Residential Income Property with
For Sale
$239,900
510 N ALMA SCHOOL Road 192, Mesa, AZ 85201
Open living areas connect the kitchen, dining space, and family room beside the community pool.
Property Size944 SF
Days on Market98
Property Features for 510 N ALMA SCHOOL Road 192
General Information
Standard status
Active
Size
944 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$460
Amenities
community pool
Building Details
Building Size
944 SF
Year Built
1985
Listing Agency:
eXp Realty
Listed By:
Melanie S Sanders · License #BR024120000
(480) 570-5203
Source:
Gillettegroupaz
Added: Jul 2
Changed: Oct 5
Last Checked: Oct 5 at 11:57PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This two-bedroom, two-bath condominium features an open interior arrangement, with the kitchen oriented toward the dining and family room areas. Tile flooring extends throughout the residence, while the kitchen includes stainless steel and black appliances. The primary bedroom offers vaulted ceilings and built-in plant shelves that provide additional storage space.
Outdoor living includes a private patio positioned beneath a mature shade tree. The unit is located next to the community pool and includes covered parking immediately nearby. Built in 1985, the property combines a practical residential layout with several defined interior and exterior features.
Outdoor living includes a private patio positioned beneath a mature shade tree. The unit is located next to the community pool and includes covered parking immediately nearby. Built in 1985, the property combines a practical residential layout with several defined interior and exterior features.
Key Highlights
- Two‑bedroom, two‑bath condominium with an open kitchen, dining, and family room arrangement
- Tile flooring throughout the residence
- Kitchen includes stainless steel and black appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,716
Cap Rate
4.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$214,320
$214.3K
Cap Rate 7%
$153,086
$153.1K
Cap Rate 9%
$119,067
$119.1K
Market Conditions
NOI Build-Up for 944 SF
Gross rent
$20.6K $21.84/SF
− Vacancy
−$1.1K −$1.20/SF
EGI
$19.5K $20.64/SF
− OpEx
−$8.8K −$9.29/SF
NOI
$10.7K $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%
$214,320
Cap Rate 7%
$153,086
Cap Rate 9%
$119,067
Alternative Uses
Best Use
Apartment 5plus
$153.1K
$134.0K – $178.6K
NOI $10,716 @ 7.0% cap · market cap 4.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$244.7K
$214.1K – $285.5K
NOI $17,128 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
542
Businesses Nearby
Explore this area
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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Frequently Asked Questions
What type of property is this?
Residential income property - Open living areas connect the kitchen, dining space, and family room beside the community pool.
Where is this residential income property located?
The property is located at 510 N ALMA SCHOOL Road 192 Mesa, AZ.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium with an open kitchen, dining, and family room arrangement; Tile flooring throughout the residence; Kitchen includes stainless steel and black appliances
