7303 E Main Street, Mesa, AZ 85207
$1,200,000
Property Type:
Comm/Industry Sale
Square Footage:
17,980
Lot Size (sq. ft.):
73,766
Status:
Closed
Current Price:
$1,200,000
List Date:
5/28/2019
Last Modified:
4/14/2020
Description
INVESTMENT PROPERTY – CAP 7.00 % - RETAIL - OFFICE STRIP CENTER Retail Strip center with very low rents in one of the fastest growing areas in the US. Close to the Mesa Gateway Airport, the East Valley is comprised of cities such as Tempe, Mesa, Chandler, Apache Junction, Gilbert and the Town of Queen Creek. It is a national initiative to advance business and quality of life in this region, including expansion of high-tech job growth. The East Valley has become an ideal location for those seeking an environment that is well-suited for innovative entrepreneurs as well as prospering businesses looking to expand and/or relocate. This area is a hotbed for innovation and near the expansion of the 275-square-mile Superstition Vista project that is master-planned for 800,000 people as well as
More Information MLS# 5931885
Contract Info
Ownership: Fee Simple
Current Price: $1,200,000
Sold Price: $1,200,000
Status: Closed
List Date: 2019-05-28
Location, Tax & Legal
Assessor's Map #: 18
Assessor's Parcel #: 1
Assessor Parcel Ltr: Q
Add'l Parcels: No
Tax Municipality: Maricopa - COUNTY
Taxes: 0
Legal: See title
Map Code/Grid: R42
House Number: 7303
Compass: E
Street Name: Main
St Suffix: Street
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85207
County Code: Maricopa
Assessor Number: 218-18-001-Q
General Property Description
Ttl Apx SqFt Bldg: 17980
# of Buildings: 1
Uncvrd Parking Spcs: 30
Year Built: 1989
Zoning: C2
Construction
Block: 1
Roofing
Built-Up: 1
Floors
Concrete: 1
Income & Expenses
Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 0
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 0
Annual Maint Exp: 0
Annual Mgmt Exp: 0
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 0
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 74817
Operating Exp: 74817
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 178204
Building Type
Commercial: 1
Business Type
Retail: 1
Stories
1 Story: 1
Pmt & Rate Info
Cap Rate: 6.89
Down Payment: 0
Equity: 1500000
Total Owed: 0
Assessment Balance: 0
Lockbox Type
None: 1
Ceiling Height
10.1 Feet to 12 Feet: 1
Heating
Heat Pump: 1
Cooling
Central Air: 1
Interior Features
Other (See Remarks): 1
Loading Facilities
Other (See Remarks): 1
Exterior
Other (See Remarks): 1
Source of Fincl Data
Owner: 1
Fencing
None: 1
Water Source
Other: 1
See Remarks: 1
Sewer
Sewer - Public: 1
Parking Features
Parking Lot: 1
Electric
City Electric: 1
Gas
Other (See Remarks): 1
New Financing
Cash to Loan: 1
1031 Exchange: 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
None: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Sold Info
Loan Type: Cash
Payment Type: Other
Clsing Cost Split: Normal - N
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
Remarks Misc
Cross Street: Main St & 74th St
Geo Lat: 33.414722
Geo Lon: -111.673511
Status Change Info
Off Market Date: 2020-04-14
Under Contract Date: 2019-11-12
Close of Escrow Date: 2020-01-15
Sold Price: $1,200,000
Legal Info
Lot Number: -
Income Expenses
Gross Annual Sch Inc: 178204
Net Operating Income: 103387
Property Features
Building Type: Commercial
Business Type: Retail
Stories: 1 Story
Construction: Block
Roofing: Built-Up
Floors: Concrete
Ceiling Height: 10.1 Feet to 12 Feet
Heating: Heat Pump
Cooling: Central Air
Loading Facilities: Other (See Remarks)
Interior Features: Other (See Remarks)
Exterior: Other (See Remarks)
Fencing: None
Parking Features: Parking Lot
Electric: City Electric
Gas: Other (See Remarks)
Water Source: Other; See Remarks
Sewer: Sewer - Public
New Financing: Cash to Loan; 1031 Exchange
Lockbox Type: None
Source of Fincl Data: Owner
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
Environmental: None
Listing Office:
Kasten Long Commercial Group
Last Updated: April - 14 - 2020
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