505 N Williams Street, Mesa, AZ 85203
$1,340,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$1,340,000
Last Modified:
2/05/2026
Description
We are pleased to announce Eight on Williams in Mesa. This property is excellent unit mix all two bedroom one bath units. Property has had some recent capital expenders. New roof on back building, new paint and landscaping. Some units have granite counter tops updated kitchens flooring and bathrooms. Garden building in back have private yards. All units have covered parking. Some units have washer hooks as well. Great opportunity for value you add. Current rents are below market 875-975. Market rents are 1,100-1,200. Projected proforma on property. All facts and figures are approximate buyer verify MLS information. Seller holds an active AZ real estate license. Drive by only tenants are unware of the sale. No showings without accepted contract.
More Information MLS# 6218282
Contract Info
Ownership: Fee Simple
Current Price: $1,340,000
Sold Price: $1,340,000
Status: Closed
List Date: 2021-04-07
Location, Tax & Legal
Assessor's Map #: 37
Assessor's Parcel #: 49
Add'l Parcels: No
Tax Municipality: Mesa
Taxes: 1570
Legal: LOT 49 KO KO PALMS 2 LOTS 117-121 MCR 010310
Marketing Name: Eight on Williams
Map Code/Grid: Q39
House Number: 505
Compass: N
Street Name: Williams
St Suffix: Street
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85203
County Code: Maricopa
Subdivision: KO KO PALMS 2
Assessor Number: 137-37-049
Tax Year: 2020
General Property Description
# of Buildings: 4
Uncvrd Parking Spcs: 0
Lot Size Dimensions: IRR
Total # of Units: 8
Elementary School District: Mesa Unified District
High School District: Mesa Unified District
Year Built: 1963
Zoning: R
Project Type
5 - 12 Units: 1
Construction
Block: 1
Wood Frame: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Carpet: 1
Sale Includes
Land & Building: 1
Personal Property: 1
Income & Expenses
Annual Elec Exp: 300
Annual Gas Exp: 0
Annual Ins Exp: 2500
Annual Land Lse Exp: 0
Annual Landscape Exp: 1200
Annual Legal & Acctg: 0
Annual Maint Exp: 4000
Annual Mgmt Exp: 5760
Annual Trash Exp: 3000
Annual Wtr/Swr Exp: 3000
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 21330
Other Income: 0
Vacancy Allowance: 0.05
Adjusted Gross Inc: 100320
Total Monthly Rental Income: 8800
Pmt & Rate Info
Cap Rate: 6.08
Down Payment: 0
Equity: 1300000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Lockbox Type
None: 1
Community Features
No Pool: 1
Heating
Other: 1
See Remarks: 1
Cooling
Electric: 1
Exterior Amenities
Green Landscaping: 1
Interior Features
Unfurnished: 1
Tenant Pays
Electricity: 1
Appliances Included
Refrigerator: 1
Free-Standing Range: 1
Road Surface Type
Treated: 1
Source of Fincl Data
Projected Proforma: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
Electric
SRP: 1
Gas
Other (See Remarks): 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
New Financing
Owner May Carry: 1
Special
Owner/Agent: 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
Avg Rent: 0
2 Bedroom Units
# 2 Bedroom Units: 8
Avg Rent: 1
Avg SqFt: 900
# Baths: 1
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: Other
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
Remarks Misc
Cross Street: University & Stapley
Geo Lat: 33.424608
Geo Lon: -111.79474
Status Change Info
Off Market Date: 2021-08-04
Under Contract Date: 2021-04-29
Close of Escrow Date: 2021-08-05
Sold Price: $1,340,000
Legal Info
Lot Number: 49
Income Expenses
Gross Annual Sch Inc: 105600
Net Operating Income: 78990
Property Features
Project Type: 5 - 12 Units
Construction: Block; Wood Frame
Const - Finish: Painted
Roofing: Composition
Floors: Carpet
Sale Includes: Land & Building; Personal Property
Community Features: No Pool
Exterior Amenities: Green Landscaping
Interior Features: Unfurnished
Appliances Included: Free-Standing Range; Refrigerator
Heating: Other; See Remarks
Cooling: Electric
Water Source: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: Other (See Remarks)
Parking Features: Carport
Road Surface Type: Treated
Owner Pays: Water; Trash Collection
Tenant Pays: Electricity
Source of Fincl Data: Projected Proforma
Special: Owner/Agent
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: Owner May Carry
Environmental: None
Listing Office:
Grace CRE
Last Updated: February - 05 - 2026
Copyright 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.