Ground-Floor Corner Residential Income
For Sale
$295,000
1941 S PIERPONT Drive #1082, Mesa, AZ 85206
The gated community includes pools, a fitness center, and shared business and recreation spaces.
Property Size1,056 SF
Price / SF$279.36
Days on Market40
Property Features for 1941 S PIERPONT Drive #1082
General Information
Standard status
Active
Size
1,056 SF
Total Parking Spaces
1
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
pool
spa
fitness center
conference room
business center
billiards area
outdoor kitchen
barbecue area
fireside lounge
WiFi
Building Details
Year Built
2004
Listing Agency:
Redfin Corporation
(602) 483-4919
Listed By:
Ellen C Dempsey · License #SA659624000
(480) 332-0374
Source:
Mezateam
Added: Sep 24
Changed: Oct 29
Last Checked: Oct 29 at 2:38PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Redfin Corporation
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Investment Insights
Based on property information with market context.
This 1,056-square-foot, ground-floor corner residence in Mesa has two bedrooms, two bathrooms, and an open interior layout. Built in 2004, it features 9-foot ceilings, crown molding, tile flooring, fresh paint, and an electric fireplace. The kitchen has stainless-steel appliances, including a Bosch dishwasher and a new refrigerator. A south-facing patio overlooks the courtyard, and assigned covered parking is included.
Community facilities include two pools, a spa, a fitness center, conference and business spaces, a billiards area, an outdoor kitchen and barbecue area, and a fireside lounge with TVs and WiFi. The gated community is pet-friendly. Parks, golf, shopping, dining, and major freeways are cited as nearby conveniences.
Community facilities include two pools, a spa, a fitness center, conference and business spaces, a billiards area, an outdoor kitchen and barbecue area, and a fireside lounge with TVs and WiFi. The gated community is pet-friendly. Parks, golf, shopping, dining, and major freeways are cited as nearby conveniences.
Key Highlights
- Two‑bedroom, two‑bathroom residence with 1,056 square feet
- Ground‑floor corner unit with a south‑facing patio overlooking the courtyard
- Built in 2004; interior features 9‑foot ceilings, crown molding, tile flooring, and an electric fireplace
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$8,258
Cap Rate
2.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$165,160
$165.2K
Cap Rate 7%
$117,971
$118.0K
Cap Rate 9%
$91,756
$91.8K
Market Conditions
NOI Build-Up for 1,056 SF
Gross rent
$16.1K $15.24/SF
− Vacancy
−$1.1K −$1.02/SF
EGI
$15.0K $14.22/SF
− OpEx
−$6.8K −$6.40/SF
NOI
$8.3K $7.82/SF
Area
Mesa, AZ
Vacancy
6.70%
Lease Rate
$15.24 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$165,160
Cap Rate 7%
$117,971
Cap Rate 9%
$91,756
Alternative Uses
Best Use
Apartment 5plus
$118.0K
$103.2K – $137.6K
NOI $8,258 @ 7.0% cap · market cap 2.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$289.5K
$253.3K – $337.7K
NOI $20,262 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
690
Businesses Nearby
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Business Placement
Demographics for 85206, AZ
36,713
Population
19,078
Households
1.9
Avg Household Size
48
Median Age
34%
College-Educated
92%
High-School Grad
9.4 sq mi
ZIP Area
3,906
Density / Sq Mi
$69,986
Median Household Income
$45,422
Median Earnings
$1,717
Median Rent
$322,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The gated community includes pools, a fitness center, and shared business and recreation spaces.
Where is this residential income property located?
The property is located at 1941 S PIERPONT Drive #1082 Mesa, AZ.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bathroom residence with 1,056 square feet; Ground‑floor corner unit with a south‑facing patio overlooking the courtyard; Built in 2004; interior features 9‑foot ceilings, crown molding, tile flooring, and an electric fireplace
