$1,325,000
Mesa, AZ 85203
MLS# 6140995
Status: Closed
1 / 6
Property Description
Great add value opportunity with all units currently rented at below market value. Ad value pro forma places CAP rate above 7% if rents increased to market value. Buildings have newer roofs and are in a prime location. All 2 bedrooms units are large with solid block construction. Financials available with accepted LOI. Please do not disturb tenants, drive by only until inspection period.
Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $1,325,000
Sold Price: $1,325,000
Status: Closed
List Date: 2020-10-02
Location, Tax & Legal
Assessor's Map #: 22
Legal Description (Abbrev): FRASER FIELDS LOT 23 W2
Assessor's Parcel #: 10
Add'l Parcels: Yes
Tax Municipality: Mesa
Census Tract: 421502
Taxes: 1669
Legal: FRASER FIELDS LOT 23 W2
Marketing Name: The Lowe Apartments
Map Code/Grid: R39
House Number: 47
Compass: N
Street Name: HORNE
St Suffix: Road
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85203
Zip4: 8751
County Code: Maricopa
Subdivision: FRASER FIELDS LOTS 17-47, 66-96
Assessor Number: 138-22-010
Tax Year: 2020
General Property Description
# of Buildings: 3
Uncvrd Parking Spcs: 10
Lot Size Dimensions: 143X207
Total # of Units: 10
Elementary School District: Mesa Unified District
High School District: Mesa Unified District
Elementary School: Edison Elementary School
Jr. High School: Kino Junior High School
High School: Westwood High School
Year Built: 1961
Zoning: D
Legal Info
Range: 5E
Section: 23
Township: 1N
Lot Number: 23
Project Type
5 - 12 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Vinyl: 1
Carpet: 1
Sale Includes
Land & Building: 1
Personal Property: 1
Income & Expenses
Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 2724
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 0
Annual Maint Exp: 14065
Annual Mgmt Exp: 6100
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 7200
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 31758
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 70000
Total Monthly Rental Income: 5615
Pmt & Rate Info
Cap Rate: 3.09
Equity: 1325000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Showing Notification Methods
Text: 1
Lockbox Type
None: 1
Community Features
No Pool: 1
Play Area: 1
Barbecue: 1
Heating
Electric: 1
Individual: 1
Cooling
Central Air: 1
Individual: 1
Exterior Amenities
Landscape Water System: 1
Green Landscaping: 1
Desert Landscaping: 1
Partially Fenced: 1
Curb(s) & Gutter(s): 1
Cable TV Available: 1
Sidewalk(s): 1
Patio/Balcony: 1
Separate Storage: 1
Security Light(s): 1
Interior Features
Unfurnished: 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
Refrigerator: 1
Built-In Range: 1
W/D Hookup: 1
Road Surface Type
Concrete: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Master Meter: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
Free: 1
1 Space/Unit: 1
Add'l Parking Avail: 1
Assigned: 1
Other: 1
Electric
City Electric: 1
Gas
City Gas: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
New Financing
Cash to Loan: 1
Conventional: 1
FHA: 1
Existing 1st Loan
Treat as Free&Clear: 1
Existing 1st Loan Type
Fixed: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Other (See Remarks): 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
Other (See Remarks): 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
Other (See Remarks): 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 1
Avg Rent: 700
Avg SqFt: 750
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 9
Avg Rent: 850
Avg SqFt: 850
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Loan Years: 30
Closing Cost Split: Seller Assist - A
Payment Type: Fixed
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 75000
Seller Concession $/%: $
Remarks Misc
Cross Street: Main St & Horne
Directions: North to property on East side of road.
Geo Lat: 33.416846
Geo Lon: -111.813751
Status Change Info
Off Market Date: 2021-02-25
Under Contract Date: 2020-11-02
Close of Escrow Date: 2021-03-09
Sold Price: $1,325,000
Income Expenses
Gross Annual Sch Inc: 70000
Net Operating Income: 41000
Property Features
Project Type: 5 - 12 Units
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Vinyl; Carpet
Sale Includes: Land & Building; Personal Property
Community Features: No Pool; Play Area; Barbecue
Exterior Amenities: Landscape Water System; Green Landscaping; Desert Landscaping; Partially Fenced; Curb(s) & Gutter(s); Cable TV Available; Sidewalk(s); Patio/Balcony; Separate Storage; Security Light(s)
Interior Features: Unfurnished
Appliances Included: Built-In Range; Refrigerator; W/D Hookup
Heating: Individual
Cooling: Individual; Central Air
Water Source: City Franchise; Master Meter
Sewer: Sewer - Public
Electric: City Electric
Gas: City Gas
Parking Features: Carport; 1 Space/Unit; Add'l Parking Avail; Assigned; Free; Other
Road Surface Type: Concrete
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Owner
Showing Notification Methods: Text
Lockbox Type: None
Existing 1st Loan: Treat as Free&Clear
Existing 1st Loan Type: Fixed
Existing 1st Loan Terms: Not Applicable
Existing 2nd Loan: Other (See Remarks)
Existing 2nd Loan Type: Not Applicable
Existing 2nd Loan Terms: Not Applicable
Existing 3rd Loan: Other (See Remarks)
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Cash to Loan; FHA; Conventional
Environmental: Other (See Remarks)
Listing Office: Tradelands Realty
Last Updated: February - 06 - 2026
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