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
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 & remotes, enhancing tenant satisfaction and property value. Residents enjoy a community pool, private patios, garage parking, and professionally maintained landscaping. Detailed Cap Rates and improvement records are available upon request, highlighting strong rental income potential and historical performance. Do not miss this rare opportunity to acquire a turnkey multi-family property in Mesa. Contact the listing Agent if you have any questions or need further assistance!
More Information MLS# 6728850
Contract Info
Current Price: $900,000
Sold Price: $900,000
Status: Closed
List Date: 2024-07-09
Ownership: Fee Simple
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
County Code: Maricopa
Subdivision: SUN GARDENS REPLAT
Assessor Number: 137-09-324
Tax Year: 2023
General Property Description
Lot Size Dimensions: 3804
Year Built: 1980
Total # of Units: 4
# of Buildings: 1
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
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.
Geo Lat: 33.436335
Geo Lon: -111.812419
Status Change Info
Off Market Date: 2024-10-17
Under Contract Date: 2024-10-17
Close of Escrow Date: 2024-11-25
Sold Price: $900,000
Legal Info
Township: 1N
Range: 5E
Section: 14
Lot Number: 4
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: 1
3 Bedrooms Units
# 3 Bedroom Units: 1
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 $/%: %
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 Wtr System; Green Landscaping; Desert Landscaping; Cable TV Available; Patio/Balcony; Security Light(s)
Interior Amenities: 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
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
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