447 S Olive
Mesa, AZ 85204
Olive Apartments · Multifamily Property For Sale · 11 Units

SVN Desert Commercial Advisors is excited to announce the availability of the Olive Apartments, an 11 unit apartment building in Central Mesa. These 11 units are situated on just over 3/4 of an acre of land containing a large central courtyard which a new owner could do just about anything with. Resident amenities include covered parking, as well as an on-site laundry facility. The building was constructed in 1977 with reinforced concrete, pitched wood roofs, and are all individually metered for electricity. Olive Apartments is comprised of 11, highly desirable 2 bed, 1 bath 753 sqft units. Ownership has focused on making capital improvements to the property over the length of their hold, these improvements include 11 new A/C units, new coin-operated W/Ds for the laundry facility, a fresh coat of paint, as well as hot water heaters for units that needed them! All 11 of the units are 2 Bed, 1 Baths that are currently renting well below the market at an average of $713/unit. A new owner would be able to raise rents to $875/unit with light cosmetic improvements to the interiors. Additionally, there is an opportunity for a possible RUBs implementation and pet rent to increase operating income further.