For Sale
$11,500,000

830 Alma School RdMesa, AZ 85201

44-unit apartment building, renovated 2023

Overview

Added:
Dec 11, 2024
Days on market:
116
Exceptional investment opportunity awaits with The Rio, a 44-unit apartment building in Mesa, Arizona. This garden-style community, built in 1986 and extensively renovated in 2023, boasts 36,600 square feet of rentable space situated on a 1.79-acre lot. The property features a mix of spacious one and two-bedroom floor plans, all equipped with in-suite washers and dryers. Approximately 61% of units showcase premium finishes including vinyl plank flooring, quartz countertops, stainless steel appliances, and upgraded bathrooms. The remaining units present a significant value-add opportunity for a new owner to complete the renovation program and further increase revenue. The Rio benefits from a prime location in a rapidly growing Mesa submarket, with high visibility along Alma School Road (approx. 31,000 vehicles per day) and proximity to key employment centers, retail, and dining options, including the Novus Innovation Corridor and Loop 202. The property is individually metered for electricity and features well-manicured landscaping with mature shade trees. The property's APN is 135-33-268. This is a rare chance to acquire a well-maintained, high-potential multifamily asset in a thriving Arizona market. The asking price is $11,500,000.

Highlights

  • Prime Mesa location with high barriers to entry.
  • Built in 1986.
  • High-visibility location with over 31,000 vehicles per day.
  • Strong submarket fundamentals.
  • Predominantly two-bedroom, two-bathroom units.
  • Near Novus Innovation Corridor, Mill Avenue, and Loop 202, with access to retail and restaurants.

Property Details for 830 Alma School Rd

Property type
Apartment buildings
Year Built/Renovated
1986/2023
Units
44

Location Insight

City
Mesa
County
Maricopa
State
Arizona
Latitude
33.4300887
Longitude
-111.8566257
830 Alma School Rd, Mesa, Arizona

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830 Alma School Rd
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