Three-Bedroom Income
For Sale
$256,900
461 W Holmes Ave #188, Mesa, AZ 85210
Gated community residence with recreation amenities, assigned carport parking, and a minimum 30-day rental period.
Property Size1,189 SF
Price / SF$216.06
Days on Market51
Property Features for 461 W Holmes Ave #188
General Information
Standard status
Active
Size
1,189 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Amenities
pool
spa
bbq
ramadas
tennis + pickle ball
B-ball and racquet ball 1/2 courts
gated complex
assigned carport parking
extra parking uncovered
inside washer & dryer
all appliances
Building Details
Year Built
1983
Listing Agency:
Coldwell Banker Realty
(602) 954-6888
Listed By:
The Crouch Group
(623) 294-9492
Source:
Crouchgroupaz
Added: Sep 13
Changed: Nov 1
Last Checked: Nov 1 at 4:50AM
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 Coldwell Banker Realty
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Investment Insights
Based on property information with market context.
This three-bedroom, two-bath condominium at 461 W Holmes Ave #188 in Mesa offers 1,189 square feet of living space within a 1983-built community. The interior has painted walls, painted cabinets, tile flooring throughout, all appliances, and an in-unit washer and dryer. The HVAC system and water heater are newer.
Residents have access to a pool, spa, barbecue areas, ramadas, tennis and pickleball courts, and half courts for basketball and racquetball. The gated complex provides assigned carport parking along with additional uncovered parking. The property is near I-60 and Country Club, with access to colleges, bus routes, freeways, schools, grocery stores, parks, shopping, dining, downtown Mesa, light rail, and other area destinations. HOA rules allow one pet weighing up to 20 pounds, and rentals must be for a minimum of 30 days.
Residents have access to a pool, spa, barbecue areas, ramadas, tennis and pickleball courts, and half courts for basketball and racquetball. The gated complex provides assigned carport parking along with additional uncovered parking. The property is near I-60 and Country Club, with access to colleges, bus routes, freeways, schools, grocery stores, parks, shopping, dining, downtown Mesa, light rail, and other area destinations. HOA rules allow one pet weighing up to 20 pounds, and rentals must be for a minimum of 30 days.
Key Highlights
- Three‑bedroom, two‑bath condominium with 1,189 square feet
- Tile flooring throughout with painted walls and cabinets
- Newer AC and water heater; all appliances included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,298
Cap Rate
3.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$185,960
$186.0K
Cap Rate 7%
$132,829
$132.8K
Cap Rate 9%
$103,311
$103.3K
Market Conditions
NOI Build-Up for 1,189 SF
Gross rent
$18.1K $15.24/SF
− Vacancy
−$1.2K −$1.02/SF
EGI
$16.9K $14.22/SF
− OpEx
−$7.6K −$6.40/SF
NOI
$9.3K $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%
$185,960
Cap Rate 7%
$132,829
Cap Rate 9%
$103,311
Alternative Uses
Best Use
Apartment 5plus
$132.8K
$116.2K – $155.0K
NOI $9,298 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$325.9K
$285.2K – $380.2K
NOI $22,814 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,389
Businesses Nearby
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Business Placement
Demographics for 85210, AZ
40,351
Population
16,292
Households
2.5
Avg Household Size
32
Median Age
25%
College-Educated
84%
High-School Grad
6.7 sq mi
ZIP Area
6,023
Density / Sq Mi
$59,680
Median Household Income
$38,479
Median Earnings
$1,383
Median Rent
$301,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Gated community residence with recreation amenities, assigned carport parking, and a minimum 30-day rental period.
Where is this residential income property located?
The property is located at 461 W Holmes Ave #188 Mesa, AZ.
What is the asking price?
The asking price for this property is $256,900.
What are key features of this property?
This property features: Three‑bedroom, two‑bath condominium with 1,189 square feet; Tile flooring throughout with painted walls and cabinets; Newer AC and water heater; all appliances included
