$529,000
6407 E BUTTE Street
Mesa, AZ 85205
MLS# 5745031
Status: Closed



6407 E BUTTE Street, Mesa, AZ 85205
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6407 E BUTTE Street, Mesa, AZ 85205 6407 E BUTTE Street, Mesa, AZ 85205 6407 E BUTTE Street, Mesa, AZ 85205 6407 E BUTTE Street, Mesa, AZ 85205 6407 E BUTTE Street, Mesa, AZ 85205 6407 E BUTTE Street, Mesa, AZ 85205 6407 E BUTTE Street, Mesa, AZ 85205 6407 E BUTTE Street, Mesa, AZ 85205 6407 E BUTTE Street, Mesa, AZ 85205 6407 E BUTTE Street, Mesa, AZ 85205 6407 E BUTTE Street, Mesa, AZ 85205 6407 E BUTTE Street, Mesa, AZ 85205 6407 E BUTTE Street, Mesa, AZ 85205 6407 E BUTTE Street, Mesa, AZ 85205 6407 E BUTTE Street, Mesa, AZ 85205 6407 E BUTTE Street, Mesa, AZ 85205 6407 E BUTTE Street, Mesa, AZ 85205 6407 E BUTTE Street, Mesa, AZ 85205 6407 E BUTTE Street, Mesa, AZ 85205 6407 E BUTTE Street, Mesa, AZ 85205 6407 E BUTTE Street, Mesa, AZ 85205

Property Description
DO NOT WALK PROPERTY - DO NOT DISTURB TENANTS Extra rare East valley gem. Excellent Value-Add play. HUGE UPSIDE with this extra clean 6-unit age-restricted (55+) property in a very desirable east Mesa neighborhood. Property is a part of Velda Rose Estates. Tenants enjoy all the benefits of Velda Rose membership, clubhouse and amenities. Located 60 feet from the clubhouse makes this THE sought after sweet spot in the neighborhood. This pride of ownership asset has been responsibly maintained for over 43 years. Rents have gone unchanged since the 1990's averaging less than $0.65 per square foot. Big Value-Add opportunity. Improvements are on 1 tax parcel with two 1X1 units of 700 SF, two 1X1 units of 750 SF and two 2X1 units t 900 SF. Covered parking, owned laundry, large units rent upside

Details
Maps
Contract Info
Current Price: $529,000
Sold Price: $529,000
Status: Closed
List Date: 2018-04-01
Ownership: Fee Simple
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: R41
House Number: 6407
Compass: E
Street Name: BUTTE
St Suffix: Street
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85205
Zip4: 8429
Country: USA
County Code: Maricopa
Legal Description (Abbrev): LOT 268 VELDA ROSE ESTATES EAST MCR 012347
Subdivision: VELDA ROSE ESTATES EAST
Assessor's Map #: 61
Assessor's Parcel #: 67
Assessor Parcel Ltr: A
Add'l Parcels: No
Assessor Number: 141-61-067-A
Legal: LOT 268 VELDA ROSE ESTATES EAST MCR 012347
Census Tract: 420214
Tax Municipality: Maricopa - COUNTY
Taxes: 2071
Tax Year: 2017
Marketing Name: Velda Rose 6-PLEX
General Property Description
Lot Size Dimensions: irreg
Year Built: 1970
Uncvrd Parking Spcs: 6
Total # of Units: 6
# of Buildings: 2
Zoning: M-M
Elementary School District: Mesa Unified District
High School District: Mesa Unified District
Remarks & Misc
Cross Street: University and 64th Street MESA
Directions: 202 East to Mesa, exit Brown Road, west to Power Road, south to University, West on university to 64th Street, south to property on the corner of Butte and 64th Street.
Geo Lat: 33.421757
Geo Lon: -111.692828
Status Change Info
Status Change Date: 2018-08-18
Off Market Date: 2018-08-06
Under Contract Date: 2018-06-06
Close of Escrow Date: 2018-08-17
Sold Price: $529,000
Legal Info
Township: 1N
Range: 6E
Section: 24
Lot Number: 268
Income & Expenses
Annual Elec Exp: 489
Annual Ins Exp: 3845
Annual Landscape Exp: 350
Annual Maint Exp: 5347
Annual Trash Exp: 486
Annual Wtr/Swr Exp: 723
Owner Association: Yes
Annual Ownr Asoc Fee: 498
Annual Other Expense: 1647
Operating Exp: 15456
Gross Annual Sch Inc: 40000
Vacancy Allowance: 0.03
Adjusted Gross Inc: 38800
Net Operating Income: 19464
Pmt & Rate Info
Cap Rate: 3.55
Down Payment: 549000
Down Payment %: 100
Equity: 549000
1 Bedroom Units
# 1 Bedroom Units: 4
Avg Rent: 500
Avg SqFt: 750
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 2
Avg Rent: 600
Avg SqFt: 900
# Baths: 1
Sold Info
Loan Type: Conventional
Loan Years: 30
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Property Features
Project Type: 5 - 12 Units
Construction: Block; Brick
Const - Finish: Painted
Roofing: Built-Up
Floors: Concrete; Vinyl; Ceramic Tile; Carpet
Sale Includes: Land & Building
Community Amenities: No Pool; Clubhouse; Game/Rec Room; Shuffle Brd/Lawn Bwl; Barbecue; Other; See Remarks
Exterior Amenities: Cable TV Available; Patio/Balcony; Separate Storage; Security Light(s); Other (See Remarks)
Interior Amenities: Unfurnished
Appliances Included: F/S Oven/Range; Refrigerator
Heating: Natural Gas
Cooling: Electric; Heat Pump
Water: City Franchise
Sewer: Septic Tank
Electric: SRP
Gas: SW Gas
Parking: Carport; >1 Space Per Unit; Paved Parking
Roads/Streets: Asphalt; Concrete
Owner Pays: Water; Trash Collection
Tenant Pays: Electric; Gas; Cable TV
Source of Fincl Data: Provided by Owner
Existing 1st Loan: Other (See Rmks)
Existing 1st Ln Type: Not Applicable
Existing 1st Ln Trms: Not Applicable
Existing 2nd Loan: Other (See Remarks)
Existing 2nd Ln Type: Not Applicable
Existing 2nd Ln Trms: Not Applicable
Existing 3rd Loan: Other (See Remarks)
Existing 3rd Ln Type: Not Applicable
Existing 3rd Ln Trms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Other (See Remarks)
Reports/Disclosures: None
Environmental: None

Listing Office: Kasten Long Commercial Group

Last Updated: November - 20 - 2019

6407 E BUTTE Street, Mesa, AZ 85205 - MLS# 5745031
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