I was looking at comparables for a property and came across a fourplex I purchased in 2000 and sold in 2001. This was a repositioning strategy project. That means it was a mis-managed property with bad customers and low for the market rents. It was easier to do these back then.
This property has had an interesting history. It was built in 1981 before the 1980’s real estate boom in Arizona and the year we moved here from Austria.
- Built in 1981 – not sure of the sale price.
- 1988: Sold for $175,000
- 1991: Went back to the bank in a foreclosure sale for $73,000
- 1992: Purchased for $95,000 from the bank.
- 2000: Purchased by me for $169,000 – some fix up, new tenants, higher rents.
- 2001: Sold by me for $245,000 – good cap rate. 1031 into something bigger.
- 2004: Sold for $286,000 – still good return for buyer.
- 2005: Sold for $336,000 – crazy.
- 2006: Sold for $440,000 – crazy.
- 2011: Purchased for $118,000 as a short sale.
- 2012: Could probably be sold for $150,000-$200,000