447 S Olive Dr
Mesa, AZ 85204
- Value Add Opportunity
- Rents Below Market
- New A/C Units
- Stable Tenant Base
- Fresh Blue Painted Exterior
- New W/Ds in Laundry Room
SVN Desert Commercial Advisors is excited to announce the availability of the Olive Apartments, an 11 unit apartment building in Central Mesa. These 11 units are situated on just over 3/4 of an acre of land containing a large central courtyard which a new owner could do just about anything with. Resident amenities include covered parking, as well as an on-site laundry facility. The building was constructed in 1977 with reinforced concrete, pitched wood roofs, and are all individually metered for electricity. Olive Apartments is comprised of 11, highly desirable 2 bed, 1 bath 753 sqft units.
Ownership has focused on making capital improvements to the property over the length of their hold, these improvements include 11 new A/C units, new coin-operated W/Ds for the laundry facility, a fresh coat of paint, as well as hot water heaters for units that needed them! All 11 of the units are 2 Bed, 1 Baths that are currently renting well below the market at an average of $713/unit.
A new owner would be able to raise rents to $875/unit with light cosmetic improvements to the interiors. Additionally, there is an opportunity for a possible RUBs implementation and pet rent to increase operating income further.
The Olive Apartments are located close to just about everything Mesa has to offer. With Historic Downtown Mesa located just a few blocks away and the spring training homes of both the Chicago Cubs and Oakland Athletics just a few miles further, its central location in Mesa offers residents plenty of entertainment options in the spring!
Additionally for year round fun, Mesa Riverview and Tempe Marketplace are just a short drive away. Olive Apartments is also a commuters dream, the Center & Main PHX Lightrail Stop provides commuters access to ASU, Downtown Tempe, Phoenix Sky Harbor Airport, Downtown Phoenix and Glendale. To the north lies the Loop 202 and to the south is the US-60 connected by Country Club Dr providing car commuters easy access to the rest of the PHX metro area and beyond.