430 W 3RD Street, Mesa, AZ 85201

$1,740,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $1,740,000 Last Modified: 5/01/2023

Description

Built in 1959, Country Club Terrace features solid block construction and attractive mid-century architecture. The building contains 12 units with (11) large 1-bed/1-bath units and (1) 2-bed/1-bath unit. The 1-bedroom units feature spacious floor plans averaging over 700 SF. The property is master metered for electricity, but each unit has its own HVAC system, many of which are very efficient mini-split systems to help keep cost down. The units are clean and well-maintained and operating with very little vacancy. However, the property still offers a phenomenal value-add opportunity through interior and exterior renovations/updating....

Supplements: A new owner could push rents as-is or could really push rents significantly with a full property remodel given the location and vintage quality of the building. Nicely remodeled, quaint, mid-century properties are becoming more and more popular these days and offer tenants a nice and more affordable alternative to the larger, class A buildings being built in these downtown areas. This opportunity offers an investor a nice, bite-sized deal in a great location with a lot of upside. Significant employers in the area include Banner Health, the City of Mesa, Boeing, and Drivetime Automotive Group. Mesa continues to be one of the most sought after submarkets for multifamily residential investments with its proximity to one of the nation's largest universities, ASU (both at the Mesa Campus and the main Tempe campus approximately 4.5 miles to the west), its tremendous employment opportunities, and its convenient, centralized location in the heart of the metroplex. Country Club Terrace is a fantastic 12-unit value-add opportunity located in the heart of Mesa, AZ. The property is located just west of Country Club, north of Main Street, and is less than half a mile from the nearest light rail station. It is across the street from the border of what is considered the core of Downtown Mesa with Mesa Arts Center, Mesa Convention Center, and Mesa City Hall all being within walking distance. Arizona State University's Downtown Mesa Campus is well underway with ASU @ Mesa City Center and The Plaza @ Mesa City Center also less than a mile away. Downtown Mesa is also home to many cultural activities and museums such as Arizona Museum of Natural History, Mesa Contemporary Arts, and the i.d.e.a Museum all within walking distance of the property. Pioneer Park is also about 5 minutes away (under 2 miles) where there are great community activities such as the weekly Mesa Farmers Market & Flea. Downtown Mesa is quickly becoming a hotspot for activity with many new restaurants, boutique hotels, retail, and mixed-use residential developments happening. This property is incredibly well-located and allows residents to enjoy, with ease, so much of what Mesa has to offer. With easy access to the light rail and freeway access within minutes, residents will have the ability to get to all parts of the metroplex with ease. Because of all of these things, Downtown Mesa is rapidly growing and evolving to be a hotspot for activity and an incredibly desirable area for people to live and work.

More Information MLS# 6177150

Contract Info

Ownership: Fee Simple Current Price: $1,740,000 Sold Price: $1,740,000 Status: Closed List Date: 2021-01-05

Location, Tax & Legal

Assessor's Map #: 59 Legal Description (Abbrev): LOT 32 BLOCK 2 BOND ACRES MCR 004636 Assessor's Parcel #: 66 Add'l Parcels: Yes Tax Municipality: Mesa Census Tract: 421302 Taxes: 3688 Legal: LOT 32-34 BLOCK 2 BOND ACRES MCR 004636 Marketing Name: Country Club Terrace Map Code/Grid: R38 House Number: 430 Compass: W Street Name: 3RD St Suffix: Street City/Town Code: Mesa State/Province: AZ Zip Code: 85201 Zip4: 6549 County Code: Maricopa Subdivision: BOND ACRES Assessor Number: 135-59-066 Tax Year: 2020

General Property Description

# of Buildings: 1 Uncvrd Parking Spcs: 0 Lot Size Dimensions: 112 x 185 Total # of Units: 12 Elementary School District: Mesa Unified District High School District: Mesa Unified District Year Built: 1959 Zoning: R6 & DR-3

Legal Info

Range: 5E Section: 21 Township: 1N Block: 2 Lot Number: 32-34

Project Type

5 - 12 Units: 1

Construction

Block: 1 Other: 1

Const - Finish

Painted: 1 Other (See Remarks): 1

Roofing

Other: 1

Floors

Other: 1

Sale Includes

Land & Building: 1

Income & Expenses

Owner Association: No Annual Ownr Asoc Fee: 0 Annual Other Expense: 40900 Operating Exp: 44588 Other Income: 5304 Vacancy Allowance: 0.05 Adjusted Gross Inc: 146398.8

Pmt & Rate Info

Cap Rate: 5.87 Equity: 1740000 Down Payment %: 0 Monthly Payments: 0 Total Owed: 0

Showing Notification Methods

Text: 1

Lockbox Type

None: 1

Community Features

Other: 1 See Remarks: 1

Heating

Other: 1 See Remarks: 1

Cooling

Other: 1 See Remarks: 1

Tenant Pays

None: 1

Appliances Included

Other: 1

Road Surface Type

Asphalt: 1

Source of Fincl Data

Projected Proforma: 1

Water Source

Other: 1

Sewer

Sewer - Public: 1

Parking Features

Carport: 1 1 Space/Unit: 1

Electric

Other (See Remarks): 1

Gas

Other (See Remarks): 1

Owner Pays

Water: 1 Sewer: 1 Electric: 1 Gas: 1 Trash Collection: 1 Landscaping: 1 Other: 1

New Financing

Other (See Remarks): 1

Reports/Disclosures

Other (See Remarks): 1

Environmental

Other (See Remarks): 1

Efficiency Units

Avg Rent: 0

1 Bedroom Units

# 1 Bedroom Units: 11 Avg Rent: 902 Avg SqFt: 745 # Baths: 1

2 Bedroom Units

# 2 Bedroom Units: 1 Avg Rent: 1075 Avg SqFt: 800 # Baths: 1

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Sold Info

Loan Type: Cash Closing Cost Split: Normal - N Payment Type: Other Buyer Concession to Seller: 0 Buyer Concession $/%: % Seller Concession to Buyer: 0 Seller Concession $/%: %

Remarks Misc

Cross Street: Country Club & Main Directions: North on Country Club, West (left) on 3rd Street to property on North (righthand) side. Geo Lat: 33.421111 Geo Lon: -111.84095

Status Change Info

Off Market Date: 2021-01-13 Under Contract Date: 2021-01-08 Close of Escrow Date: 2021-03-25 Sold Price: $1,740,000

Income Expenses

Gross Annual Sch Inc: 148800 Net Operating Income: 102076

Property Features

Project Type: 5 - 12 Units Construction: Block; Other Const - Finish: Painted; Other (See Remarks) Roofing: Other Floors: Other Sale Includes: Land & Building Community Features: Other; See Remarks Appliances Included: Other Heating: Other; See Remarks Cooling: Other; See Remarks Water Source: Other Sewer: Sewer - Public Electric: Other (See Remarks) Gas: Other (See Remarks) Parking Features: Carport; 1 Space/Unit Road Surface Type: Asphalt Owner Pays: Water; Electric; Gas; Trash Collection; Landscaping; Other Tenant Pays: None Source of Fincl Data: Projected Proforma Showing Notification Methods: Text Lockbox Type: None New Financing: Other (See Remarks) Environmental: Other (See Remarks)
Listing Office: ABI Multifamily
IDX
Last Updated: May - 01 - 2023
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