Condominium with Community
For Sale
$145,000
461 W HOLMES Avenue 331, Mesa, AZ 85210
Updated one-bedroom residence includes in-unit laundry and access to shared recreation facilities.
Property Size570 SF
Price / SF$254.39
Days on Market152
Property Features for 461 W HOLMES Avenue 331
General Information
Standard status
Active
Size
570 SF
Property subtype
Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$243
Amenities
pool
spa
tennis
pickle ball
racketball
basketball court
BBQ area
clubhouse
onsite management
gated nights/weekends
night security patrol
Building Details
Building Size
570 SF
Year Built
1985
Listing Agency:
The Equity Group, Ltd.
Listed By:
Samuel Fuller Jr.
(480) 201-2665
Source:
Soldbyvalor
Added: Jun 4
Changed: Nov 2
Last Checked: Oct 31 at 2:36PM
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 The Equity Group, Ltd.
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Investment Insights
Based on property information with market context.
This 570-square-foot condominium offers one bedroom and one bathroom on the community’s third floor, with no unit above. Built in 1985, the residence has updated carpeting, a newer water heater and air conditioning system, ceiling fans, and a washer and dryer.
Shared amenities include four swimming pools, a spa, tennis, pickleball, racquetball and basketball courts, four BBQ areas, and a clubhouse. The community has on-site management, gated access during nights and weekends, and a nighttime security patrol. Freeways, parks, shopping, dining, bus routes, and light rail are a short drive away.
Shared amenities include four swimming pools, a spa, tennis, pickleball, racquetball and basketball courts, four BBQ areas, and a clubhouse. The community has on-site management, gated access during nights and weekends, and a nighttime security patrol. Freeways, parks, shopping, dining, bus routes, and light rail are a short drive away.
Key Highlights
- 570‑square‑foot, one‑bedroom, one‑bathroom condominium
- Third‑floor location with no unit above
- Four pools, a spa, and tennis, pickleball, racquetball, and basketball courts
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$4,458
Cap Rate
3.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$89,160
$89.2K
Cap Rate 7%
$63,686
$63.7K
Cap Rate 9%
$49,533
$49.5K
Market Conditions
NOI Build-Up for 570 SF
Gross rent
$8.7K $15.24/SF
− Vacancy
−$582 −$1.02/SF
EGI
$8.1K $14.22/SF
− OpEx
−$3.6K −$6.40/SF
NOI
$4.5K $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%
$89,160
Cap Rate 7%
$63,686
Cap Rate 9%
$49,533
Alternative Uses
Best Use
Apartment 5plus
$63.7K
$55.7K – $74.3K
NOI $4,458 @ 7.0% cap · market cap 3.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$156.2K
$136.7K – $182.3K
NOI $10,937 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,389
Businesses Nearby
Explore this area
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 - Updated one-bedroom residence includes in-unit laundry and access to shared recreation facilities.
Where is this residential income property located?
The property is located at 461 W HOLMES Avenue 331 Mesa, AZ.
What is the asking price?
The asking price for this property is $145,000.
What are key features of this property?
This property features: 570‑square‑foot, one‑bedroom, one‑bathroom condominium; Third‑floor location with no unit above; Four pools, a spa, and tennis, pickleball, racquetball, and basketball courts
