$2,400,000
Mesa, AZ 85205
MLS# 6185528
Status: Closed
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Property Description
Demand is so High for These Red Brick Beautiful Buildings Feature 8-2 Bedroom Units and 8-1 Bedroom Units, 100% Rented and Rarely a Vacancy. Many Long Term Occupants of 5 Years or More Up to 12 Years. Each Unit has a Private Patio, Full Size Washer/Dryer Hook-up. Interiors Well Kept and Separately Metered for Electric. Each Building Has it's Own Parcel Number 141-49-006-P,Q,R & S. This Property has Been Owner Operated for Approximately the Last 17 Years. Owner has Serviced Air Conditioners Annually and All Appear to be in Working Condition. Property is in the County, Although Water & Sewer is Serviced by City of Mesa. All Facts and Figures are Approximate, Buyer to Verify to Their Satisfaction.
Details
Maps
Documents
Contract Info
Current Price: $2,400,000
Sold Price: $2,400,000
Status: Closed
List Date: 2021-01-25
Ownership: Fee Simple
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: R41
House Number: 5825
Compass: E
Street Name: UNIVERSITY
St Suffix: Drive
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85205
Zip4: 7449
Country: USA
County Code: Maricopa
Building Number: B
Legal Description (Abbrev): PT E2 NE4 OF SEC 23 COM NE COR OF SD SEC TH W 1019.50F TH S 70F TH E 115.88F POB TH E 115.15F TH S 1
Assessor's Map #: 49
Assessor's Parcel #: 6
Assessor Parcel Ltr: Q
Add'l Parcels: Yes
Assessor Number: 141-49-006-Q
Legal: PT E2 NE4 OF SEC 23 COM NE COR OF SD SEC TH W 1019.50F TH S 70F TH E 115.88F POB TH E 115.15F TH S 1
Census Tract: 420214
Tax Municipality: Mesa
Tax District: 04
Taxes: 7169
Tax Year: 2020
Marketing Name: Sun Court
General Property Description
Lot Size Dimensions: IRR
Year Built: 1984
Uncvrd Parking Spcs: 6
Total # of Units: 16
# of Buildings: 4
Zoning: R3
Elementary School District: Mesa Unified District
High School District: Mesa Unified District
Remarks & Misc
Cross Street: University & Higley
Directions: East to Property. Driveway B
Geo Lat: 33.42255
Geo Lon: -111.704608
Status Change Info
Status Change Date: 2021-05-03
Off Market Date: 2021-04-15
Under Contract Date: 2021-02-05
Close of Escrow Date: 2021-05-03
Sold Price: $2,400,000
Legal Info
Township: 1N
Range: 6E
Section: 23
Income & Expenses
Annual Elec Exp: 480
Annual Ins Exp: 2560
Annual Landscape Exp: 600
Annual Maint Exp: 6000
Annual Trash Exp: 1296
Annual Wtr/Swr Exp: 7200
Owner Association: No
Operating Exp: 25305
Gross Annual Sch Inc: 159300
Vacancy Allowance: 0.02
Adjusted Gross Inc: 156114
Totl Mnth Rntal Inc: 13500
Net Operating Income: 129645
Pmt & Rate Info
Cap Rate: 5.4
Equity: 2400000
1 Bedroom Units
# 1 Bedroom Units: 8
Avg Rent: 762
Avg SqFt: 645
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 8
Avg Rent: 925
Avg SqFt: 925
# Baths: 1
Sold Info
Loan Type: Conventional
Loan Years: 10
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Property Features
Project Type: 13 - 24 Units
Construction: Block; Brick
Const - Finish: Painted; Brick Trim/Veneer
Roofing: Comp Shingle
Floors: Concrete; Vinyl; Carpet
Sale Includes: Land & Building
Community Amenities: No Pool; Golf/Putting Green
Exterior Amenities: Desert Landscaping; Fenced; Cable TV Available; Patio/Balcony
Interior Amenities: Unfurnished
Appliances Included: BI Oven/Range; Refrigerator; Disposal
Heating: Individual
Cooling: Electric; Individual
Water: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: SW Gas
Parking: Carport; >1 Space Per Unit
Roads/Streets: Asphalt
Owner Pays: Water; Trash Collection
Tenant Pays: Electric; Gas
Source of Fincl Data: Provided by Owner; Projected Proforma
Special: Unincorporated Area
Showing Notification Methods: Phone Call
Lockbox Type: None
Existing 1st Loan: Treat as Free&Clear
Existing 1st Ln Type: Not Applicable
Existing 1st Ln Trms: Not Applicable
Existing 2nd Loan: Treat as Free&Clear
Existing 2nd Ln Type: Not Applicable
Existing 2nd Ln Trms: Not Applicable
Existing 3rd Loan: Treat as Free&Clear
Existing 3rd Ln Type: Not Applicable
Existing 3rd Ln Trms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional
Reports/Disclosures: Seller Prop Disc Stm
Environmental: None
Operating Memo 
Listing Office: Better Homes & Gardens Real Estate SJ Fowler
Last Updated: May - 03 - 2021
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