425 E BROWN Road, Mesa, AZ 85203
$2,675,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$2,675,000
Last Modified:
12/08/2024
Description
Stabilized with Value Add Potential!See our Video in the Photos tab!
30-unit, garden-style apartment community located on 1 acre in the heart of Mesa. The property was built in 1973 and is block construction with all new flat roofs. The units have been renovated with granite counter tops, new kitchen cabinets and new black appliances. Washer Dryers in every unit. Amenities include a pool, BBQ/picnic area, and mature landscaping. The complex is comprised of 18 x 2 Bedroom/1 Bathroom units and 12 x 3 Bedroom/2 Bath units, with an average of 843 square feet. Sold on an ''as is basis''.
More Information MLS# 5423024
Contract Info
Ownership: Fee Simple
Current Price: $2,675,000
Sold Price: $2,675,000
Status: Closed
List Date: 2016-04-04
Location, Tax & Legal
Building Number: 425
Assessor's Map #: 32
Assessor's Parcel #: 385
Assessor Parcel Ltr: C
Add'l Parcels: No
Tax Municipality: Mesa
Taxes: 10321
Tax District: mesa
Legal: MOUNTAIN VIEW CONDOMINIUMS MCR 890-07
Marketing Name: Mountain View Condo Renta
Map Code/Grid: Q39
House Number: 425
Compass: E
Street Name: BROWN
St Suffix: Road
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85203
County Code: Maricopa
Assessor Number: 137-32-385-C
Tax Year: 2015
General Property Description
# of Buildings: 3
Uncvrd Parking Spcs: 18
Lot Size Dimensions: Rectangular
Total # of Units: 30
Elementary School District: Mesa Unified District
High School District: Mesa Unified District
Year Built: 1973
Zoning: RM-4
Project Type
25 - 50 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Stucco: 1
Roofing
Foam: 1
Floors
Concrete: 1
Ceramic Tile: 1
Carpet: 1
Sale Includes
Building(s) Only: 1
Income & Expenses
Annual Elec Exp: 5019
Annual Gas Exp: 0
Annual Ins Exp: 3900
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 0
Annual Maint Exp: 21000
Annual Mgmt Exp: 11654
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 16981
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 7500
Annual Other Expense: 21200
Operating Exp: 97575
Other Income: 27900
Vacancy Allowance: 0.05
Adjusted Gross Inc: 276780.6
Total Monthly Rental Income: 21285
Pmt & Rate Info
Cap Rate: 7.17
Down Payment: 0
Equity: 2695000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
Pool: 1
Barbecue: 1
Heating
Electric: 1
Cooling
Electric: 1
Exterior Amenities
Landscape Water System: 1
Desert Landscaping: 1
Fenced: 1
Partially Fenced: 1
Curb(s) & Gutter(s): 1
Separate Storage: 1
Interior Features
Unfurnished: 1
Fire/Smoke Alarm(s): 1
Mini Blinds: 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
Dishwasher: 1
Disposal: 1
Microwave: 1
Refrigerator: 1
Free-Standing Range: 1
Washer/Dryer: 1
W/D Hookup: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Projected Proforma: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
>1 Space Per Unit: 1
Paved: 1
Electric
SRP: 1
Individual Meter: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
New Financing
No Carry: 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
ALTA Survey Availbl: 1
None: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Contact Info
List Agent Home Phn: 480-767-3001
Efficiency Units
Avg Rent: 0
1 Bedroom Units
Avg Rent: 0
2 Bedroom Units
# 2 Bedroom Units: 18
Avg Rent: 650
Avg SqFt: 745
# Baths: 1
3 Bedrooms Units
# 3 Bedroom Units: 12
Avg Rent: 798
Avg SqFt: 990
# Baths: 2
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Loan Years: 30
Closing Cost Split: Normal - N
Payment Type: Fixed
Buyer Concession to Seller: 1
Buyer Concession $/%: $
Seller Concession to Buyer: 1
Seller Concession $/%: $
Remarks Misc
Cross Street: Brown and Mesa Roads
Directions: At the intersection of Brown and Mesa Roads
Geo Lat: 33.435021
Geo Lon: -111.821871
Status Change Info
Off Market Date: 2016-06-01
Under Contract Date: 2016-05-31
Close of Escrow Date: 2016-08-10
Sold Price: $2,675,000
Legal Info
Lot Number: TOO LARGE TO LIST
Income Expenses
Gross Annual Sch Inc: 263448
Net Operating Income: 193273
Property Features
Project Type: 25 - 50 Units
Construction: Block
Const - Finish: Painted; Stucco
Roofing: Foam
Floors: Concrete; Ceramic Tile; Carpet
Sale Includes: Building(s) Only
Community Features: Pool; Barbecue
Exterior Amenities: Landscape Water System; Desert Landscaping; Fenced; Partially Fenced; Curb(s) & Gutter(s); Separate Storage
Interior Features: Unfurnished; Fire/Smoke Alarm(s); Mini Blinds
Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer; W/D Hookup
Cooling: Electric
Water Source: City Franchise
Sewer: Sewer - Public
Electric: SRP; Individual Meter
Gas: None
Parking Features: >1 Space Per Unit; Paved
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection
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: No Carry
Environmental: None
Listing Office:
Keller Williams Arizona Realty
Last Updated: December - 08 - 2024
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