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Sunrise at 6th 421 E 6th Dr 2 Unit Apartment Building $450,000 ($225,000/Unit) 4.91% Cap Rate Mesa, AZ 85204
EXECUTIVE SUMMARY
Sunrise on 6th | Duplex Investment Opportunity | Below Market Rents in a Prime Central Mesa Location
Grace Commercial Real Estate is proud to present Sunrise at 6th, a value-add duplex investment located in the heart of Mesa. This single-level, garden-style property features two spacious 2-bedroom, 1-bathroom units with private entrances and dedicated parking, making it an ideal asset for investors seeking long-term stability with rental upside.
Investment Overview:
Unit 1 is currently leased at $1,230 per month and was fully renovated in 2019, including new countertops, cabinetry, bathroom upgrades, fresh paint, updated doors, and closet hardware. The AC unit was replaced in 2023, and the unit includes an in-unit washer/dryer.
Unit 2 is leased at $1,028 per month to long-term tenants who have occupied the property since acquisition in 2014. While it has not been remodeled, it offers significant upside through renovation. The AC unit was replaced in 2024, and this unit also includes a washer/dryer.
Current rents are below market, presenting a clear value-add opportunity for investors looking to improve interiors and increase cash flow.
Location Highlights:
Positioned just minutes from Downtown Mesa, this centrally located property provides easy access to major freeways including the Loop 202 and US-60, public transportation, shopping, and dining. Its proximity to growing employment corridors, educational institutions, and cultural venues supports strong and consistent rental demand.
With long-term tenancy in place, low operating costs, and clear potential to increase income, Sunrise at 6th offers a compelling opportunity to secure a well-located duplex with solid fundamentals and immediate value enhancement potential.
All facts and figures to be verified by buyer.
Grace Commercial Real Estate is proud to present Sunrise at 6th, a value-add duplex investment located in the heart of Mesa. This single-level, garden-style property features two spacious 2-bedroom, 1-bathroom units with private entrances and dedicated parking, making it an ideal asset for investors seeking long-term stability with rental upside.
Investment Overview:
Unit 1 is currently leased at $1,230 per month and was fully renovated in 2019, including new countertops, cabinetry, bathroom upgrades, fresh paint, updated doors, and closet hardware. The AC unit was replaced in 2023, and the unit includes an in-unit washer/dryer.
Unit 2 is leased at $1,028 per month to long-term tenants who have occupied the property since acquisition in 2014. While it has not been remodeled, it offers significant upside through renovation. The AC unit was replaced in 2024, and this unit also includes a washer/dryer.
Current rents are below market, presenting a clear value-add opportunity for investors looking to improve interiors and increase cash flow.
Location Highlights:
Positioned just minutes from Downtown Mesa, this centrally located property provides easy access to major freeways including the Loop 202 and US-60, public transportation, shopping, and dining. Its proximity to growing employment corridors, educational institutions, and cultural venues supports strong and consistent rental demand.
With long-term tenancy in place, low operating costs, and clear potential to increase income, Sunrise at 6th offers a compelling opportunity to secure a well-located duplex with solid fundamentals and immediate value enhancement potential.
All facts and figures to be verified by buyer.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$27,096
|
$18.02
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$27,096
|
$18.02
|
| Taxes |
$835
|
$0.56
|
| Operating Expenses |
$4,158
|
$2.76
|
| Total Expenses |
$4,993
|
$3.32
|
| Net Operating Income |
$22,103
|
$14.70
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $27,096 |
| Annual Per SF | $18.02 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $27,096 |
| Annual Per SF | $18.02 |
| Taxes | |
|---|---|
| Annual | $835 |
| Annual Per SF | $0.56 |
| Operating Expenses | |
|---|---|
| Annual | $4,158 |
| Annual Per SF | $2.76 |
| Total Expenses | |
|---|---|
| Annual | $4,993 |
| Annual Per SF | $3.32 |
| Net Operating Income | |
|---|---|
| Annual | $22,103 |
| Annual Per SF | $14.70 |
PROPERTY FACTS
| Price | $450,000 | Building Class | C |
| Price Per Unit | $225,000 | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 1,504 SF |
| Cap Rate | 4.91% | Average Occupancy | 100% |
| No. Units | 2 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1986/2019 |
| Property Subtype | Apartment | Parking Ratio | 3.99/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | M-H | ||
| Price | $450,000 |
| Price Per Unit | $225,000 |
| Sale Type | Investment |
| Cap Rate | 4.91% |
| No. Units | 2 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 1,504 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1986/2019 |
| Parking Ratio | 3.99/1,000 SF |
| Zoning | M-H |
AMENITIES
UNIT AMENITIES
- Washer/Dryer
- Refrigerator
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 2 | - | 752 |
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Sunrise at 6th | 421 E 6th Dr
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