
- Region: Phoenix
- Subdivision: GENTLE ACRES
Other
Other facts
- Listing terms: Owner May Carry,Other (See Remarks),Conventional
- Ownership: Fee Simple
Price history
| Date | Event | Price |
|---|---|---|
| 9/19/2025 | Sold | $850,000-1.2%$213/sqft |
Source:  ARMLS #6865522 Report a problem | ||
| 9/9/2025 | Pending sale | $859,900$215/sqft |
Source: ARMLS #6865522 Report a problem | ||
| 8/19/2025 | Price change | $859,900-3.3%$215/sqft |
Source: ARMLS #6865522 Report a problem | ||
| 6/12/2025 | Price change | $889,000-1.1%$222/sqft |
Source: ARMLS #6865522 Report a problem | ||
| 5/13/2025 | Listed for sale | $899,000+99.8%$225/sqft |
Source: ARMLS #6865522 Report a problem | ||
| 9/19/2005 | Sold | $450,000$113/sqft |
Source: ARMLS #2306691 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $1,812 +2.6% | $70,630 -16.2% |
| 2024 | $1,765 +2.1% | $84,270 +414.8% |
| 2023 | $1,729 -0.7% | $16,370 -63.8% |
| 2022 | $1,741 +2.9% | $45,270 +7% |
| 2021 | $1,692 -0.1% | $42,320 +5.3% |
| 2020 | $1,695 +3.4% | $40,180 +25.8% |
| 2019 | $1,639 | $31,950 +14% |
| 2018 | $1,639 +4.3% | $28,030 +7.1% |
| 2017 | $1,571 +9.8% | $26,170 +18.8% |
| 2016 | $1,431 -15.2% | $22,020 -20.3% |
| 2015 | $1,687 | $27,630 +40.8% |
| 2014 | -- | $19,620 +160.6% |
| 2013 | -- | $7,530 -23.6% |
| 2012 | -- | $9,850 -23.2% |
| 2011 | -- | $12,820 -48.8% |
| 2010 | -- | $25,060 -35.2% |
| 2009 | -- | $38,650 -3.7% |
| 2008 | -- | $40,130 +9.3% |
| 2007 | -- | $36,700 +68.3% |
| 2006 | -- | $21,800 |
| 2005 | -- | $21,800 +9.8% |
| 2004 | -- | $19,850 |
| 2003 | -- | $19,850 +39.8% |
| 2002 | -- | $14,200 |
Find assessor info on the county website
Neighborhood: Paradise Valley
Nearby schools
GreatSchools rating
- 5/10Whispering Wind AcademyGrades: PK-6Distance: 1.5 mi
- 8/10Paradise Valley High SchoolGrades: 7-12Distance: 0.7 mi
- 6/10Sunrise Middle SchoolGrades: 5-8Distance: 2.6 mi
Schools provided by the listing agent
- District: Paradise Valley Unified District
Source: ARMLS. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
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Estimated market value
$919,900
Get a cash offer in 3 minutes
Find out how much your home could sell for in as little as 3 minutes with a no-obligation cash offer.
Estimated market value
$919,900
- Arizona
- Maricopa County
- Phoenix
- 85032
- Paradise Valley
- 18227 N 40TH Place
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