4004 E MCKELLIPS Road, Mesa, AZ 85215
$1,300,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$1,300,000
Last Modified:
3/02/2025
Description
Incredible opportunity to purchase an historic homestead that has been converted into cash flowing apartments. Nestled into its own beautiful park like setting are 13 units in six buildings. This property has a mix of studio, one, and two bedroom units. Situated near Falcon Field and adjacent to the exclusive Valencia Estates sub-division and working orange groves, this property offers the savvy investor an apartment rental property with no other apartments close by. The incomparable setting of huge mature trees (including citrus,fig and pecan) shades the property and keeps it cool and inviting. Close to shopping, Loop 202, US 60, jobs and great Mesa schools;this property is attractive to prospective tenants. Additional income from on-site laundry.. Nearly 1/2 of units have been remodeled
More Information MLS# 6135727
Contract Info
Ownership: Fee Simple
Current Price: $1,300,000
Sold Price: $1,300,000
Status: Closed
List Date: 2020-09-22
Location, Tax & Legal
Assessor's Map #: 28
Legal Description (Abbrev): W 135F OF S 437F OF SW4 SE4 EX S 40F RD P/D 10579 /331
Assessor's Parcel #: 20
Add'l Parcels: Yes
Tax Municipality: Mesa
Census Tract: 420304
Taxes: 2579
Legal: W 135F OF S 437F OF SW4 SE4 EX S 40F RD P/D 10579 /331
Marketing Name: Mckellips Apartments
Map Code/Grid: Q40
House Number: 4004
Compass: E
Street Name: MCKELLIPS
St Suffix: Road
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85215
Zip4: 2407
County Code: Maricopa
Assessor Number: 141-28-020
Tax Year: 2019
General Property Description
# of Buildings: 6
Uncvrd Parking Spcs: 17
Lot Size Dimensions: IRR
Total # of Units: 13
Elementary School District: Mesa Unified District
High School District: Mesa Unified District
Year Built: 1926
Zoning: RS-35
Legal Info
Range: 6E
Section: 4
Township: 1N
Project Type
13 - 24 Units: 1
Other Type
House + Rental Units: 1
Construction
Block: 1
Wood Frame: 1
Adobe: 1
Const - Finish
Painted: 1
Stucco: 1
Siding: 1
Roofing
Composition: 1
Built-Up: 1
Floors
Wood: 1
Ceramic Tile: 1
Carpet: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 1000
Annual Gas Exp: 0
Annual Ins Exp: 3885
Annual Land Lse Exp: 0
Annual Landscape Exp: 4000
Annual Legal & Acctg: 0
Annual Maint Exp: 4500
Annual Mgmt Exp: 8781
Annual Trash Exp: 9200
Annual Wtr/Swr Exp: 0
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 3458
Operating Exp: 37403
Other Income: 1200
Vacancy Allowance: 3
Adjusted Gross Inc: 258584
Pmt & Rate Info
Cap Rate: 6.5
Down Payment: 0
Equity: 1395000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Showing Notification Methods
Phone Call: 1
Lockbox Type
None: 1
Community Features
Barbecue: 1
Other: 1
See Remarks: 1
Heating
Electric: 1
Cooling
Evaporative Cooling: 1
Electric: 1
Window/Wall Unit: 1
Individual: 1
Exterior Amenities
Landscape Water System: 1
Green Landscaping: 1
Satellite Dish: 1
Cable TV Available: 1
Patio/Balcony: 1
Separate Storage: 1
Interior Features
Unfurnished: 1
Fire/Smoke Alarm(s): 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
Refrigerator: 1
Free-Standing Range: 1
Road Access Type
Dedicated Street: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Projected Proforma: 1
Books Shwn Accpt Ofr: 1
Water Source
City Franchise: 1
Sewer
Septic Tank: 1
Septic-In & Connected: 1
Parking Features
Free: 1
>1 Space Per Unit: 1
Paved: 1
Electric
SRP: 1
Master Meter: 1
Submetered System: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Trash Collection: 1
Landscaping: 1
New Financing
Conventional: 1
Other (See Remarks): 1
Special
Incorporated Area: 1
Existing 1st Loan
Treat as Free&Clear: 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Treat as Free&Clear: 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Treat as Free&Clear: 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
Seller Prop Disc Stm: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
# Efficiency Units: 5
Avg Rent: 590
Avg SqFt: 570
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 7
Avg Rent: 714
Avg SqFt: 792
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 1
Avg Rent: 950
Avg SqFt: 1050
# Baths: 2
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Other
Loan Years: 30
Closing Cost Split: Normal - N
Payment Type: Fixed
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
Remarks Misc
Cross Street: Mckellips Rd and Val Vista Dr
Directions: From the intersection proceed eastbound on McKellips approximately 0.3 miles. Property will be on left (north).
Geo Lat: 33.452489
Geo Lon: -111.744451
Status Change Info
Off Market Date: 2020-09-22
Under Contract Date: 2020-09-22
Close of Escrow Date: 2020-09-22
Sold Price: $1,300,000
Income Expenses
Gross Annual Sch Inc: 128092
Net Operating Income: 90666
Property Features
Project Type: 13 - 24 Units
Other Type: House + Rental Units
Construction: Block; Wood Frame; Adobe
Const - Finish: Painted; Stucco; Siding
Roofing: Composition; Built-Up
Floors: Wood; Ceramic Tile; Carpet
Sale Includes: Land & Building
Community Features: Barbecue; Other; See Remarks
Exterior Amenities: Landscape Water System; Green Landscaping; Satellite Dish; Cable TV Available; Patio/Balcony; Separate Storage
Interior Features: Unfurnished; Fire/Smoke Alarm(s)
Appliances Included: Free-Standing Range; Refrigerator
Cooling: Electric; Window/Wall Unit; Evaporative Cooling; Individual
Water Source: City Franchise
Sewer: Septic Tank; Septic-In & Connected
Electric: SRP; Master Meter; Submetered System
Gas: SW Gas
Parking Features: >1 Space Per Unit; Free; Paved
Road Access Type: Dedicated Street
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Owner; Projected Proforma; Books Shwn Accpt Ofr
Special: Incorporated Area
Showing Notification Methods: 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; Other (See Remarks)
Environmental: None
Listing Office:
Better Homes & Gardens Real Estate SJ Fowler
Last Updated: March - 02 - 2025
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