420 N 64TH Place, Mesa, AZ 85205
$1,237,500
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$1,237,500
Last Modified:
3/28/2014
Description
Oasis In Mesa Apartments is a 28 unit apartment community with a desirable unit mix consisting of 20 - 2 bed 1.5 bath units (approx. 950ft2) and 8 - 1 bed 1 bath units (approx. 665ft2). The complex sits on 2.14 acres of land with potential for additional units. On site amenities consist of a swimming pool and spa, covered parking, on site coin operated laundry and an abundance of mature landscaping. All units have either balconies or patios and the 2 bedroom units have washer/dryer hookups. Built in 1985 and complex is individually metered for electric. Many long term tenants. Tremendous value-add opportunity. Please do not disturb tenants or on site manager.
More Information MLS# 4925739
Contract Info
Ownership: Fee Simple
Current Price: $1,237,500
Sold Price: $1,237,500
Status: Closed
List Date: 2013-04-24
Location, Tax & Legal
Assessor's Map #: 62
Legal Description (Abbrev): SUN VILLA LOT 4-7 & TRACT A REPLAT
Assessor's Parcel #: 538
Add'l Parcels: No
Tax Municipality: Maricopa - COUNTY
Census Tract: 420202
Taxes: 7794
Legal: SUN VILLA REPLAT OF TRACT A & LOTS 4 THRU 7 MCR 2 48-4
Marketing Name: Oasis In Mesa Apts
Map Code/Grid: R41
House Number: 420
Compass: N
Street Name: 64TH
St Suffix: Place
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85205
Zip4: 7633
County Code: Maricopa
Assessor Number: 141-62-538
Tax Year: 2012
General Property Description
# of Buildings: 3
Uncvrd Parking Spcs: 20
Lot Size Dimensions: IRR
Total # of Units: 28
Elementary School District: Mesa Unified District
High School District: Mesa Unified District
Year Built: 1985
Zoning: R-3
Legal Info
Range: 6E
Section: 13
Township: 1N
Project Type
25 - 50 Units: 1
Construction
Wood Frame: 1
Const - Finish
Painted: 1
Stucco: 1
Roofing
Built-Up: 1
Tile: 1
Floors
Vinyl: 1
Carpet: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 7000
Annual Gas Exp: 0
Annual Ins Exp: 4996
Annual Land Lse Exp: 0
Annual Landscape Exp: 2400
Annual Legal & Acctg: 250
Annual Maint Exp: 36624
Annual Mgmt Exp: 13636
Annual Trash Exp: 6384
Annual Wtr/Swr Exp: 17700
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 1500
Operating Exp: 98284
Other Income: 500
Vacancy Allowance: 0.1
Adjusted Gross Inc: 184050
Pmt & Rate Info
Cap Rate: 7.42
Down Payment: 0
Equity: 1300000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
Pool: 1
Spa(s): 1
Heating
Heat Pump: 1
Individual: 1
Cooling
Electric: 1
Heat Pump: 1
Exterior Amenities
Landscape Water System: 1
Green Landscaping: 1
Cable TV Available: 1
Patio/Balcony: 1
Pet Restrictions: 1
Separate Storage: 1
Security Light(s): 1
Interior Features
Unfurnished: 1
Mini Blinds: 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
Disposal: 1
Refrigerator: 1
Built-In Range: 1
W/D Hookup: 1
Other: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Projected Proforma: 1
Water Source
City Franchise: 1
Master Meter: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
Free: 1
>1 Space Per Unit: 1
Paved: 1
Electric
SRP: 1
Individual Meter: 1
Gas
None: 1
Owner Pays
Water: 1
Trash Collection: 1
Landscaping: 1
Pool Maintenance: 1
New Financing
Conventional: 1
1031 Exchange: 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
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 8
Avg Rent: 550
Avg SqFt: 665
# Baths: 8
2 Bedroom Units
# 2 Bedroom Units: 20
Avg Rent: 700
Avg SqFt: 950
# Baths: 15
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Cash
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: Recker Rd. / University Rd
Directions: East on University to property on northeast corner of University and 64th St.
Geo Lat: 33.42355
Geo Lon: -111.692567
Status Change Info
Off Market Date: 2013-05-17
Under Contract Date: 2013-05-10
Close of Escrow Date: 2013-07-19
Sold Price: $1,237,500
Income Expenses
Gross Annual Sch Inc: 204000
Net Operating Income: 96520
Property Features
Project Type: 25 - 50 Units
Construction: Wood Frame
Const - Finish: Painted; Stucco
Roofing: Built-Up; Tile
Floors: Vinyl; Carpet
Sale Includes: Land & Building
Community Features: Pool; Spa(s)
Exterior Amenities: Landscape Water System; Green Landscaping; Cable TV Available; Patio/Balcony; Pet Restrictions; Separate Storage; Security Light(s)
Interior Features: Unfurnished; Mini Blinds
Appliances Included: Built-In Range; Refrigerator; Disposal; W/D Hookup; Other
Heating: Individual; Heat Pump
Cooling: Electric; Heat Pump
Water Source: City Franchise; Master Meter
Sewer: Sewer - Public
Electric: SRP; Individual Meter
Gas: None
Parking Features: Carport; >1 Space Per Unit; Free; Paved
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping; Pool Maintenance
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Projected Proforma
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; 1031 Exchange
Environmental: None
Listing Office:
RE/MAX Professionals
Last Updated: March - 28 - 2014
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