75-units available for sale as a package (bulk condos), inside Loma Bonita Condominium located in Phoenix. Located on Mountain View Road, west of the SR-51 Freeway, and east of 7th Street, near Phoenix Mountains, Camelback Corridor, John C Lincoln Hospital, Arizona Christian University, shopping, schools, and plenty of transportation options. Property is being sold ''As-Is.'' For the investor: This property offers the rare opportunity to acquire 80s vintage condos (fully rehabbed in 2007 for conversion) with a majority of the units within the HOA. Projected gross potential rent of $495,000, less 10% vacancy of $49,000 per year, added income of $90,000, equals $535,500 adjusted gross income. After expenses of $316,125, the pro forma net operating income is $219,375. This is a 7.8% CAP RATE!
Multi-familyProperty Type
1983Year Built
75 spacesParking
Listed by Natan Jacobs• Vestis Group
Bought with James Hill• Better Homes & Gardens Real Estate SJ Fowler
As the MLS and public records start to fill up, we'll list the details here.
Public record
Public record
Zoning
Permits
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Style
Multi-Family (5+ Unit)
County
Maricopa County
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Last updated by owner on Oct 5, 2025.
R-3A*
Multifamily Residence District
The purpose of the multifamily residence districts is to provide for alternate living styles including rental, condominiums and single ownership of land with multiple units thereon or single or attached townhomes.; The density ranges offered are intended to allow for a greater interaction of residents with at least the opportunity for less individual maintenance, unit cost, and size as compared with a conventional single-family residence.; The design options of average lot subdivision, planned residential and single-family attached development are intended to provide flexibility as to unit placement, variable yard requirements, more reasonable and practical use of open spaces, staggered height limits up to three and four stories and more standardized parking and street improvement requirements. Bonus provisions are intended to facilitate and enhance the utilization of smaller infill parcels as well as unusual and irregular parcels throughout the City.; Along with the freedom that the multifamily district offers are certain responsibilities which must be met for project residents, but more importantly for the overall adjacent neighborhood. These are expressed in terms of standards and performance criteria. The standards internal to a project are intended to increase livability with amenities including landscaping, recreational facilities and project design. On the other hand the exterior standards provide a better fit, [and] better the project and the neighborhood environs. Criteria relating to setbacks, screening and landscaping are intended to reduce noise, maintain privacy and minimize psychological feelings to a change in development character and avoid any adverse effect on property values.
Permitted uses
Include but are not limited to:
Religious facility
Public service
Educational/school
Jun 22, 2017 • Final
Building permits
Electrical
Jan 6, 1995 • Final
Building permits
Electrical
Permit history is from public records and may be incomplete or inaccurate. Redfin and its agents make no representations about the property condition or permit status. Buyers should independently verify all information.
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