1500 E Dana Avenue, Mesa, AZ 85204 (MLS# 7003723)

$1,260,000

1500 E Dana Avenue
Mesa, AZ 85204
MLS# 7003723
Status: Closed

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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