750 E 1ST Avenue, Mesa, AZ 85204
$2,700,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$2,700,000
List Date:
2/03/2022
Last Modified:
4/05/2025
Description
This property is an investors dream! 16 units comprised of 9 studios and 7 1 bedroom apartments located 500' from Main Street and within the Opportunity Zone as well as Mesa's Form Based Code Overlay (T4). Roof was replaced in May 2019, new dual pane windows, the majority of the water heaters and HVAC units have been replaced in the last 4 years. All of the units have been upgraded with can lighting and ceiling fans. There are 22 parking spaces. The units rent well and quickly. There is a lot of room to raise rents.
More Information MLS# 6350374
Contract Info
Ownership: Fee Simple
Current Price: $2,700,000
Sold Price: $2,700,000
Status: Closed
List Date: 2022-02-02
Location, Tax & Legal
Assessor's Map #: 28
Legal Description (Abbrev): LOT 10 BLOCK 2 CHULA VISTA AMD LOTS 11-13 BLK 4 MCR 003737
Assessor's Parcel #: 79
Add'l Parcels: Yes
Tax Municipality: Mesa
Census Tract: 421501
Taxes: 2665
Legal: LOT 10 BLOCK 2 CHULA VISTA AMD LOTS 11-13 BLK 4 MCR 003737
Marketing Name: 16 Apartments in Downtown
Map Code/Grid: R39
House Number: 750
Compass: E
Street Name: 1ST
St Suffix: Avenue
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85204
Zip4: 1079
County Code: Maricopa
Subdivision: CHULA VISTA AMD LOTS 11-13 BLK 4
Assessor Number: 138-28-079
Tax Year: 2021
General Property Description
# of Buildings: 2
Uncvrd Parking Spcs: 22
Lot Size Dimensions: IRR
Total # of Units: 16
Elementary School District: Mesa Unified District
High School District: Mesa Unified District
Year Built: 1978
Zoning: MF or FBC T4
Legal Info
Range: 5E
Section: 23
Township: 1N
Block: 2
Lot Number: 10
Project Type
13 - 24 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Stucco: 1
Roofing
Composition: 1
Foam: 1
Floors
Vinyl: 1
Ceramic Tile: 1
Sale Includes
Land & Building: 1
Personal Property: 1
Income & Expenses
Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 4948
Annual Land Lse Exp: 0
Annual Landscape Exp: 600
Annual Legal & Acctg: 0
Annual Maint Exp: 6000
Annual Mgmt Exp: 6000
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 10000
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Operating Exp: 30213
Other Income: 1200
Vacancy Allowance: 0.05
Adjusted Gross Inc: 171478.8
Total Monthly Rental Income: 14942
Pmt & Rate Info
Cap Rate: 5.14
Down Payment: 0
Equity: 2750000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Showing Notification Methods
Text: 1
Email: 1
Phone Call: 1
Lockbox Type
None: 1
Community Features
No Pool: 1
Heating
Electric: 1
Individual: 1
Cooling
Ceiling Fan(s): 1
Central Air: 1
Electric: 1
Individual: 1
Exterior Amenities
Desert Landscaping: 1
Fenced: 1
Partially Fenced: 1
Security Light(s): 1
Interior Features
Unfurnished: 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
Refrigerator: 1
Free-Standing Range: 1
W/D Hookup: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Books Shwn Accpt Ofr: 1
Water Source
City Franchise: 1
Master Meter: 1
Sewer
Sewer - Public: 1
Parking Features
Free: 1
>1 Space Per Unit: 1
Electric
City Electric: 1
Individual Meter: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
New Financing
Conventional: 1
No Carry: 1
1031 Exchange: 1
Special
Owner/Agent: 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
Seller Prop Disc Stm: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
# Efficiency Units: 9
Avg Rent: 850
Avg SqFt: 300
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 7
Avg Rent: 950
Avg SqFt: 400
# Baths: 1
2 Bedroom Units
Avg Rent: 0
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Cash to Loan
Closing Cost Split: Normal - N
Payment Type: Fixed
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
Remarks Misc
Cross Street: Main Street and Horne
Directions: Head West on Mesa's New Main Street to Horne, South on Horne and the property is on the North West corner of Horne and 1st AVE (500' South of Main Street).
Geo Lat: 33.413473
Geo Lon: -111.814445
Status Change Info
Off Market Date: 2022-04-02
Under Contract Date: 2022-03-11
Close of Escrow Date: 2022-04-05
Sold Price: $2,700,000
Income Expenses
Gross Annual Sch Inc: 179304
Net Operating Income: 141265
Property Features
Project Type: 13 - 24 Units
Construction: Block
Const - Finish: Painted; Stucco
Roofing: Composition; Foam
Floors: Vinyl; Ceramic Tile
Sale Includes: Land & Building; Personal Property
Community Features: No Pool
Exterior Amenities: Desert Landscaping; Fenced; Partially Fenced; Security Light(s)
Interior Features: Unfurnished
Appliances Included: Free-Standing Range; Refrigerator; W/D Hookup
Heating: Individual
Cooling: Ceiling Fan(s); Electric; Individual; Central Air
Water Source: City Franchise; Master Meter
Sewer: Sewer - Public
Electric: City Electric; Individual Meter
Gas: None
Parking Features: >1 Space Per Unit; Free
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Owner; Books Shwn Accpt Ofr
Special: Owner/Agent
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: None
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
New Financing: Conventional; No Carry; 1031 Exchange
Environmental: None
Listing Office:
Cluff Real Estate LLC
Last Updated: April - 05 - 2025
Copyright 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.