Seller's Agent in 2024
John Lilly
Compass
(602) 570-8274
2 in this area
29 Total Sales
860 E Brown Rd Unit 41 Mesa, AZ 85203
Mesa Patios NeighborhoodEstimated Value: $826,000 - $980,000
Studio
--
Bath
--
Sq Ft
3,790
Sq Ft Lot
Highlights
- Heated Community Pool
- 4 Car Attached Garage
- Ceramic Tile Flooring
- Franklin at Brimhall Elementary School Rated A
- Cooling Available
- ENERGY STAR Qualified Equipment for Heating
About This Home
As of November 2024Discover an advantageous investment opportunity in Mesa's sought-after rental market with this well-maintained four-unit property. Plus, it is ideal for investors seeking a 1031 exchange or a stable income stream. Located just minutes from downtown Mesa, this desirable multi-family home features recent upgrades, including two newly remodeled units. All units are currently rented, and tenants are responsible for electricity and gas. The apartment mix includes a spacious single-level unit with three bedrooms and two baths, two townhome-style units each with two bedrooms and 1.5 baths, and a private two bedroom, 1.5 bath apartment above the garages. Recent enhancements include new outlets, switches, washer, and dryer hookups, efficient 14 SEER heat pumps, & modern LED exterior lighting. Additional upgrades feature a newer roof, refreshed exterior paint, and two units recently remodeled to attract higher rents. Shared garages have been converted into private single-car garages with openers & remotes, enhancing tenant satisfaction and property value. Residents enjoy a community pool, private patios, garage parking, and professionally maintained landscaping. Detailed Cap Rates and improvement records are available upon request, highlighting strong rental income potential and historical performance. Do not miss this rare opportunity to acquire a turnkey multi-family property in Mesa. Contact the listing Agent if you have any questions or need further assistance!
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $1,754
Year Built
- Built in 1980
Lot Details
- 3,790
Home Design
- Wood Frame Construction
- Composition Roof
- Stucco
Flooring
- Carpet
- Ceramic Tile
- Vinyl
Parking
- 4 Car Attached Garage
- Automatic Garage Door Opener
- Assigned Parking
Eco-Friendly Details
- ENERGY STAR Qualified Equipment for Heating
Schools
- Edison Elementary School
- Kino Junior High School
- Westwood High School
Utilities
- Cooling Available
- Heat Pump System
- Master Water Meter
Listing and Financial Details
- Tenant pays for gas, electricity, cable TV
- The owner pays for trash collection, water, sewer
- Tax Lot 4
- Assessor Parcel Number 137-09-324
Community Details
Overview
- 4 Units
- Building Dimensions are 3804
- Sun Gardens Replat Subdivision
Recreation
- Heated Community Pool
Building Details
- Operating Expense $13,206
- Gross Income $76,151
- Net Operating Income $63,714
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
Jul 9, 2024
Closed on
Nov 22, 2024
Sold by
Heard Randy and Heard Debbie
Bought by
Drycreek Management Llc
Seller's Agent
John Lilly
Compass
Buyer's Agent
Daniel Papin
Apex Residential
List Price
$950,000
Sold Price
$900,000
Premium/Discount to List
-$50,000
-5.26%
Views
11
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
-$4,043
Avg. Annual Appreciation
-0.38%
Original Mortgage
$450,000
Interest Rate
5%
Mortgage Type
Seller Take Back
Purchase Details
Closed on
Jul 25, 2014
Sold by
Heard Randy
Bought by
Heard Debbie and Heard Randy
Purchase Details
Closed on
Apr 1, 2011
Sold by
Heard Debbie
Bought by
Heard Randy
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$69,300
Interest Rate
4.83%
Mortgage Type
New Conventional
Purchase Details
Closed on
Mar 18, 2011
Sold by
Mauro Mitch
Bought by
Heard Randy
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$69,300
Interest Rate
4.83%
Mortgage Type
New Conventional
Purchase Details
Closed on
Oct 3, 2005
Sold by
Bradford Thomas
Bought by
Mauro Mitch
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$360,000
Interest Rate
3%
Mortgage Type
Negative Amortization
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| Drycreek Management Llc | $900,000 | Arizona Title | |
| Heard Debbie | -- | None Available | |
| Heard Randy | -- | Stewart Title & Trust Of Pho | |
| Heard Randy | $99,000 | Stewart Title & Trust Of Pho | |
| Mauro Mitch | $450,000 | Fidelity National Title |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Closed | Drycreek Management Llc | $450,000 | |
| Open | Drycreek Management Llc | $675,000 | |
| Previous Owner | Heard Randy | $69,300 | |
| Previous Owner | Heard Randy | $69,300 | |
| Previous Owner | Mauro Mitch | $360,000 | |
| Closed | Mauro Mitch | $45,000 |
Source: Public Records
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 11/25/2024 11/25/24 | Sold | $900,000 | -5.3% | -- |
| 10/17/2024 10/17/24 | Pending | -- | -- | -- |
| 07/09/2024 07/09/24 | For Sale | $950,000 | -- | -- |
Source: Arizona Regional Multiple Listing Service (ARMLS)
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $1,748 | $17,723 | -- | -- |
| 2024 | $1,754 | $16,879 | -- | -- |
| 2023 | $1,754 | $64,920 | $12,980 | $51,940 |
| 2022 | $1,718 | $47,770 | $9,550 | $38,220 |
| 2021 | $1,738 | $41,680 | $8,330 | $33,350 |
| 2020 | $1,716 | $35,730 | $7,140 | $28,590 |
| 2019 | $1,603 | $30,150 | $6,030 | $24,120 |
| 2018 | $1,539 | $22,630 | $4,520 | $18,110 |
| 2017 | $1,493 | $19,210 | $3,840 | $15,370 |
| 2016 | $1,465 | $17,820 | $3,560 | $14,260 |
| 2015 | $1,377 | $15,800 | $3,160 | $12,640 |
Source: Public Records
Agents Affiliated with this Home
-
John Lilly
-
Daniel Papin
Buyer's Agent in 2024
Daniel Papin
Apex Residential
(630) 779-6013
2 in this area
47 Total Sales
Map
Source: Arizona Regional Multiple Listing Service (ARMLS)
MLS Number: 6728850
APN: 137-09-324
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
All information should be verified by the recipient and none is guaranteed as accurate by ARMLS
Listing Information presented by local MLS brokerage: Ten-X, local REALTOR®- Arlene Richardson - (888)-952-6393
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