$2,700,000
Mesa, AZ 85204
MLS# 6350374
Status: Closed
16 beds | 16 baths
1 / 1
Property Description
This property is an investors dream! 16 units comprised of 9 studios and 7 1 bedroom apartments located 500' from Main Street and within the Opportunity Zone as well as Mesa's Form Based Code Overlay (T4). Roof was replaced in May 2019, new dual pane windows, the majority of the water heaters and HVAC units have been replaced in the last 4 years. All of the units have been upgraded with can lighting and ceiling fans. There are 22 parking spaces. The units rent well and quickly. There is a lot of room to raise rents.
Details
Contract Info
Current Price: $2,700,000
Sold Price: $2,700,000
Status: Closed
List Date: 2022-02-02
Ownership: Fee Simple
Location, Tax & Legal
Map Code/Grid: R39
House Number: 750
Compass: E
Street Name: 1ST
St Suffix: Avenue
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85204
Zip4: 1079
Country: US
County Code: Maricopa
Subdivision: CHULA VISTA AMD LOTS 11-13 BLK 4
Assessor Number: 138-28-079
Tax Year: 2021
General Property Description
Lot Size Dimensions: IRR
Year Built: 1978
Uncvrd Parking Spcs: 22
Total # of Units: 16
# of Buildings: 2
Zoning: MF or FBC T4
Elementary School District: Mesa Unified District
High School District: Mesa Unified District
Legal Info
Township: 1N
Range: 5E
Section: 23
Block: 2
Lot Number: 10
Efficiency Units
# Efficiency Units: 9
Avg Rent: 850
Avg SqFt: 300
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 7
Avg Rent: 950
Avg SqFt: 400
# Baths: 1
Structure
Bedrooms Total: 16
Bathrooms Total: 16
Sold Info
Loan Type: Cash to Loan
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Remarks Misc
Cross Street: Main Street and Horne
Directions: Head West on Mesa's New Main Street to Horne, South on Horne and the property is on the North West corner of Horne and 1st AVE (500' South of Main Street).
Geo Lat: 33.413473
Geo Lon: -111.814445
Status Change Info
Off Market Date: 2022-04-02
Under Contract Date: 2022-03-11
Close of Escrow Date: 2022-04-05
Sold Price: $2,700,000
Income Expenses
Gross Annual Sch Inc: 179304
Net Operating Income: 141265
Property Features
Project Type: 13 - 24 Units
Construction: Block
Const - Finish: Painted; Stucco
Roofing: Composition; Foam
Floors: Vinyl; Ceramic Tile
Sale Includes: Land & Building; Personal Property
Community Features: No Pool
Exterior Amenities: Desert Landscaping; Fenced; Partially Fenced; Security Light(s)
Interior Features: Unfurnished
Appliances Included: Free-Standing Range; Refrigerator; W/D Hookup
Heating: Individual
Cooling: Ceiling Fan(s); Electric; Individual; Central Air
Water Source: City Franchise; Master Meter
Sewer: Sewer - Public
Electric: City Electric; Individual Meter
Gas: None
Parking Features: >1 Space Per Unit; Free
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Owner; Books Shwn Accpt Ofr
Special: Owner/Agent
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: None
Existing 1st Loan: Treat as Free&Clear
Existing 1st Loan Type: Not Applicable
Existing 1st Loan Terms: Not Applicable
Existing 2nd Loan: Treat as Free&Clear
Existing 2nd Loan Type: Not Applicable
Existing 2nd Loan Terms: Not Applicable
Existing 3rd Loan: Treat as Free&Clear
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional; No Carry; 1031 Exchange
Environmental: None
Listing Office: Cluff Real Estate LLC
Office Phone: 480-252-4576
Office Email: [email protected]
Last Updated: April - 05 - 2025
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