$950,000
Mesa, AZ 85205
MLS# 6323917
Status: Closed
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Property Description
Now Updated! Fantastic Opportunity to Own 8 Units in East Mesa. This is Cash Flowing Asset with the Opportunity to Renovate One Down unit and Raise Rents. This property consists of two 1 bedroom units and Six Studio units. This is a stable apartment with tons of upside. DO NOT DISTURB TENANTS!
Details
Maps
Documents
Contract Info
Current Price: $950,000
Sold Price: $950,000
Status: Closed
List Date: 2021-11-20
Ownership: Fee Simple
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: R41
House Number: 6723
Compass: E
Street Name: AVALON
St Suffix: Street
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85205
Zip4: 9033
Country: USA
County Code: Maricopa
Legal Description (Abbrev): LOT 6 BLOCK 17 DESERT WELLS AMD MCR 003803
Subdivision: DESERT WELLS AMD
Assessor's Map #: 58
Assessor's Parcel #: 168
Add'l Parcels: No
Assessor Number: 141-58-168
Legal: LOT 6 BLOCK 17 DESERT WELLS AMD MCR 003803
Census Tract: 420214
Tax Municipality: Mesa
Taxes: 1450
Tax Year: 2020
Marketing Name: Avalon Apartments
General Property Description
Lot Size Dimensions: 60x160
Year Built: 1950
Uncvrd Parking Spcs: 8
Total # of Units: 8
# of Buildings: 2
Zoning: LC
Elementary School District: Mesa Unified District
High School District: Mesa Unified District
Remarks & Misc
Cross Street: Power and Main
Directions: South on Power to Avalon, west to the property on the south side of the road
Geo Lat: 33.416569
Geo Lon: -111.686541
Status Change Info
Status Change Date: 2022-08-22
Off Market Date: 2022-07-08
Under Contract Date: 2022-06-30
Close of Escrow Date: 2022-08-22
Sold Price: $950,000
Legal Info
Township: 1N
Range: 6E
Section: 24
Block: 17
Lot Number: 6
Income & Expenses
Annual Elec Exp: 8413.6
Annual Ins Exp: 3323
Annual Landscape Exp: 900
Annual Maint Exp: 450
Annual Wtr/Swr Exp: 4530.41
Owner Association: No
Operating Exp: 19067.01
Gross Annual Sch Inc: 76764
Vacancy Allowance: 0.05
Adjusted Gross Inc: 72925.8
Net Operating Income: 53858
Pmt & Rate Info
Cap Rate: 5.52
Equity: 975000
Efficiency Units
# Efficiency Units: 6
Avg Rent: 964
Avg SqFt: 375
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 2
Avg Rent: 1032
Avg SqFt: 550
# Baths: 1
Sold Info
Loan Type: Conventional
Loan Years: 30
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession to Buyer: 18300
Seller Concession $/%: $
Property Features
Project Type: 5 - 12 Units
Construction: Block
Const - Finish: Painted
Roofing: Comp Shingle; Foam
Floors: Ceramic Tile
Sale Includes: Land & Building
Community Amenities: Other
Appliances Included: F/S Oven/Range; Refrigerator; Microwave
Heating: Window/Wall Unit(s)
Cooling: Window/Wall Unit
Water: City Franchise
Sewer: Sewer - Public
Electric: SRP; Master Meter
Gas: None
Parking: 1 Space/Unit
Roads/Streets: Asphalt
Owner Pays: Water; Electric; Trash Collection; Landscaping
Tenant Pays: Cable TV
Source of Fincl Data: Provided by Owner
Special: Owner/Agent
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: None
Existing 1st Loan: Private
New Financing: Conventional; 1031 Exchange
Reports/Disclosures: None
Environmental: None
Cashflow Analysis - Actual 
Listing Office: My Home Group Real Estate
Last Updated: August - 22 - 2022
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