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633 W 1st Avenue - First Avenue Apartments, Mesa, AZ

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633 W 1st Avenue - First Avenue Apartments

E of the SEC First Ave & Extension Rd
Mesa, AZ 85210-1277 - Palm Cove/Epernay MF Submarket

Property Type:Multi-Family Number of Units:52 Status:Existing Year Built:1982
Stories:2 Building Size:36,000 SF Land Area:1.94 AC (84,506 SF)
For Sale Price:$2,950,000 Price/Unit:$56,730.77 Cap Rate:8.75 % GRM:-

Parking:3.06 Parking Spaces / 1,000 SF

First Avenue Apartments is a 52-unit, two-story, garden-style property. Each unit is individually metered for electricity. There is a swimming pool, community laundry room, a separate maintenance shop and on-site office.

First Avenue, built in 1982, is a 52-unit, garden-style apartment community located in a desirable Mesa neighborhood. The property is made of block construction with pitched roofs and is individually-metered for electricity. The property is comprised of mostly large two-bedroom/one bath floor plans, which are extremely spacious and well designed. This garden-style community is situated on approximately two acres and has desert landscaping with low water use plants and shrubs. Community amenities include a sparkling swimming pool, laundry facility, a separate maintenance shop, and an on-site leasing office. According to Real Data, Inc. the vacancy rate for the North Mesa sub-market was 5.63 percent for the first quarter of 2006. The vacancy rate for this sub-market has improved by 3.62 percent over the past 12 months. This is a value-added opportunity for an investor to acquire a garden-style apartment community located in an improving sub-market with rent upside.

Sale Notes:
For access to the offering memorandum and detailed property information, please click on the property website link above & complete the electronic Confidentiality Agreement.

First Avenue is a 52-unit, garden-style apartment community located in a desirable downtown Mesa neighborhood. The property is situated First Avenue and Date, just south of the Metro Light Rail on Main Street. Built in 1980 the property is made of wood frame and stucco construction with built-up/pitched composition shingle roofs, and is individually-metered for electricity.

The community has an excellent unit mix consisting of 8 one-bedrooms and 44 two-bedroom/one bath floor plans that are spacious, well designed and average approximately 692 square feet. Interior unit amenities include fully appointed kitchens with full-size electric appliances including dishwashers, breakfast bars, ceiling fans, and vertical blinds.

Brian Smuckler
(602) 735-5688

Jeff Seaman
(602) 735-5634

Derek Smigiel
(602) 735-5632

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