5825 E UNIVERSITY Drive, Mesa, AZ 85205
$2,400,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$2,400,000
Last Modified:
5/03/2021
Description
Demand is so High for These Red Brick Beautiful Buildings Feature 8-2 Bedroom Units and 8-1 Bedroom Units, 100% Rented and Rarely a Vacancy. Many Long Term Occupants of 5 Years or More Up to 12 Years. Each Unit has a Private Patio, Full Size Washer/Dryer Hook-up.
Interiors Well Kept and Separately Metered for Electric. Each Building Has it's Own Parcel Number 141-49-006-P,Q,R & S. This Property has Been Owner Operated for Approximately the Last 17 Years. Owner has Serviced Air Conditioners Annually
and All Appear to be in Working Condition. Property is in the County, Although Water & Sewer is Serviced by City of Mesa. All Facts and Figures are Approximate, Buyer to Verify to Their Satisfaction.
More Information MLS# 6185528
Contract Info
Ownership: Fee Simple
Current Price: $2,400,000
Sold Price: $2,400,000
Status: Closed
List Date: 2021-01-25
Location, Tax & Legal
Building Number: B
Assessor's Map #: 49
Legal Description (Abbrev): PT E2 NE4 OF SEC 23 COM NE COR OF SD SEC TH W 1019.50F TH S 70F TH E 115.88F POB TH E 115.15F TH S 1
Assessor's Parcel #: 6
Assessor Parcel Ltr: Q
Add'l Parcels: Yes
Tax Municipality: Mesa
Census Tract: 420214
Taxes: 7169
Tax District: 04
Legal: PT E2 NE4 OF SEC 23 COM NE COR OF SD SEC TH W 1019.50F TH S 70F TH E 115.88F POB TH E 115.15F TH S 1
Marketing Name: Sun Court
Map Code/Grid: R41
House Number: 5825
Compass: E
Street Name: UNIVERSITY
St Suffix: Drive
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85205
Zip4: 7449
County Code: Maricopa
Assessor Number: 141-49-006-Q
Tax Year: 2020
General Property Description
# of Buildings: 4
Uncvrd Parking Spcs: 6
Lot Size Dimensions: IRR
Total # of Units: 16
Elementary School District: Mesa Unified District
High School District: Mesa Unified District
Year Built: 1984
Zoning: R3
Legal Info
Range: 6E
Section: 23
Township: 1N
Project Type
13 - 24 Units: 1
Construction
Block: 1
Brick: 1
Const - Finish
Painted: 1
Brick Veneer: 1
Roofing
Composition: 1
Floors
Concrete: 1
Vinyl: 1
Carpet: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 480
Annual Gas Exp: 0
Annual Ins Exp: 2560
Annual Land Lse Exp: 0
Annual Landscape Exp: 600
Annual Legal & Acctg: 0
Annual Maint Exp: 6000
Annual Mgmt Exp: 0
Annual Trash Exp: 1296
Annual Wtr/Swr Exp: 7200
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Operating Exp: 25305
Other Income: 0
Vacancy Allowance: 0.02
Adjusted Gross Inc: 156114
Total Monthly Rental Income: 13500
Pmt & Rate Info
Cap Rate: 5.4
Down Payment: 0
Equity: 2400000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Showing Notification Methods
Phone Call: 1
Lockbox Type
None: 1
Community Features
No Pool: 1
Golf: 1
Heating
Electric: 1
Individual: 1
Cooling
Electric: 1
Individual: 1
Exterior Amenities
Desert Landscaping: 1
Fenced: 1
Cable TV Available: 1
Patio/Balcony: 1
Interior Features
Unfurnished: 1
Tenant Pays
Gas: 1
Electricity: 1
Appliances Included
Disposal: 1
Refrigerator: 1
Built-In Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Projected Proforma: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
>1 Space Per Unit: 1
Electric
SRP: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
New Financing
Conventional: 1
Special
Unincorporated Area: 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: 762
Avg SqFt: 645
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 8
Avg Rent: 925
Avg SqFt: 925
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Loan Years: 10
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: University & Higley
Directions: East to Property. Driveway B
Geo Lat: 33.42255
Geo Lon: -111.704608
Status Change Info
Off Market Date: 2021-04-15
Under Contract Date: 2021-02-05
Close of Escrow Date: 2021-05-03
Sold Price: $2,400,000
Income Expenses
Gross Annual Sch Inc: 159300
Net Operating Income: 129645
Property Features
Project Type: 13 - 24 Units
Construction: Block; Brick
Const - Finish: Painted; Brick Veneer
Roofing: Composition
Floors: Concrete; Vinyl; Carpet
Sale Includes: Land & Building
Community Features: No Pool; Golf
Exterior Amenities: Desert Landscaping; Fenced; Cable TV Available; Patio/Balcony
Interior Features: Unfurnished
Appliances Included: Built-In Range; Refrigerator; Disposal
Heating: Individual
Cooling: Electric; Individual
Water Source: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: SW Gas
Parking Features: Carport; >1 Space Per Unit
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection
Tenant Pays: Electricity; Gas
Source of Fincl Data: Owner; Projected Proforma
Special: Unincorporated Area
Showing Notification Methods: Phone Call
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: Conventional
Environmental: None
Documents
Operating Memo ›
Listing Office:
Better Homes & Gardens Real Estate SJ Fowler
Last Updated: May - 03 - 2021
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