860 E BROWN Road 41, Mesa, AZ 85203 (MLS# 6728850)

860 E BROWN Road 41, Mesa, AZ 85203

$900,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $900,000 Last Modified: 2/06/2025

Overview

Description

Discover an advantageous investment opportunity in Mesa's sought-after rental market with this well-maintained four-unit property. Plus, it is ideal for investors seeking a 1031 exchange or a stable income stream. Located just minutes from downtown Mesa, this desirable multi-family home features recent upgrades, including two newly remodeled units. All units are currently rented, and tenants are responsible for electricity and gas. The apartment mix includes a spacious single-level unit with three bedrooms and two baths, two townhome-style units each with two bedrooms and 1.5 baths, and a private two bedroom, 1.5 bath apartment above the garages.

Supplements: Recent enhancements include new outlets, switches, washer, and dryer hookups, efficient 14 SEER heat pumps, & modern LED exterior lighting. Additional upgrades feature a newer roof, refreshed exterior paint, and two units recently remodeled to attract higher rents. Shared garages have been converted into private single-car garages with openers & ... (Read more)

Listing Details MLS# 6728850

Location, Tax & Legal

House Number: 860
Compass: E
Street Name: BROWN
St Suffix: Road
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85203
Zip4: 4939
Country: US
County Code: Maricopa
Subdivision: SUN GARDENS REPLAT
Assessor Number: 137-09-324
Tax Year: 2023
Unit #: 41
Building Number: 4
Assessor's Map #: 9
Legal Description (Abbrev): LOT 4 SUN GARDENS REPLAT MCR 062030
Assessor's Parcel #: 324
Add'l Parcels: No
Tax Municipality: Mesa
Census Tract: 420901
Taxes: 1754
Legal: LOT 4 SUN GARDENS REPLAT MCR 062030
Marketing Name: Sun Gardens

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 3804
Year Built: 1980
Total # of Units: 4
# of Buildings: Yes
Zoning: RM-4
Flood Zone: No
Elementary School District: Mesa Unified District
High School District: Mesa Unified District
Elementary School: Edison Elementary School
Jr. High School: Kino Junior High School
High School: Westwood High School
Uncvrd Parking Spcs: 0

Remarks Misc

Cross Street: Brown and Stapley Dr
Directions: West on Brown Rd, north at third turn into complex, 4-plex is located in the northwest corner of the complex - Building 4, Units 41-44.

Status Change Info

Off Market Date: 2024-10-17
Under Contract Date: 2024-10-17
Close of Escrow Date: 2024-11-25

Legal Info

Township: 1N
Range: 5E
Section: 14
Lot Number: 4

More Information

Income Expenses

Gross Annual Sch Inc: 76920
Net Operating Income: 63714

Showing Notification Methods

Showing Service: No Showing Service Used

2 Bedroom Units

# 2 Bedroom Units: 3
Avg Rent: 1483
Avg SqFt: 989
# Baths: Yes

3 Bedrooms Units

# 3 Bedroom Units: Yes
Avg Rent: 2000
Avg SqFt: 1069
# Baths: 2

Sold Info

Loan Type: Carryback
Loan Years: 3
Payment Type: Balloon
Closing Cost Split: Normal - N
Buyer Concession $/%: %
Seller Concession $/%: %
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

Four Plex: Yes

Construction

Wood Frame: Yes

Const - Finish

Stucco: Yes

Roofing

Composition: Yes

Floors

Vinyl: Yes
Ceramic Tile: Yes
Carpet: Yes

Sale Includes

Land & Building: Yes

Income & Expenses

Annual Ins Exp: 1750
Annual Maint Exp: 1200
Annual Wtr/Swr Exp: 2800
Owner Association: Yes
Annual Ownr Asoc Fee: 5702
Operating Exp: 13206
Other Income: 0
Vacancy Allowance: 0.01
Adjusted Gross Inc: 76150.8
Total Monthly Rental Income: 6410

Pmt & Rate Info

Cap Rate: 6.71
Equity: 950000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0

Lockbox Type

See Private Remarks: Yes
None: Yes

Community Features

Pool: Yes

Heating

Heat Pump: Yes
ENERGY STAR Qualified Equipment: Yes

Cooling

ENERGY STAR Qualified Equipment: Yes
Heat Pump: Yes

Exterior Amenities

Landscape Water System: Yes
Green Landscaping: Yes
Desert Landscaping: Yes
Cable TV Available: Yes
Sidewalk(s): Yes
Patio/Balcony: Yes
Security Light(s): Yes

Interior Features

Unfurnished: Yes
Fire/Smoke Alarm(s): Yes
Vertical Blinds: Yes
Mini Blinds: Yes

Tenant Pays

Gas: Yes
Electricity: Yes
Cable TV: Yes
Other (See Remarks): Yes

Appliances Included

Dishwasher: Yes
Disposal: Yes
Microwave: Yes
Refrigerator: Yes
Free-Standing Range: Yes
W/D Hookup: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes
Master Meter: Yes
Individual Meter: Yes
See Remarks: Yes

Sewer

Sewer - Public: Yes

Parking Features

Garage: Yes
1 Space/Unit: Yes
Attached: Yes
Paved: Yes
Garage Door Opener: Yes
Add'l Parking Avail: Yes
Assigned: Yes

Electric

SRP: Yes
Master Meter: Yes

Gas

City Gas: Yes
Individual Meter: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes
See Remarks: Yes

New Financing

Conventional: Yes
1031 Exchange: Yes

Special

Accept Backups (CLO): Yes

Existing 1st Loan

Treat as Free&Clear: Yes

Reports/Disclosures

Seller Prop Disc Stm: Yes

Environmental

None: Yes

Efficiency Units

Avg Rent: 0

1 Bedroom Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: Four Plex Construction: Wood Frame Const - Finish: Stucco Roofing: Composition Floors: Vinyl; Ceramic Tile; Carpet Sale Includes: Land & Building Community Features: Pool Exterior Amenities: Landscape Water System; Green Landscaping; Desert Landscaping; Cable TV Available; Sidewalk(s); Patio/Balcony; Security Light(s) Interior Features: Unfurnished; Fire/Smoke Alarm(s); Vertical Blinds; Mini Blinds Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave; W/D Hookup Heating: Heat Pump; ENERGY STAR Qualified Equipment Cooling: Heat Pump; ENERGY STAR Qualified Equipment Water Source: City Franchise; Master Meter; Individual Meter; See Remarks Sewer: Sewer - Public Electric: SRP; Master Meter Gas: City Gas; Individual Meter Parking Features: Garage; 1 Space/Unit; Attached; Garage Door Opener; Add'l Parking Avail; Assigned; Paved Road Surface Type: Asphalt Owner Pays: Water; Trash Collection; See Remarks Tenant Pays: Electricity; Gas; Cable TV; Other (See Remarks) Source of Fincl Data: Owner Special: Accept Backups (CLO) Lockbox Type: See Private Remarks; None Existing 1st Loan: Treat as Free&Clear New Financing: Conventional; 1031 Exchange Environmental: None

Listing Office: Arizona Best Real Estate

Last Updated: February - 06 - 2025