420 N 64th Pl
Mesa, AZ 85205
Oasis in Mesa · Multifamily Property For Sale · 28 Units

ARA is pleased to announce the availability of Oasis in Mesa, a 28-unit pride of ownership B class community located in a solid B class neighborhood Northeast Mesa. At 4.63% this submarket boast one of the lowest vacancy rates in Metro Phoenix. There are very few apartment communities in the Northeast Mesa submarket under 100 units, making this a rare opportunity. Within a 5 mile radius of the community are several major employers which include Boeing, Falcon Field, Mesa Community College and 7 golf courses, headlined by two of the highest rated courses in the state with Longbow Golf Club and Las Sendas Golf Club. The property has tremendous frontage and curb appeal on University Drive a major east-west thoroughfare in Mesa. Northeast Mesa is an area known for its high achieving athletic and academic elementary and high schools and community involvement. Oasis in Mesa is situated on 2.14 acres and provides a parklike setting with mature trees, bushes, and many large grass areas for the residents and their families to enjoy. Resident amenities include a large pool with jacuzzi and sundeck, covered parking, and on-site laundry. The 2-story community was constructed in 1985 of wood frame construction with a stucco exterior, pitched tiled roofs, and is individually metered for electricity. The community has a great unit mix with 20 large two bedroom two bath units that are 980 square feet and 8 large one bedroom units that are 680 square feet which are some of the largest one and two bedrooms in the submarket. The units provide patios, modern kitchens with dishwashers, pantries, walk in closets, and all of the two bedrooms have washer & dryer hook ups. Ownership has upgraded a majority of the units with new vinyl plank flooring, new appliances, painted cabinets, resurfaced countertops, interior paint and are achieving rent increases on those upgraded units with no resistance. Currently, the property is 100% occupied and achieving $800 plus a $25 RUB charge for the 1 bedrooms and $900 plus a $25 RUB charge for the 2 bedrooms on new leases. A new owner will have the opportunity to add washer & dryer hook ups in the 1 bedrooms and to continue to implement a higher unit upgrade to achieve another $50-100 increase in rents that are warranted due to the high demand rental submarket. Oasis in Mesa offers an investor the rare opportunity to purchase a B class pride of ownership community that is majority 2 bedroom 2 bath units with patios, in unit washer & dryers and is located in the strong Northeast Mesa rental market with upside in rents.