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Multifamily

Park Mesa

1547 E Broadway Rd, Mesa, AZ 85204

Listing Price: Request For Offer

Number of Units
42
Gross SF
32,380

Investment Overview

Advantageously located adjacent to the lifestyle resurgence of downtown Mesa, Park Mesa (“the property”) is a two-story apartment complex located on the southside of Broadway Road between Stapley Drive and Gilbert Road. Pinpointed against the backdrop of the newfound resurgence of Downtown Mesa, the property is primely positioned to reap the benefits of the surrounding employment corridors, higher education facilities, and lifestyle destinations, providing residents with a well-rounded landscape to capitalize on. Defined by the area’s eateries, galleries, and annual events, Downtown Mesa is quickly becoming a cultural mainstay for the Southeast Valley, as evidenced by the presences of The Mesa Arts Center and the hosting of Mesa Music Festival. In addition to the ±6,800 employees and ±300 businesses placed in Downtown Mesa, the property has direct access to the long stretch of the Superstition Employment Corridor running down US60 and its ±32,000 employees, as well as the ±16,500 employees and ±500 businesses, including Banner Healthy and Mesa Community College, stationed in the Fiesta District. A Valley Metro light rail station within walking distance of the property creates seamless transportation to not only these workplaces, but also the enormous Arizona State University just over the Loop 101. Park Mesa was built in 1984 and contains 42 units with a community pool, dog park, and ample parking. The unit mix is made of 31 two-bedroom units and 11 one-bedroom units, with an overall average unit size of 771 square feet. Future ownership will have the ideal opportunity to acquire a proven value-add program with a long runway of units still to be renovated. With 32 classic units remaining, a $75 rental premium is available to capture on newly upgraded units based on rents achieved by similar properties in the submarket.

Investment Highlights

  • Close proximity to downtown Mesa and US-60.
  • 74% two-bedroom floorplans. Second generation value-add opportunity.
  • 1984 construction.

Exclusively Listed By

Financing By

Multifamily

Park Mesa

Listing Price: Request For Offer

Number of Units
42
Gross SF
32,380

Investment Highlights

  • Close proximity to downtown Mesa and US-60.
  • 74% two-bedroom floorplans. Second generation value-add opportunity.
  • 1984 construction.

Investment Overview

Advantageously located adjacent to the lifestyle resurgence of downtown Mesa, Park Mesa (“the property”) is a two-story apartment complex located on the southside of Broadway Road between Stapley Drive and Gilbert Road. Pinpointed against the backdrop of the newfound resurgence of Downtown Mesa, the property is primely positioned to reap the benefits of the surrounding employment corridors, higher education facilities, and lifestyle destinations, providing residents with a well-rounded landscape to capitalize on. Defined by the area’s eateries, galleries, and annual events, Downtown Mesa is quickly becoming a cultural mainstay for the Southeast Valley, as evidenced by the presences of The Mesa Arts Center and the hosting of Mesa Music Festival. In addition to the ±6,800 employees and ±300 businesses placed in Downtown Mesa, the property has direct access to the long stretch of the Superstition Employment Corridor running down US60 and its ±32,000 employees, as well as the ±16,500 employees and ±500 businesses, including Banner Healthy and Mesa Community College, stationed in the Fiesta District. A Valley Metro light rail station within walking distance of the property creates seamless transportation to not only these workplaces, but also the enormous Arizona State University just over the Loop 101. Park Mesa was built in 1984 and contains 42 units with a community pool, dog park, and ample parking. The unit mix is made of 31 two-bedroom units and 11 one-bedroom units, with an overall average unit size of 771 square feet. Future ownership will have the ideal opportunity to acquire a proven value-add program with a long runway of units still to be renovated. With 32 classic units remaining, a $75 rental premium is available to capture on newly upgraded units based on rents achieved by similar properties in the submarket.

Exclusively Listed By

Financing By

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