$2,800,000
38 N SANTA BARBARA Street
Mesa, AZ 85201
MLS# 6524301
Status: Closed
24 beds  |  12 baths


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Property Description
This fully remodeled 12 unit complex, located along the central corridor of Main St. in Mesa, is being offered as a fantastic turnkey investment opportunity. Built in 1985, the unit mix consists of twelve 2 bed/1 bath units which are nearly 900sqft in size. The extensive professional renovations were completed in late 2021. Just some of the interior upgrades include: fresh paint; new shaker kitchen cabinets; new kitchen countertops; new plank flooring; new stainless-steel appliances; and new in-suite washer/dryers. Exterior amenities consist of: fresh paint; several main level units with walk-out private yards; an abundance of off-street private parking; and upgraded low cost/maintenance desert landscaping. The roofs on all 3 buildings were replaced in Dec-2019. Demand is

Details
Contract Info
Current Price: $2,800,000
Sold Price: $2,800,000
Status: Closed
List Date: 2023-02-24
Ownership: Fee Simple
Location, Tax & Legal
Map Code/Grid: R38
House Number: 38
Compass: N
Street Name: SANTA BARBARA
St Suffix: Street
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85201
Zip4: 6869
Country: US
County Code: Maricopa
Subdivision: SAN CLEMENTE
Assessor Number: 135-47-068
Tax Year: 2022
General Property Description
Lot Size Dimensions: 1/2 Acre (Rectangular)
Year Built: 1985
Uncvrd Parking Spcs: 18
Total # of Units: 12
# of Buildings: 3
Zoning: MULTI-FAMILY
Elementary School District: Mesa Unified District
High School District: Mesa Unified District
Legal Info
Township: 1N
Range: 5E
Section: 19
Lot Number: 66
2 Bedroom Units
# 2 Bedroom Units: 12
Avg Rent: 1439.58
Avg SqFt: 886
# Baths: 1
Structure
Bedrooms Total: 24
Bathrooms Total: 12
Sold Info
Loan Type: Conventional
Loan Years: 30
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Remarks Misc
Cross Street: North of Main St. / West of Dobson Rd.
Geo Lat: 33.415889
Geo Lon: -111.877328
Status Change Info
Off Market Date: 2023-12-07
Under Contract Date: 2023-08-18
Close of Escrow Date: 2023-12-08
Sold Price: $2,800,000
Income Expenses
Gross Annual Sch Inc: 218818
Net Operating Income: 162271
Property Features
Project Type: 5 - 12 Units
Other Type: Packaged Offering
Construction: Wood Frame
Const - Finish: Painted; Stucco
Roofing: Composition
Floors: Vinyl; Carpet
Sale Includes: Land & Building
Community Features: No Pool
Exterior Amenities: Desert Landscaping; Partially Fenced
Interior Features: Unfurnished; Fire/Smoke Alarm(s)
Appliances Included: Free-Standing Range; Refrigerator; Washer/Dryer
Heating: Individual; Heat Pump
Cooling: Electric; Heat Pump; Individual
Water Source: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: None
Parking Features: On Street; >1 Space Per Unit; Free; Paved
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Owner
Lockbox Type: None
New Financing: Conventional; No Carry
Environmental: None
Supplements
high for these units as they are located near the highly sought-after Valley Metro Light Rail Line as well as within close proximity of the 101 freeway and ASU. The nearby employment base is vast which consists of large & small employers. The district serves its residents well by providing an abundance of choices related to shopping, dining, entertainment, schools and hospitals. As such, this investment offers a hassle-free investment opportunity as it is stabilized, fully renovated and has a strong revenue stream right at acquisition. All 3 fourplexes are side-by-side with each having their own parcel numbers. Therefore, this package offering is conducive to either Commercial or Residential Financing. Furthermore, this complex is located within a City of Mesa "Opportunity Zone" which continues to attract more investors in substantially improving existing properties within the district. Large new developments have also been completed with others in the pipeline. More information on the "Opportunity Zone" can be found at: www.selectmesa.com/business-environment/incentives-programs/opportunity-zones Buyer to verify all facts and figures. Drive by only...please do not disturb residents.

IDX
Listing Office: Better Homes & Gardens Real Estate SJ Fowler

Office Phone: 602-264-8400

Last Updated: January - 02 - 2024

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