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5233 E University Dr
Mesa, AZ 85205
DreamLand Villa Apartments · Multifamily Property For Sale
·
12 Units
PROPERTY FACTS
| No. Units | 12 | Lot Size | 0.78 AC |
| Property Type | Multifamily | Building Size | 8,800 SF |
| Property Subtype | Apartment | No. Stories | 1 |
| Building Class | C | Year Built/Renovated | 1966/2019 |
| Zoning | C-C | ||
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.78 AC |
| Building Size | 8,800 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1966/2019 |
| Zoning | C-C |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Range
- Walk-In Closets
- Grill
- Patio
- Porch
- Window Coverings
SITE AMENITIES
- Courtyard
- Smoke Free
ABOUT 5233 E UNIVERSITY DR , MESA, AZ 85205
Part of Dreamland Villas, this 12 unit offering provides a mix of spacious 1-bedroom and 2-bedroom rental units in a low density setting with large front and rear entries and covered porches. Each rental unit is individually metered for electricity and has its own reserved covered parking space. Upgraded electrical service panels have been installed at the property. Nine units have been tastefully updated to include new flooring, re-textured walls and ceilings, new counters, GFCI outlets, tiled shower surrounds and tiled kitchen back splashes, premium appliance packages, and upgraded lighting & plumbing fixtures. While rents are higher for the updated units, several are STILL well below market. Three 1-bedroom units remain period correct, allowing a new owner good upside in finishing upgrades on these units. Demand is very strong for rentals in this age-restricted (55+) property which adjoins the Velda Rose Estates community surrounded by golf courses and major shopping. The property is on a county island and operating expenses are extremely low. Close escrow at a 6.5% CAP rate and adjust rents to market to achieve 7++% CAP rate. Beautifully remodeled property offering Turnkey operation with easy upside in rents.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | $727.50 | 700 |
| 2+1 | 4 | $960.00 | 800 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $58,832 |
PROPERTY TAXES
