Four condo-mapped townhomes plus a common area parcel (5 total parcels) closed escrow on April 30, 2019 for $685,000 ($171,250/unit) at an existing 6.5% CAP rate. Constructed in 2002 and located at 410-426 N Drew St., the property is adjacent to the Mesa Convention Center and central to the cultural and arts scene in downtown Mesa. Each unit is 3-bed, 2-bath with a 2-car garage. The buyer can add value by increasing rents to market and/or a complete reposition. Scott Trevey, CCIM of Kasten Long Commercial Group represented the seller. As Scott noted: “this was not just a 4-plex as the 5th common area parcel precluded residential financing.”
Each of the previous three owners appreciated Scott’s ability to handle this unique scenario as this was the third time since 2003 that he brokered this property.