740 E 3RD Avenue 24Units, Mesa, AZ 85204 (MLS# 5617294)

740 E 3RD Avenue 24Units, Mesa, AZ 85204

$1,440,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $1,440,000 Last Modified: 12/24/2024

Overview

Description

Rare multi-family opportunity in downtown Mesa. Across the street from *new* Eagles Park and Community Center development, and next to $20m renovated Temple Square project. Steps from light rail and downtown Mesa re-development. Block construction means longevity and efficiency. Quick to rent. All units have same floor plan which makes repairs and maintenance easy. Onsite laundry with leased equipment; large maintenance room and several storage rooms. Lots of upside including room to increase rents, add vending machines, etc.

Listing Details MLS# 5617294

Location, Tax & Legal

Map Code/Grid: R39
House Number: 740
Compass: E
Street Name: 3RD
St Suffix: Avenue
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85204
Zip4: 2072
Country: US
County Code: Maricopa
Subdivision: Malibu Manor
Assessor Number: 138-29-059-E
Tax Year: 2016
Unit #: 24Units
Assessor's Map #: 29
Legal Description (Abbrev): BEG S LN S2 NE4 SE4 SW4 330F E SW COR SD S2 N 47. 80F E 129F TPOB N 52F E 42F S 52F W 42F TPOB
Assessor's Parcel #: 59
Assessor Parcel Ltr: E
Add'l Parcels: Yes
Tax Municipality: Mesa
Census Tract: 421501
Taxes: 8264
Legal: BEG S LN S2 NE4 SE4 SW4 330F E SW COR SD S2 N 47. 80F E 129F TPOB N 52F E 42F S 52F W 42F TPOB
Marketing Name: Malibu Manor

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 61495
Year Built: 1985
Uncvrd Parking Spcs: 24
Total # of Units: 24
# of Buildings: 6
Zoning: fourplex
Elementary School District: Mesa Unified District
High School District: Mesa Unified District
Elementary School: Lowell Elementary School
Jr. High School: Kino Junior High School
High School: Mesa High School

Remarks Misc

Cross Street: Broadway & Stapley
Directions: West to Horne, North to property on Northwest corner of Broadway and Horne

Status Change Info

Off Market Date: 2017-07-24
Under Contract Date: 2017-06-12
Close of Escrow Date: 2017-07-28

Legal Info

Township: 1N
Range: 5E
Section: 23
Lot Number: var

More Information

Income Expenses

Gross Annual Sch Inc: 144000
Net Operating Income: 90688

2 Bedroom Units

# 2 Bedroom Units: 24
Avg Rent: 500
Avg SqFt: 800
# Baths: Yes

Sold Info

Loan Type: Conventional
Loan Years: 20
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

Four Plex: Yes
13 - 24 Units: Yes

Other Type

Packaged Offering: Yes

Construction

Block: Yes
Slump Block: Yes

Const - Finish

Painted: Yes

Roofing

Composition: Yes

Floors

Vinyl: Yes
Ceramic Tile: Yes
Carpet: Yes

Sale Includes

Land & Building: Yes

Income & Expenses

Annual Elec Exp: 500
Annual Gas Exp: 0
Annual Ins Exp: 6000
Annual Land Lse Exp: 0
Annual Landscape Exp: 4704
Annual Legal & Acctg: 0
Annual Maint Exp: 16160
Annual Mgmt Exp: 10928
Annual Trash Exp: 7500
Annual Wtr/Swr Exp: 15434
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 14000
Operating Exp: 83490
Other Income: 0
Vacancy Allowance: 0.05
Adjusted Gross Inc: 136800

Pmt & Rate Info

Cap Rate: 6.3
Down Payment: 0
Equity: 1440000
Down Payment %: 30
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Community Features

No Pool: Yes
Other: Yes
See Remarks: Yes

Heating

Heat Pump: Yes
Individual: Yes

Cooling

Ceiling Fan(s): Yes
Electric: Yes

Exterior Amenities

Desert Landscaping: Yes
Fenced: Yes
Partially Fenced: Yes
Curb(s) & Gutter(s): Yes
Cable TV Available: Yes
Separate Storage: Yes
Other (See Remarks): Yes

Interior Features

Unfurnished: Yes
Mini Blinds: Yes

Tenant Pays

Electricity: Yes
Cable TV: Yes

Appliances Included

Dishwasher: Yes
Disposal: Yes
Refrigerator: Yes
Free-Standing Range: Yes

Road Surface Type

Concrete: Yes

Source of Fincl Data

Other (See Remarks): Yes

Water Source

City Franchise: Yes
Master Meter: Yes

Sewer

Sewer - Public: Yes

Parking Features

On Street: Yes
>1 Space Per Unit: Yes

Electric

SRP: Yes
City Electric: Yes
Individual Meter: Yes

Gas

None: Yes

Owner Pays

Water: Yes
Trash Collection: Yes
Landscaping: Yes

New Financing

Other (See Remarks): Yes

Existing 1st Loan

Treat as Free&Clear: Yes

Existing 1st Loan Type

Not Applicable: Yes

Existing 1st Loan Terms

Non Assumable: Yes
Not Applicable: Yes

Existing 2nd Loan

Treat as Free&Clear: Yes

Existing 2nd Loan Type

Not Applicable: Yes

Existing 2nd Loan Terms

Not Applicable: Yes

Existing 3rd Loan

Treat as Free&Clear: Yes

Existing 3rd Loan Type

Not Applicable: Yes

Reports/Disclosures

None: Yes

Existing 3rd Loan Terms

Not Applicable: Yes

Environmental

None: Yes

Existing Othr Ln Trm

Not Applicable: Yes

Efficiency Units

Avg Rent: 0

1 Bedroom Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: Four Plex; 13 - 24 Units Other Type: Packaged Offering Construction: Block; Slump Block Const - Finish: Painted Roofing: Composition Floors: Vinyl; Ceramic Tile; Carpet Sale Includes: Land & Building Community Features: No Pool; Other; See Remarks Exterior Amenities: Desert Landscaping; Fenced; Partially Fenced; Curb(s) & Gutter(s); Cable TV Available; Separate Storage; Other (See Remarks) Interior Features: Unfurnished; Mini Blinds Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal Heating: Individual; Heat Pump Cooling: Ceiling Fan(s); Electric Water Source: City Franchise; Master Meter Sewer: Sewer - Public Electric: SRP; City Electric; Individual Meter Gas: None Parking Features: On Street; >1 Space Per Unit Road Surface Type: Concrete Owner Pays: Water; Trash Collection; Landscaping Tenant Pays: Electricity; Cable TV Source of Fincl Data: Other (See Remarks) Existing 1st Loan: Treat as Free&Clear Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Non Assumable; 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: Other (See Remarks) Environmental: None

Documents

parcel map for reference only ›

for sale parcel info ›

Listing Office: Beehive Property Management, LLC

Last Updated: December - 24 - 2024