5950 E NORLAND Street, Mesa, AZ 85215
$845,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$845,000
Last Modified:
4/16/2025
Description
Fully occupied, highly sought after area in Mesa. Close to 202 freeway and new retail shops. This property boasts (3) two bed two bath (1) two bed one bath. EACH UNIT has its own washer and dryers, balcony or court yard and are all individually metered for both water & power which TENANT PAYS. There are 4 covered parking spots with 4 additional parking spots included. Check out rent rolls and lease expirations where you can ADD REVENUE in the documents tab. All units are in good condition and 1 was recently updated. Strong rental history and great cash flow opportunity with Tenants paying all expenses except property taxes and insurance. Cap rate 6.28
More Information MLS# 6837107
Contract Info
Ownership: Fee Simple
Current Price: $845,000
Sold Price: $845,000
Status: Closed
List Date: 2025-03-18
Location, Tax & Legal
Assessor's Map #: 80
Legal Description (Abbrev): LOT 9 LOMA VISTA MCR 024424
Assessor's Parcel #: 388
Add'l Parcels: No
Tax Municipality: Mesa
Census Tract: 420206
Taxes: 2382
Legal: LOT 9 LOMA VISTA MCR 024424
Marketing Name: N/A
House Number: 5950
Compass: E
Street Name: NORLAND
St Suffix: Street
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85215
Zip4: 1424
County Code: Maricopa
Subdivision: LOMA VISTA
Assessor Number: 141-80-388
Tax Year: 2024
General Property Description
# of Buildings: 1
Uncvrd Parking Spcs: 4
Lot Size Dimensions: 0
Flood Zone: TBD
Total # of Units: 4
Elementary School District: Mesa Unified District
High School District: Mesa Unified District
Elementary School: Bush Elementary
Jr. High School: Bush Elementary
High School: Red Mountain High School
Year Built: 1985
Zoning: RM-3
Legal Info
Range: 6E
Section: 2
Township: 1N
Lot Number: 9
Project Type
Four Plex: 1
Construction
Wood Frame: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Wood: 1
Ceramic Tile: 1
Carpet: 1
Sale Includes
Building(s) Only: 1
Income & Expenses
Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 2382
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 55320
Pmt & Rate Info
Cap Rate: 6.28
Equity: 845000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Showing Notification Methods
Showing Service: Aligned Showings
Text: 1
Email: 1
Phone Call: 1
Lockbox Type
None: 1
Community Features
No Pool: 1
Heating
Other: 1
Cooling
Ceiling Fan(s): 1
Central Air: 1
Exterior Amenities
Desert Landscaping: 1
Fenced: 1
Curb(s) & Gutter(s): 1
Satellite Dish: 1
Patio/Balcony: 1
Security Light(s): 1
Interior Features
Unfurnished: 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
Dishwasher: 1
Washer/Dryer: 1
Road Surface Type
Asphalt: 1
Concrete: 1
Source of Fincl Data
Other (See Remarks): 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
Free: 1
Electric
SRP: 1
Individual Meter: 1
Gas
None: 1
Owner Pays
None: 1
New Financing
Cash: 1
Conventional: 1
1031 Exchange: 1
Special
Owner/Agent: 1
Existing 1st Loan
Treat as Free&Clear: 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
None: 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: 4
Avg Rent: 1432.5
Avg SqFt: 808
# Baths: 2
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
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: Mcdowell RD & Recker RD
Geo Lat: 33.465122
Geo Lon: -111.702005
Status Change Info
Off Market Date: 2025-04-16
Under Contract Date: 2025-03-19
Close of Escrow Date: 2025-04-15
Sold Price: $845,000
Income Expenses
Gross Annual Sch Inc: 55320
Net Operating Income: 53040
Property Features
Project Type: Four Plex
Construction: Wood Frame
Const - Finish: Painted
Roofing: Composition
Floors: Wood; Ceramic Tile; Carpet
Sale Includes: Building(s) Only
Community Features: No Pool
Exterior Amenities: Desert Landscaping; Fenced; Curb(s) & Gutter(s); Satellite Dish; Patio/Balcony; Security Light(s)
Interior Features: Unfurnished
Appliances Included: Dishwasher; Washer/Dryer
Heating: Other
Cooling: Ceiling Fan(s); Central Air
Water Source: City Franchise
Sewer: Sewer - Public
Electric: SRP; Individual Meter
Gas: None
Parking Features: Carport; Free
Road Surface Type: Asphalt; Concrete
Owner Pays: None
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Other (See Remarks)
Special: Owner/Agent
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: None
Existing 1st 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: Cash; Conventional; 1031 Exchange
Environmental: None
Listing Office:
Realty ONE Group
Last Updated: April - 16 - 2025
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