5233 E UNIVERSITY Drive J, Mesa, AZ 85205
$1,275,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$1,275,000
Last Modified:
1/21/2025
Description
Part of Dreamland Villas, this 12 unit offering provides a mix of spacious 1-bedroom and 2-bedroom rental units in a low density setting with large front and rear entries and covered porches. Each rental unit is individually metered for electricity with new service panels and has its own reserved covered parking space. Nine units have been tastefully updated to include new flooring, re-textured walls and ceilings, new counters, GFCI outlets, tiled shower surrounds and tiled kitchen back splashes, premium appliance packages, and upgraded lighting & plumbing fixtures. While rents are higher for the updated units, several are STILL well below market. Three 1-bedroom units remain period correct. Beautifully remodeled property offering Turnkey operation with easy upside in rents.
More Information MLS# 5864712
Contract Info
Ownership: Fee Simple
Current Price: $1,275,000
Sold Price: $1,275,000
Status: Closed
List Date: 2019-01-04
Location, Tax & Legal
Unit #: J
Assessor's Map #: 75
Legal Description (Abbrev): DREAMLAND VILLA 4 MCR 92-15 PT TR G DAF COM NE COR TR G TH S ALG E LN SD TR G 99.65F TPOB TH CONT S
Assessor's Parcel #: 96
Assessor Parcel Ltr: P
Add'l Parcels: Yes
Tax Municipality: Maricopa - COUNTY
Census Tract: 420214
Taxes: 4570
Legal: DREAMLAND VILLA 4 MCR 92-15 PT TR G DAF COM NE COR TR G TH S ALG E LN SD TR G 99.65F TPOB TH CONT S
Marketing Name: Higley-University Apartme
Map Code/Grid: R41
House Number: 5233
Compass: E
Street Name: UNIVERSITY
St Suffix: Drive
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85205
Zip4: 7303
County Code: Maricopa
Subdivision: DREAMLAND VILLA 4
Assessor Number: 141-75-096-P
Tax Year: 2018
General Property Description
# of Buildings: 2
Uncvrd Parking Spcs: 4
Lot Size Dimensions: irreg
Total # of Units: 12
Elementary School District: Mesa Unified District
High School District: Mesa Unified District
Year Built: 1966
Zoning: C-C
Legal Info
Range: 6E
Section: 23
Township: 1N
Lot Number: 141
Project Type
5 - 12 Units: 1
Construction
Block: 1
Brick: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Concrete: 1
Vinyl: 1
Ceramic Tile: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 700
Annual Gas Exp: 0
Annual Ins Exp: 2000
Annual Land Lse Exp: 0
Annual Landscape Exp: 2280
Annual Legal & Acctg: 0
Annual Maint Exp: 3600
Annual Mgmt Exp: 0
Annual Trash Exp: 900
Annual Wtr/Swr Exp: 4200
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 18250
Other Income: 0
Vacancy Allowance: 0.05
Adjusted Gross Inc: 108813
Pmt & Rate Info
Cap Rate: 6.66
Down Payment: 1369000
Equity: 1369000
Down Payment %: 100
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
Barbecue: 1
Heating
Heat Pump: 1
Electric: 1
Cooling
Electric: 1
Heat Pump: 1
Exterior Amenities
Desert Landscaping: 1
Patio/Balcony: 1
Pet Restrictions: 1
Separate Storage: 1
Security Light(s): 1
Interior Features
Unfurnished: 1
Fire/Smoke Alarm(s): 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
Dishwasher: 1
Disposal: 1
Microwave: 1
Refrigerator: 1
Free-Standing Range: 1
Road Access Type
Private Road: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Septic Tank: 1
Parking Features
Carport: 1
On Street: 1
1 Space/Unit: 1
Electric
APS: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
New Financing
Other (See Remarks): 1
Existing 1st Loan
Other (See Rmks): 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Other (See Remarks): 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: 791
Avg SqFt: 700
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 4
Avg Rent: 925
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: University and Higley
Directions: 202 East to Higley, south to University- through light and immediate left
Geo Lat: 33.422134
Geo Lon: -111.717422
Status Change Info
Off Market Date: 2019-04-22
Under Contract Date: 2019-04-04
Close of Escrow Date: 2019-04-24
Sold Price: $1,275,000
Income Expenses
Gross Annual Sch Inc: 114540
Net Operating Income: 91168
Property Features
Project Type: 5 - 12 Units
Construction: Block; Brick
Const - Finish: Painted
Roofing: Composition
Floors: Concrete; Vinyl; Ceramic Tile
Sale Includes: Land & Building
Community Features: Barbecue
Exterior Amenities: Desert Landscaping; Patio/Balcony; Pet Restrictions; Separate Storage; Security Light(s)
Interior Features: Unfurnished; Fire/Smoke Alarm(s)
Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave
Heating: Heat Pump
Cooling: Electric; Heat Pump
Water Source: City Franchise
Sewer: Septic Tank
Electric: APS
Gas: None
Parking Features: Carport; On Street; 1 Space/Unit
Road Access Type: Private Road
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Owner
Existing 1st Loan: Other (See Rmks)
Existing 1st Loan Type: Not Applicable
Existing 1st Loan Terms: Not Applicable
Existing 2nd Loan: Other (See Remarks)
Existing 2nd Loan Type: Not Applicable
Existing 2nd Loan Terms: Not Applicable
Existing 3rd Loan: Other (See Remarks)
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Other (See Remarks)
Environmental: None
Listing Office:
Kasten Long Commercial Group
Last Updated: January - 21 - 2025
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