5825 E University Drive, Mesa, AZ 85205

$5,880,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $5,880,000 Last Modified: 5/30/2023

Overview

Listing Details MLS# 6489483

Location, Tax & Legal

Map Code/Grid: R41
House Number: 5825
Compass: E
Street Name: University
St Suffix: Drive
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85205
County Code: Maricopa
Assessor Number: 141-49-006-K
Tax Year: 2022
Assessor's Map #: 49
Assessor's Parcel #: 6
Assessor Parcel Ltr: K
Add'l Parcels: Yes
Tax Municipality: Mesa
Taxes: 10236
Legal: TH PT E2 NE4 SEC 23 DAF COM NW COR E2 NE4 SD SEC TH E 297.44F S 194.07F TO TPOB TH S 101.92F W 138.06F N 101.75F E 137.9
Marketing Name: Suncourt Villas

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 98,200 sf
Year Built: 1983
Uncvrd Parking Spcs: 12
Total # of Units: 28
# of Buildings: 7
Zoning: R-3
Elementary School District: Mesa Unified District
High School District: Mesa Unified District

Status Change Info

Off Market Date: 2023-05-30
Under Contract Date: 2023-02-15
Close of Escrow Date: 2023-05-19

Income Expenses

Gross Annual Sch Inc: 486684
Net Operating Income: 366772

More Information

1 Bedroom Units

# 1 Bedroom Units: 14
Avg Rent: 1332
Avg SqFt: 645
# Baths: 14

2 Bedroom Units

# 2 Bedroom Units: 14
Avg Rent: 1582
Avg SqFt: 925
# Baths: 14

Sold Info

Loan Type: Other
Loan Years: 5
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: %
Seller Concession $/%: %
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

25 - 50 Units: Yes

Construction

Block: Yes

Const - Finish

Painted: Yes

Roofing

Foam: Yes

Floors

Concrete: Yes

Sale Includes

Land & Building: Yes

Income & Expenses

Annual Elec Exp: 24460
Annual Ins Exp: 4390
Annual Landscape Exp: 7000
Annual Legal & Acctg: 7459
Annual Maint Exp: 19208
Annual Mgmt Exp: 19491
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual Rplcmnt Rsrvs: 8400
Annual Other Expense: 19457
Operating Exp: 120101
Other Income: 29799
Vacancy Allowance: 0.05
Adjusted Gross Inc: 490658.85

Pmt & Rate Info

Cap Rate: 5.35
Equity: 6850000
Down Payment %: 30
Monthly Payments: 0
Total Owed: 0

Showing Notification Methods

Text: Yes

Lockbox Type

None: Yes

Community Features

No Pool: Yes

Heating

Wall Furnace: Yes

Cooling

Electric: Yes
Individual: Yes

Exterior Amenities

Desert Landscaping: Yes
Fenced: Yes
Patio/Balcony: Yes

Tenant Pays

Electricity: Yes

Appliances Included

Built-In Range: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes
Projected Proforma: Yes

Water Source

City Franchise: Yes
Master Meter: Yes

Sewer

Sewer - Public: Yes

Parking Features

>1 Space Per Unit: Yes

Electric

SRP: Yes

Gas

SW Gas: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes
Landscaping: Yes

New Financing

Conventional: Yes
No Carry: Yes
1031 Exchange: Yes

Reports/Disclosures

None: Yes

Environmental

None: Yes

Efficiency Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 25 - 50 Units Construction: Block Const - Finish: Painted Roofing: Foam Floors: Concrete Sale Includes: Land & Building Community Features: No Pool Exterior Amenities: Desert Landscaping; Fenced; Patio/Balcony Appliances Included: Built-In Range Heating: Wall Furnace Cooling: Electric; Individual Water Source: City Franchise; Master Meter Sewer: Sewer - Public Electric: SRP Gas: SW Gas Parking Features: >1 Space Per Unit Road Surface Type: Asphalt Owner Pays: Water; Trash Collection; Landscaping Tenant Pays: Electricity Source of Fincl Data: Owner; Projected Proforma Showing Notification Methods: Text Lockbox Type: None New Financing: Conventional; No Carry; 1031 Exchange Environmental: None

Listing Office: Marcus & Millichap

Last Updated: May - 30 - 2023