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    345 Shouse Mesa, AZ 85204

    Sponsored
    For Sale
    $778,715

    15-unit apartment building, prime Mesa location.

    Property size:
    40,985 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional investment opportunity presents a 0.94-acre parcel in Mesa, Arizona, with approved zoning for a 15-unit multifamily development. The property, located at 345 S Shouse St, 85204, boasts a total of 40,985 square feet and is zoned RM-3, City of Mesa. Previously proposed plans included two two-story buildings comprising eleven three-bedroom units averaging 1,624 square feet and four two-bedroom units averaging 1,447 square feet, totaling 34,099 square feet of living space. Ample parking is provided with 38 spaces, including 15 two-car garages, two compact spaces, one ADA-accessible van space, and three guest spaces. The property's strategic location in the Mesa east submarket offers convenient access to major transportation arteries, including Highway 60 (1.8 miles north), Highway 87 (Country Club Rd, 3.3 miles east), and the Loop 202 South Mountain Freeway (less than 10 miles north). Its proximity to Arizona State University (12 miles west), with its substantial student population (140,759 in 2022), presents a strong potential for rental demand. The asking price is $778,715, translating to $19 per square foot. Buyers are responsible for verifying current zoning requirements and building codes. This is a remarkable chance to acquire a well-situated parcel with significant development potential in a thriving Arizona market. The Maricopa County APN is 138-02-115D.

    Property Features for 345 Shouse

    General Information

    Property type
    Multifamily properties
    Square Feet
    40,985 SF
    Lot Size
    40,946 SF

    Building Details

    Stories
    2
    Units
    15

    HighLights

    • One‑acre raw land in Mesa, AZ, zoned RM‑3.
    • Previously proposed for 15 multifamily units (11 three‑bedroom, 4 two‑bedroom) totaling 34,099 square feet, with 38 parking spaces; buyer to verify current zoning.
    • Excellent Mesa east submarket location near major freeways (Hwy 60, Hwy 87, Loop 202) and ASU.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mesa
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.789934
    Latitude
    33.408857

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    FAQs

    What type of property is this?
    Multifamily property - 15-unit apartment building, prime Mesa location.
    Where is this multifamily property located?
    The property is located at 345 Shouse Mesa, AZ.
    What is the asking price?
    The asking price for this property is $778,715.
    What are key features of this property?
    This property features: One-acre raw land in Mesa, AZ, zoned RM-3.; Previously proposed for 15 multifamily units (11 three-bedroom, 4 two-bedroom) totaling 34,099 square feet, with 38 parking spaces; buyer to verify current zoning.; Excellent Mesa east submarket location near major freeways (Hwy 60, Hwy 87, Loop 202) and ASU.
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    345 Shouse Mesa, AZ 85204
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    345 Shouse Mesa, AZ 85204
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