Apartment Building with Private
For Sale
$1,695,000
422 & 428 W 6th St, Mesa, AZ 85201
Offered only in a simultaneous sale with a contiguous, identical four-unit apartment property.
Property Size5,744 SF
Days on Market12
Property Features for 422 & 428 W 6th St
General Information
Standard status
Active
Size
5,744 SF
Property subtype
Multifamily
Occupancy
100%
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Amenities
private backyards
Two individually-parceled fourplexes (contiguous). 100% large 2-bed, one-bath floorplans. All units with in-unit laundry. Downstairs units have enormous back yards.
Located in a highly desirable Northwest Mesa residential neighborhood with immediate access to schools, retail (Mesa Riverview) and higher education (ASU Campus).
Low maintenance. Late 1980's vintage. Units interiors have been renovated, new dual-pane windows, updated roof and desirable ground-mounted HVACs.
Building Details
Building Size
5,744 SF
Units
8
Listing Agency:
Phoenix Office
Listed By:
Paul Bay · License #License(s): AZ: SA671037000
(602) 687-6679
Source:
Marcusmillichap
Added: Oct 14
Changed: Oct 23
Last Checked: Oct 24 at 1:36PM
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 Phoenix Office
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Investment Insights
Based on property information with market context.
The apartment property at 422 W 6th St was built in 1986 and has private backyards. It is offered together with the contiguous, identical four-unit apartment property at 428 W 6th St; the two properties must be purchased simultaneously.
The combined remarks describe eight two-bedroom, one-bathroom residences, with three renovated and five not yet renovated. They also identify private backyards as a feature of the properties, but do not specify how those unit and renovation details are allocated between the two addresses.
The combined remarks describe eight two-bedroom, one-bathroom residences, with three renovated and five not yet renovated. They also identify private backyards as a feature of the properties, but do not specify how those unit and renovation details are allocated between the two addresses.
Key Highlights
- Built in 1986
- Must be purchased with the contiguous, identical four‑unit property at 428 W 6th St
- Private backyards
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$65,202
Cap Rate
3.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,304,040
$1.3M
Cap Rate 7%
$931,457
$931.5K
Cap Rate 9%
$724,467
$724.5K
Market Conditions
NOI Build-Up for 5,744 SF
Gross rent
$125.4K $21.84/SF
− Vacancy
−$6.9K −$1.20/SF
EGI
$118.5K $20.64/SF
− OpEx
−$53.3K −$9.29/SF
NOI
$65.2K $11.35/SF
Area
ZIP 85201
Vacancy
5.50%
Lease Rate
$21.84 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,304,040
Cap Rate 7%
$931,457
Cap Rate 9%
$724,467
Alternative Uses
Best Use
Apartment 5plus
$931.5K
$815.0K – $1.09M
NOI $65,202 @ 7.0% cap · market cap 3.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.49M
$1.30M – $1.74M
NOI $104,219 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,125
Businesses Nearby
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Business Placement
Demographics for 85201, AZ
51,187
Population
23,099
Households
2.2
Avg Household Size
33
Median Age
27%
College-Educated
87%
High-School Grad
9.4 sq mi
ZIP Area
5,445
Density / Sq Mi
$63,725
Median Household Income
$40,067
Median Earnings
$1,349
Median Rent
$292,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Offered only in a simultaneous sale with a contiguous, identical four-unit apartment property.
Where is this apartment building located?
The property is located at 422 & 428 W 6th St Mesa, AZ.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: Built in 1986; Must be purchased with the contiguous, identical four‑unit property at 428 W 6th St; Private backyards
