Two-Bedroom Residential Income
New
For Sale
$210,000
461 W HOLMES Avenue 277, Mesa, AZ 85210
Condominium features include a covered patio, assigned covered parking, and access to a community pool and heated spa.
Property Size846 SF
Price / SF$248.23
Days on Market6
Property Features for 461 W HOLMES Avenue 277
General Information
Standard status
Active
Size
846 SF
Total Parking Spaces
2
Property subtype
Apartment
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$338
Amenities
community pool
heated spa
covered patio
Building Details
Building Size
846 SF
Year Built
1983
Construction
painted stucco
Listing Agency:
Real Broker
Listed By:
Phillip J Norris · License #SA675423000
(602) 600-5387
Source:
Gillettegroupaz
Added: Oct 16
Changed: Oct 21
Last Checked: Oct 21 at 2:41AM
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 Real Broker
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Investment Insights
Based on property information with market context.
This 846-square-foot condominium in Circle Tree Condominiums has two bedrooms and two full bathrooms, including a private bath off the primary bedroom. The living and dining area connects to a kitchen with an electric range, microwave, dishwasher, disposal, and refrigerator. Central air conditioning, electric heat, ceiling fans, wood and carpet flooring, and an included washer and dryer complete the interior. The unit also has a covered patio, one assigned covered carport space, and an additional slab parking space. The building was constructed in 1983 with painted stucco and a tile roof. Community amenities include a pool and heated spa; pets are subject to HOA rules.
The property has access to US-60. Downtown Mesa and Mesa Arts Center are approximately 2.6 miles away, and Phoenix Sky Harbor International Airport is approximately 13.4 miles away. Utilities include SRP electric, city water, and public sewer, with high-speed internet availability.
The property has access to US-60. Downtown Mesa and Mesa Arts Center are approximately 2.6 miles away, and Phoenix Sky Harbor International Airport is approximately 13.4 miles away. Utilities include SRP electric, city water, and public sewer, with high-speed internet availability.
Key Highlights
- Two bedrooms and two full bathrooms in an 846‑square‑foot condominium
- Community pool and heated spa
- Covered patio; one assigned covered carport space plus an additional slab space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$6,616
Cap Rate
3.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$132,320
$132.3K
Cap Rate 7%
$94,514
$94.5K
Cap Rate 9%
$73,511
$73.5K
Market Conditions
NOI Build-Up for 846 SF
Gross rent
$12.9K $15.24/SF
− Vacancy
−$864 −$1.02/SF
EGI
$12.0K $14.22/SF
− OpEx
−$5.4K −$6.40/SF
NOI
$6.6K $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%
$132,320
Cap Rate 7%
$94,514
Cap Rate 9%
$73,511
Alternative Uses
Best Use
Apartment 5plus
$94.5K
$82.7K – $110.3K
NOI $6,616 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$231.9K
$202.9K – $270.6K
NOI $16,233 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
1
Residential units
Yes
Highway access
Yes
Utilities to site
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 - Condominium features include a covered patio, assigned covered parking, and access to a community pool and heated spa.
Where is this residential income property located?
The property is located at 461 W HOLMES Avenue 277 Mesa, AZ.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: Two bedrooms and two full bathrooms in an 846‑square‑foot condominium; Community pool and heated spa; Covered patio; one assigned covered carport space plus an additional slab space
