$1,260,000
Mesa, AZ 85204
MLS# 7003723
Status: Closed
1 / 11
Property Description
La Jolla Villas offers a rare opportunity to acquire a partially renovated multifamily asset with both immediate upside and long-term growth potential. Located at 1500 E Dana Ave in Mesa, AZ, the property features 7 garden-style units renovated in 2022, paired with approved site plans for 8 additional 2bed/2bath units on the adjacent parcel, one of the most sought-after unit types in today's rental market. The existing unit mix (1 studio, 1 bed/1bath, 3 2bed/1bath, 1 2bed/1.5bath, and 1 3bed/2bath) provides immediate income stability, while the entitled development component offers a clear path to increased density and long-term value creation.
Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $1,260,000
Sold Price: $1,260,000
Status: Closed
List Date: 2026-03-25
Location, Tax & Legal
Assessor's Map #: 11
Assessor's Parcel #: 36
Add'l Parcels: Yes
Tax Municipality: Mesa
Taxes: 1883.97
Legal: OS RANCHITOS TR 1 PT ARB LOT 8 BEG 183.50' E OF W LN ON S LN JOHNSON DR SD TR 1 TH E 88.5' TH S 467.50' TH W 88.5' TH
Marketing Name: La Jolla Villas
House Number: 1500
Compass: E
Street Name: Dana
St Suffix: Avenue
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85204
County Code: Maricopa
Assessor Number: 138-11-036
Tax Year: 2025
General Property Description
# of Buildings: 2
Uncvrd Parking Spcs: 14
Lot Size Dimensions: 148x314
Total # of Units: 15
Year Built: 1971
Zoning: RM-2
Project Type
13 - 24 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Laminate: 1
Tile: 1
Ceramic Tile: 1
Sale Includes
Land & Building: 1
Other (See Remarks): 1
Income & Expenses
Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 1883.97
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 116340
Pmt & Rate Info
Cap Rate: 6.71
Equity: 1300000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Showing Notification Methods
Showing Service: No Showing Service Used
Lockbox Type
None: 1
Community Features
No Pool: 1
Heating
Electric: 1
Individual: 1
Cooling
Central Air: 1
Electric: 1
Individual: 1
Tenant Pays
Electricity: 1
Appliances Included
Built-In Electric Oven: 1
Disposal: 1
Microwave: 1
Refrigerator: 1
Built-In Range: 1
Washer/Dryer: 1
Road Access Type
City Street: 1
Road Surface Type
Asphalt: 1
Gravel: 1
Source of Fincl Data
Projected Proforma: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
>1 Space Per Unit: 1
Electric
SRP: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
New Financing
Cash: 1
Conventional: 1
1031 Exchange: 1
Reports/Disclosures
None: 1
Environmental
None: 1
Efficiency Units
# Efficiency Units: 1
Avg Rent: 899
Avg SqFt: 400
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 1
Avg Rent: 1000
Avg SqFt: 700
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 4
Avg Rent: 1199
Avg SqFt: 800
# Baths: 1
3 Bedrooms Units
# 3 Bedroom Units: 1
Avg Rent: 1299
Avg SqFt: 1100
# Baths: 2
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Cash
Closing Cost Split: Normal - N
Payment Type: Other
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
Remarks Misc
Cross Street: Stapley and Main
Directions: From the intersection of Stapley Dr & Main St, head south on Stapley, turn left onto Dana St. Property is on your left.
Geo Lat: 33.412976
Geo Lon: -111.799122
Status Change Info
Off Market Date: 2026-03-27
Under Contract Date: 2026-03-27
Close of Escrow Date: 2026-04-22
Sold Price: $1,260,000
Legal Info
Lot Number: 8
Income Expenses
Gross Annual Sch Inc: 116340
Net Operating Income: 87255
Property Features
Project Type: 13 - 24 Units
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Laminate; Tile; Ceramic Tile
Sale Includes: Land & Building; Other (See Remarks)
Community Features: No Pool
Appliances Included: Built-In Electric Oven; Built-In Range; Refrigerator; Disposal; Microwave; Washer/Dryer
Heating: Individual
Cooling: Electric; Individual; Central Air
Water Source: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: None
Parking Features: >1 Space Per Unit
Road Access Type: City Street
Road Surface Type: Gravel; Asphalt
Owner Pays: Water; Trash Collection
Tenant Pays: Electricity
Source of Fincl Data: Projected Proforma
Lockbox Type: None
New Financing: Cash; Conventional; 1031 Exchange
Environmental: None
Listing Office: Orion Investment Real Estate
Last Updated: April - 23 - 2026
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