426 West 9th Street
Mesa, AZ 85201 ·
27 Units · Multifamily For Sale
|No. Units||27||Property Use Type||Investment|
|Building Size||11,592 SF||Cap Rate||7.72%|
|Property Type||Multifamily||Gross Rent Multiplier||6|
|Listing ID: 15336689||Date Created: 09/14/2007||Last Updated: 11/24/2007|
The David & Gebing Group of Marcus & Millichap has been retained as the exclusive advisor for the sale of Hampton Court Apartments, a 27-unit community located in Mesa, Arizona.
Hampton Court features approximately 11,592 net rentable square feet of improvements with 26 studio units measuring 417-square feet and one (1) one-bedroom/one bath unit measuring 750-square feet. Situated on .53 acres and built in 1964, this garden-style community offers residents a sparkling swimming pool and on-site laundry facility, as well as energy efficient flourescent lighting, frost-free refrigerators and ceiling fans.
Comprised of one two-story, masonry block rental building, the subject property is master-metered for utilities. The boiler and chiller have both been replaced within the last few years. Furthermore, recent capital improvements including exterior paint, low maintenance landscaping and resurfaced pool decking provide an investor a unique opportunity to transition into a mid-sized multifamily asset in an improving Mesa neighborhood with exceptional operational upside.
Hampton Court Apartments is located on 9th Street, just west of Country Club Drive (State Route 87), the major thoroughfare connecting Interstate 60 (Superstition Springs Freeway) and the Loop 202 (Red Mountain Freeway). With convenient access to these major freeways as well as Loop 101 (Pima Freeway) to the west, residents have an abundance of transportation alternatives.
In close proximity to the subject property is Mesa Riverview, an open air entertainment, specialty shop, power shopping center, office complex and auto park, situated on approximately 250 acres. This development project will feature 1.3 million square feet of retail stores, including Bass Pro Shop, Cinemark Theatres, Wal-Mart Super Center, Home Depot, and theme-style restaurants, making it one of the largest open air power centers in the State of Arizona. In addition, the southwest quadrant will host a 33-acre auto park and 38-acre office complex comprised of 500,000 square feet. This site has access from Loop 202, Dobson Road, Alma School Road, and 8th Street.
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