Mesa Multifamily Investment
For Sale
Contact for pricing
Pending
750 E 1st Ave, Mesa, AZ 85204
Well-maintained 16-unit apartment complex near Downtown Mesa.
Property Size7,500 SF
Days on Market165
Property Features for 750 E 1st Ave
General Information
Standard status
Pending
Size
7,500 SF
Class
C
Property subtype
Multifamily
Zoning
R-4, Mesa
Building Details
Year Built
1978
Year Renovated
2022
Units
16
Listing Agency:
ORION Investment Real Estate
(480) 634-6934
Listed By:
Jackson Everhart · License #AZ SA689433000
Source:
Crexi
Added: Mar 11
Changed: Aug 8
Last Checked: Jul 24 at 6:32AM
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 ORION Investment Real Estate
Investment Insights
Based on property information with market context.
This well-maintained garden-style community features 16 units. It is located in a strong workforce rental submarket characterized by consistent tenant demand and stable occupancy. The property benefits from established in-place cash flow, with opportunities to increase rents through interior upgrades and operational efficiencies. The property is situated minutes from Downtown Mesa’s revitalization corridor, light rail access, dining, retail, and employment centers. Excellent connectivity to US-60 and Loop 202 supports long-term rental demand and tenant retention. The property size is 7,500 square feet.
Key Highlights
- Strong workforce rental submarket with consistent tenant demand and stable occupancy.
- Established in‑place cash flow with opportunity to increase rents.
- Minutes from Downtown Mesa’s revitalization corridor, light rail, dining, retail, and employment.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$77,428
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.23%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,548,560
$1.5M
Cap Rate 7%
$1,106,114
$1.1M
Cap Rate 9%
$860,311
$860.3K
Market Conditions
NOI Build-Up for 7,500 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$148.5K $19.80/SF
− Vacancy
−$7.7K −$1.03/SF
EGI
$140.8K $18.77/SF
− OpEx
−$63.4K −$8.45/SF
NOI
$77.4K $10.32/SF
Area
ZIP 85204
Vacancy
5.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,548,560
Cap Rate 7%
$1,106,114
Cap Rate 9%
$860,311
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$967.9K – $1.29M
NOI $77,428 @ 7.0% cap · market cap 3.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.49M
$2.18M – $2.91M
NOI $174,321 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,335
Businesses Nearby
Explore this area
Business Placement
Demographics for 85204, AZ
63,808
Population
24,536
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
84%
High-School Grad
9.9 sq mi
ZIP Area
6,445
Density / Sq Mi
$69,474
Median Household Income
$40,347
Median Earnings
$1,426
Median Rent
$296,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 16-unit apartment complex near Downtown Mesa.
Where is this apartment building located?
The property is located at 750 E 1st Ave Mesa, AZ.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Strong workforce rental submarket with consistent tenant demand and stable occupancy.; Established in‑place cash flow with opportunity to increase rents.; Minutes from Downtown Mesa’s revitalization corridor, light rail, dining, retail, and employment.
