711 Marilyn AveMesa, AZ 85204

Property Details for 711 Marilyn Ave

Year built

1971

Property size (Sq ft)

2,544 SF

Property type

Residential income properties

Property subtype

Multifamily properties

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

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