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

Overview

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.

Listing Details MLS# 6322034

Location, Tax & Legal

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
Country: US
County Code: Maricopa
Assessor Number: 141-62-012-N
Tax Year: 2021
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

Contract Info

Ownership: Fee Simple

General Property Description

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

Remarks Misc

Cross Street: Power/University
Directions: Northwest corner of Power and University Drive.

Status Change Info

Off Market Date: 2021-11-23
Under Contract Date: 2021-11-17
Close of Escrow Date: 2022-02-01

Legal Info

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

More Information

Income Expenses

Gross Annual Sch Inc: 120612
Net Operating Income: 73373

Sold Info

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

Construction

Block: Yes
Stucco: Yes
Metal: Yes

Roofing

Foam: Yes
Rolled: Yes

Floors

Concrete: Yes
Vinyl: Yes
Ceramic Tile: Yes
Carpet: Yes

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: Yes

Business Type

Retail: Yes

Stories

1 Story: Yes

Pmt & Rate Info

Cap Rate: 5.38
Equity: 1365000
Total Owed: 0

Showing Notification Methods

Phone Call: Yes

Ceiling Height

16.1 Feet to 28 Feet: Yes

Heating

Electric: Yes

Cooling

Central Air: Yes

Interior Features

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

Loading Facilities

None: Yes

Exterior

Building Sign: Yes
Monument Sign: Yes

Source of Fincl Data

Owner: Yes

Fencing

Block: Yes

Water Source

City Franchise: Yes

Freeway/Highway

1.1 - 2 Miles: Yes

Sewer

Sewer - Public: Yes

Parking Features

Free: Yes
Parking Lot: Yes
Private: Yes

Electric

SRP: Yes

Gas

SW Gas: Yes
City Gas: Yes

New Financing

Cash Only: Yes
Cash to Loan: Yes
1031 Exchange: Yes

Reports/Disclosures

None: Yes

Environmental

None: Yes

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