830 N Alma School Rd - Apartments FOR SALE


Mesa, AZ 85201- Central Mesa
$11,000,000 USD
602-570-9442
830 N Alma School Rd, Mesa, AZ for Sale
$11,000,000 USD
Apartments - FOR SALE
1/7
null | Request Cap Rate

830 N Alma School Rd
Mesa, AZ 85201
Central Mesa


HIGHLIGHTS

  • Premier Mesa Location with Extremely High Barriers to Entry
  • High Visibility Community with Traffic Counts of +- 31,000 Vehicles per Day
  • Extremely Strong Submarket Fundamentals
  • Majority Two Bedroom, Two Bathroom Floorplans
  • Proximity to Novus Innovation Corridor, Mill Avenue, Boutique Retail, Independent Restaurants, Employment Drivers, and Loop 202
  • 100% of Units Have In-Suite Washers and Dryers

OVERVIEW

JLL is pleased to present The Rio, a 44-unit garden-style apartment community in the rapidly growing Mesa submarket. Built in 1986, the Property is made of wood-frame construction with pitched composite tile roofs and is individually metered for electricity. The Rio sits on 1.79-acres of well-manicured landscaping with mature shade trees throughout the Property. The two-story community offers one and two bedroom floor plans that are extremely spacious and well-designed. Current ownership has upgraded approximately 61% of the units with platinum-level finishes featuring vinyl plank flooring, quartz countertops, stainless-steel appliances, brushed-nickel hardware, decorative tile backsplash, upgraded bathroom hardware, and modern floor-to-ceiling shower tile. In addition to the recent remodel, all units have in-suite washers and dryers. With 39% of units able to be upgraded to platinum-level finishes alongside the exterior landscaping and community amenities recently enhanced by current ownership, The Rio will provide the unique opportunity for a new owner to significantly increase revenue by completing the renovation program.

FOR SALE DETAILS

PRICE

$11,000,000 USD

PRICE/SF

$301 USD /SF

# OF UNITS

44

PRICE/UNIT

$250,000

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Rio

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1986

PARKING SPACES

47

LAND DETAILS

LAND ACRES

1.79 AC

LAND SF

77,972 SF

ZONING

RM-3

APN/PARCEL ID

135-33-268

ASK ABOUT THIS PROPERTY

602-570-9442

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602-570-9442

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