434 S Mesa Dr Mesa, AZ 85210

Listing details for 434 S Mesa Dr, Mesa, AZ 85210 : Pecan Tree is an 44-unit garden-style apartment community located in a desirable central Mesa neighborhood. Built in 1983, the property is made of wood frame and stucco construction with pitched tile roofs and is individually-metered for electricity. The property has a unit mix consisting of one and two bedroom floor plans that average approximately 707 square feet and are extremely well designed. Interior unit features include fully appointed kitchens with electric appliances, ceramic tile flooring, window shade screens, mini blinds, ample closet space and ceiling fans. The property is situated on approximately 1.48 acres and is attractively landscaped with lush turf and mature shade trees. Community amenities include an attractive courtyard with a large swimming pool and gazebo, exterior lighting and two laundry facilities. Pecan Tree offers an investor the opportunity to acquire a garden-style apartment community located in a strong north Mesa submarket with in-place yield and additional value-add potential. While the average rent in metropolitan Phoenix remained unchanged over the past quarter, the north Mesa submarket rents increased by 3%. Additionally, the submarket average occupancy improved by 198 basis points over the same period, two and a half times greater than the metro Phoenix average. With the improving submarket fundamentals coupled with the Metro Phoenix market's rapid improvement and recovery, Pecan Tree is well positioned to achieve continual revenue increases.