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1224 E Evergreen St
Mesa, AZ 85203
Mesa Terrace · Multifamily Property For Sale · 34 Units

Investment Highlights

  • 34 of 86 Condo Units, Built in 1979 - Price Below Replacement Cost
  • Individually Metered for Electric & Individual Hot Water Heaters
  • One Covered Parking Space Per Unit
  • All Two-Bedroom / Two-Bathroom Units With Spacious Floor Plans & Private Patios / Balconies
  • Pioneer Park Is Approximately Five Minutes Away With Its Historic Train, 9,000 SF Playground, & Popular Events Such as the Mesa Feastival
  • Minutes to the Heart of Downtown Mesa (Museums, ASU Mesa Campus, Mesa Arts Center, Etc.)

Executive Summary

Mesa Terrace is an offering of 34 of 86 condominium units located in the heart of Mesa, Arizona. The property is located just off Stapley Road, a little more than a mile north of the nearest light rail station at Main Street. It is approximately 2.5 miles away from the center of Downtown Mesa and Mesa Arts Center along with many cultural
activities and museums (Arizona Museum of Natural History, Mesa Contemporary Arts and the i.d.e.a Museum). Recent big news for the area is the emergence of the Arizona State University Mesa campus, with the new “hub for innovation” being a little more than a fiveminute drive away (2.5 miles). It is also five minutes from Pioneer Park
where there are great community activities such as the weekly Mesa Farmers Market and Flea.
Downtown Mesa is quickly becoming a hot spot for activity with many new restaurants, boutique hotels, retail and mixed-use residential developments. This property is well located and allows residents to easily enjoy much of what Mesa has to offer. With easy access to light rail and freeway within minutes, residents will have the ability to conveniently access all parts of the metroplex. Downtown Mesa is rapidly growing and changing to be a hotspot for activity and an incredibly desirable area for people to live and work.
Built in 1979, Mesa Terrace features 34 of 86 condominium units housed in 10 two-story buildings resting on just less than three acres of land. The rental buildings are built of wood frame and stucco construction. Every unit has two bedrooms and two bathrooms with well laid out, spacious floor plans averaging around 883 square feet. Units are individually metered for electricity and have individual hot water heaters and HVACs. Interior amenities include: air conditioning/heating, patio/balcony, ceiling fans, large windows, walk-in closets, storage closet and kitchens equipped with stove/oven, refrigerator, microwave and dishwasher. The community also offers one covered parking per unit, a large laundry room, sparkling swimming pool, and community center.
Significant employers in the area include: Banner Health, the City of Mesa, Boeing, and Drivetime Automotive Group. Mesa continues to be one of the most sought-after submarkets for multifamily residential investments, given its proximity to Arizona State University — one of the nation’s largest universities (both at the Mesa Campus, and the main Tempe campus), approximately eight miles to the west — its tremendous employment opportunities and convenient, centralized location in the heart of the metroplex.

Property Facts

Price Per Unit $165,000
Sale Type Investment
Cap Rate 6.03%
No. Units 34
Property Type Multifamily
Property Subtype Apartment
Apartment Style Garden
Building Class C
Lot Size 0.89 AC
Building Size 30,022 SF
No. Stories 2
Year Built 1979
Parking Ratio 1.13/1,000 SF
Zoning R-4, Mesa - Residential

Amenities

Site Amenities

  • Pool

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
2+2 34 - 883

Property Taxes

Property Taxes

Parcel Numbers
Multiple
  • 137-03-366
  • 137-03-349
  • 137-03-336
  • 137-03-369
  • 137-03-375
  • 137-03-318
  • 137-03-358
  • 137-03-357
  • 137-03-332
  • 137-03-355
  • 137-03-340
  • 137-03-353
  • 137-03-371
  • 137-03-364
  • 137-03-304
  • 137-03-341
  • 137-03-372
  • 137-03-367
  • 137-03-343
  • 137-03-337
  • 137-03-354
  • 137-03-356
  • 137-03-303
  • 137-03-351
  • 137-03-302
  • 137-03-373
  • 137-03-374
  • 137-03-342
  • 137-03-335
  • 137-03-352
  • 137-03-339
  • 137-03-345
  • 137-03-370
  • 137-03-363
  • 137-03-344
  • 137-03-333
  • 137-03-317
  • 137-03-338
  • 137-03-350
  • 137-03-316
  • 137-03-368
  • 137-03-334
  • 137-03-321
  • 137-03-365
  • 137-03-359
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$194,963
  • Listing ID: 41268360

  • Date on Market: 7/13/2026

  • Last Updated:

  • Address: 1224 E Evergreen St, Mesa, AZ 85203

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