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

860 E BROWN Road, 41, Mesa, AZ 85203

$950,000
Property Type: Multiple Dwellings Status: Active
Current Price: $950,000 Last Modified: 7/20/2024

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: $950,000 List Price: $950,000 Status: Active List Date: 2024-07-09 Ownership: Fee Simple Subagents: N Buyer/Broker: Y Buyer Broker $/%: %

Location, Tax & Legal

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

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: Edison Elementary School Jr. High School: Kino Junior High School High School: Westwood High School Elementary School District: Mesa Unified District High School District: Mesa Unified District

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

Status Change Date: 2024-07-09

Legal Info

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

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 Gross Annual Sch Inc: 76920 Vacancy Allowance: 0.01 Adjusted Gross Inc: 76150.8 Totl Mnth Rntal Inc: 6410 Net Operating Income: 63714

Pmt & Rate Info

Cap Rate: 6.71 Equity: 950000

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

Property Features

Project Type: Four Plex Construction: Frame - Wood Const - Finish: Stucco Roofing: Comp Shingle Floors: Vinyl; Ceramic Tile; Carpet Sale Includes: Land & Building Community Amenities: 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: F/S Oven/Range; Refrigerator; Dishwasher; Disposal; Microwave; W/D Hookup Heating: Heat Pump; ENERGY STAR Qualified Equipment Cooling: Heat Pump; ENERGY STAR Qualified Equipment Water: City Franchise; Master Meter; Individual Meter; See Remarks Sewer: Sewer - Public Electric: SRP; Master Meter Gas: City Gas; Individual Meter Parking: Garage; 1 Space/Unit; Attached; Auto Door Opener; Add'l Parking Avail; Assigned; Paved Parking Roads/Streets: Asphalt; Sidewalk(s) Owner Pays: Water; Trash Collection; See Remarks Tenant Pays: Electric; Gas; Cable TV; Other (See Remarks) Source of Fincl Data: Provided by Owner Special: Accept Backups (CLO) Lockbox Type: See Private Remarks; None Existing 1st Loan: Treat as Free&Clear New Financing: Conventional; 1031 Exchange Reports/Disclosures: Seller Prop Disc Stm Environmental: None
Listing Office: Arizona Best Real Estate
Last Updated: July - 20 - 2024
860 E BROWN Road, 41, Mesa, AZ 85203- MLS# 6728850
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.

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