6740 E UNIVERSITY Drive, Mesa, AZ 85205 (MLS# 6322034)

6740 E UNIVERSITY Drive, Mesa, AZ 85205

$1,365,000

Property Type: Comm/Industry Sale Square Footage: 10,871 Lot Size (sq. ft.): 48,034 Status: Closed

Current Price: $1,365,000 List Date: 11/16/2021 Last Modified: 3/31/2025

Description

Excellent value-add investment opportunity with huge upside potential through further lease up and increasing low rents. The property is a 10,871 sq. ft. retail strip center facing University Drive with multiple access points. The site has outstanding visibility and great access to Power/University Roads. The intersection has major exposure and daytime traffic with a new Burger King next door, SRP East Valley Service Center and QuikTrip across the street. The property is located on a major traffic intersection West of the Northwest corner of Power and University. Located within the Red Mountain trade area of Mesa.

More Information MLS# 6322034

Contract Info

Ownership: Fee Simple Current Price: $1,365,000 Sold Price: $1,365,000 Status: Closed List Date: 2021-11-16

Location, Tax & Legal

Assessor's Map #: 62 Legal Description (Abbrev): TH POR SE4 SEC 13 DAF COM AT SE COR SD SEC 13 TH W 527.77F TH N 53F TO POB TH CONT N 212F TH E 235.9 Assessor's Parcel #: 12 Assessor Parcel Ltr: N Add'l Parcels: No Tax Municipality: Mesa Census Tract: 420202 Taxes: 20601 Legal: TH POR SE4 SEC 13 DAF COM AT SE COR SD SEC 13 TH W 527.77F TH N 53F TO POB TH CONT N 212F TH E 235.9 Map Code/Grid: Q41 House Number: 6740 Compass: E Street Name: UNIVERSITY St Suffix: Drive City/Town Code: Mesa State/Province: AZ Zip Code: 85205 Zip4: 7665 County Code: Maricopa Assessor Number: 141-62-012-N Tax Year: 2021

General Property Description

Type of Property: Retail Strip Center Ttl Apx SqFt Bldg: 10871 Ttl Apx Net Rnt Spc: 10856 # of Buildings: 1 Uncvrd Parking Spcs: 30 Year Built: 2006 Zoning: C-2

Legal Info

Range: 6E Section: 13 Township: 1N Lot Number: 12

Construction

Block: 1 Stucco: 1 Metal: 1

Roofing

Foam: 1 Rolled: 1

Floors

Concrete: 1 Vinyl: 1 Ceramic Tile: 1 Carpet: 1

Income & Expenses

Owner Association: No Annual Ownr Asoc Fee: 0 Operating Exp: 20601 Other Income: 0 Vacancy Allowance: 0 Adjusted Gross Inc: 120612

Building Type

Commercial: 1

Business Type

Retail: 1

Stories

1 Story: 1

Pmt & Rate Info

Cap Rate: 5.38 Equity: 1365000 Total Owed: 0

Showing Notification Methods

Phone Call: 1

Ceiling Height

16.1 Feet to 28 Feet: 1

Heating

Electric: 1

Cooling

Central Air: 1

Interior Features

Finished: 1 Fire Sprinklers: 1 Smoke Detector(s): 1 Security Light(s): 1 Alarm System: 1 Phone System: 1 Private Restrooms: 1

Loading Facilities

None: 1

Exterior

Building Sign: 1 Monument Sign: 1

Source of Fincl Data

Owner: 1

Fencing

Block: 1

Water Source

City Franchise: 1

Freeway/Highway

1.1 - 2 Miles: 1

Sewer

Sewer - Public: 1

Parking Features

Free: 1 Parking Lot: 1 Private: 1

Electric

SRP: 1

Gas

SW Gas: 1 City Gas: 1

New Financing

Cash Only: 1 Cash to Loan: 1 1031 Exchange: 1

Reports/Disclosures

None: 1

Environmental

None: 1

Sold Info

Loan Type: Conventional Loan Years: 30 Payment Type: Fixed Clsing Cost Split: Normal - N Buyer Concession to Seller: 0 Buyer Concession $/%: $ Seller Concession to Buyer: 0 Seller Concession $/%: $

Remarks Misc

Cross Street: Power/University Directions: Northwest corner of Power and University Drive. Geo Lat: 33.423368 Geo Lon: -111.68581

Status Change Info

Off Market Date: 2021-11-23 Under Contract Date: 2021-11-17 Close of Escrow Date: 2022-02-01 Sold Price: $1,365,000

Income Expenses

Gross Annual Sch Inc: 120612 Net Operating Income: 73373

Property Features

Building Type: Commercial Business Type: Retail Stories: 1 Story Construction: Block; Stucco; Metal Roofing: Foam; Rolled Floors: Concrete; Vinyl; Ceramic Tile; Carpet Ceiling Height: 16.1 Feet to 28 Feet Cooling: Central Air Loading Facilities: None Interior Features: Finished; Fire Sprinklers; Smoke Detector(s); Security Light(s); Alarm System; Phone System; Private Restrooms Exterior: Building Sign; Monument Sign Fencing: Block Parking Features: Free; Parking Lot; Private Electric: SRP Gas: SW Gas; City Gas Water Source: City Franchise Sewer: Sewer - Public New Financing: Cash Only; Cash to Loan; 1031 Exchange Showing Notification Methods: Phone Call Source of Fincl Data: Owner Environmental: None

Listing Office: Cardon Commercial

Last Updated: March - 31 - 2025