711 Marilyn AveMesa, AZ 85204
- Apartment buildings
- 2,544 SF
Property Details for 711 Marilyn Ave
- Year built
- 1971
- Property size (Sq ft)
- 2,544 SF
- Property type
- Apartment buildings
Description
This 3-unit apartment building in Mesa, Arizona, presents a compelling investment opportunity. Built in 1971 and renovated in 2019, the property boasts 2,544 square feet of net rentable space situated on a 10,675 square foot lot (APN: 139-26-044-B). Currently operating at 100% occupancy (as of January 1, 2024), the property generates a strong NOI of $41,450, with a pro-forma NOI projected at $45,050, resulting in a 6.63% cap rate and a pro-forma cap rate of 7.21%. Each unit features a living and dining room, kitchen, two bedrooms, one bathroom, and its own laundry room with washer and dryer. Private back patios and a fully fenced property enhance security and privacy. The property is zoned for multi-family use and benefits from its ideal location near shopping centers, parks, excellent schools, and light rail, making it attractive to renters. The asking price is $624,999, translating to $208,333 per unit and $245.68 per square foot. This stabilized, value-add investment is perfect for those seeking a strong return on investment in a desirable location. The property is offered as a 1031 exchange opportunity.
Location Insight
- City
- Mesa
- County
- Maricopa
- State
- Arizona
- Latitude
- 33.4033
- Longitude
- -111.816
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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