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737 E Brown Rd
Mesa, AZ 85203
Indigo Lofts · Multifamily Property For Sale
·
65 Units
PROPERTY FACTS
| No. Units | 65 | Building Size | 62,634 SF |
| Property Type | Multifamily | Average Occupancy | 97% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built/Renovated | 1985/2015 |
| Building Class | C | Parking Ratio | 1.46/1,000 SF |
| Lot Size | 2.28 AC | ||
| Zoning | R-4, Mesa | ||
| No. Units | 65 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.28 AC |
| Building Size | 62,634 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built/Renovated | 1985/2015 |
| Parking Ratio | 1.46/1,000 SF |
| Zoning | R-4, Mesa |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Disposal
- Microwave
- Storage Space
- Washer/Dryer
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Tile Floors
- Kitchen
- Granite Countertops
- Hardwood Floors
- Vaulted Ceiling
- High Speed Internet Access
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Views
- Carpet
- Wi-Fi
- Dining Room
- Pantry
- Vinyl Flooring
- Wheelchair Accessible (Rooms)
- Window Coverings
SITE AMENITIES
- Clubhouse
- Laundry Facilities
- Picnic Area
- Playground
- Property Manager on Site
- Grill
- Pet Play Area
- Maintenance on site
- Sundeck
ABOUT 737 E BROWN RD , MESA, AZ 85203
Indigo Lofts is a 65-unit boutique garden-style apartment community located in a highly visible central Mesa location that was extensively renovated and repositioned with premium finishes. The property is made of block construction with built-up foam roofs and is individually-metered for electricity. The unit mix is comprised of all two-bedroom, townhouse style floorplans that are extremely spacious, very well designed and the average unit size is approximately 964 square feet. Approximately 40% of the units have been renovated with gourmet kitchens with stainless-steel appliances, thermofoil cabinets with upgraded countertops, brushed nickel fixtures, faux wood/ceramic tile flooring, modern bathroom vanities, porcelain tile shower surrounds, premium light fixtures, low flow toilets and window shade screens. The property is situated on a large lot of approximately 2.3 acres and has attractive professionally designed xeriscape landscaping, mature shade trees and low maintenance desert plants. Exterior renovations include a two-toned paint scheme, new roofs, majority new HVAC units, corrugated metal accents, dual pane windows, two resurfaced swimming pools with new pool furniture, a dog run, outdoor kitchen and barbecue with a new ramada and lounge seating, upgraded common area and path lighting, an on-site laundry facility and covered parking. Indigo Lofts offers an investor the rare opportunity to acquire an extensively renovated asset located in a rapidly expanding central Mesa location priced below replacement cost. In the third quarter of 2017, the submarket rents averaged $1.08 per square foot and have increased by 6% in the past year. The strategic path of growth positions Indigo Lofts to benefit from accelerating fundamentals across the larger Phoenix metro. Numerous economic forecasts project Phoenix to lead major western markets in employment and population growth through 2017, offering an investor the potential for additional revenue enhancement through continued rental increase.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 26 | $975.00 | 900 |
| 2+2 | 39 | $1,015 | 1,006 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $3,989 | Total Assessment | $274,103 |
PROPERTY TAXES
