40-Unit Apartment
New
For Sale
$6,500,000
309 S Shouse, Mesa, AZ 85204
RM-4 zoning accompanies a residential mix of two- and three-bedroom units.
Property Size35,814 SF
Days on Market3
Property Features for 309 S Shouse
General Information
Standard status
Active
Size
35,814 SF
Property subtype
Multifamily
Building Details
Building Size
35,814 SF
Year Built
1972
Listing Agency:
SVN | Desert Commercial Advisors
Listed By:
Danny Lee · License #SA523262000
(480) 425-5522
Source:
Svndesertcommercial
Added: Oct 11
Last Checked: Oct 12 at 5:40PM
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 SVN | Desert Commercial Advisors
Investment Insights
Based on property information with market context.
This 40-unit apartment property contains 35,814 SF and was built in 1972. Its unit mix consists of two- and three-bedroom residences, with the possibility of adding in-suite washer and dryer hookups. RM-4 zoning applies to the property.
Located at 309 S Shouse in Mesa, Arizona, the building has been under continuous ownership for 25 years. The property’s existing residential configuration and zoning are among its defining physical and land-use details.
Located at 309 S Shouse in Mesa, Arizona, the building has been under continuous ownership for 25 years. The property’s existing residential configuration and zoning are among its defining physical and land-use details.
Key Highlights
- 40 apartments in a 35,814 SF building
- Unit mix includes 2- and 3‑bedroom residences
- Built in 1972
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$369,734
Cap Rate
5.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,394,680
$7.4M
Cap Rate 7%
$5,281,914
$5.3M
Cap Rate 9%
$4,108,156
$4.1M
Market Conditions
NOI Build-Up for 35,814 SF
Gross rent
$709.1K $19.80/SF
− Vacancy
−$36.9K −$1.03/SF
EGI
$672.2K $18.77/SF
− OpEx
−$302.5K −$8.45/SF
NOI
$369.7K $10.32/SF
Area
ZIP 85204
Vacancy
5.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,394,680
Cap Rate 7%
$5,281,914
Cap Rate 9%
$4,108,156
Alternative Uses
Best Use
Apartment 5plus
$5.28M
$4.62M – $6.16M
NOI $369,734 @ 7.0% cap · market cap 5.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.89M
$10.41M – $13.87M
NOI $832,416 @ 7.0% cap · market cap 12.81%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
620
Businesses Nearby
Explore this area
Business Placement
Demographics for 85204, AZ
63,808
Population
24,536
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
84%
High-School Grad
9.9 sq mi
ZIP Area
6,445
Density / Sq Mi
$69,474
Median Household Income
$40,347
Median Earnings
$1,426
Median Rent
$296,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - RM-4 zoning accompanies a residential mix of two- and three-bedroom units.
Where is this apartment building located?
The property is located at 309 S Shouse Mesa, AZ.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: 40 apartments in a 35,814 SF building; Unit mix includes 2- and 3‑bedroom residences; Built in 1972
