505 N Williams Street, Mesa, AZ 85203 (MLS# 6218282)

505 N Williams Street, Mesa, AZ 85203

$1,340,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $1,340,000 Last Modified: 5/04/2026

Overview

Description

We are pleased to announce Eight on Williams in Mesa. This property is excellent unit mix all two bedroom one bath units. Property has had some recent capital expenders. New roof on back building, new paint and landscaping. Some units have granite counter tops updated kitchens flooring and bathrooms. Garden building in back have private yards. All units have covered parking. Some units have washer hooks as well. Great opportunity for value you add. Current rents are below market 875-975. Market rents are 1,100-1,200. Projected proforma on property. All facts and figures are approximate buyer verify MLS information. Seller holds an active AZ real estate license. Drive by only tenants are unware of the sale. No showings without accepted contract.

Listing Details MLS# 6218282

Location, Tax & Legal

Map Code/Grid: Q39
House Number: 505
Compass: N
Street Name: Williams
St Suffix: Street
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85203
Country: US
County Code: Maricopa
Subdivision: KO KO PALMS 2
Assessor Number: 137-37-049
Tax Year: 2020
Assessor's Map #: 37
Assessor's Parcel #: 49
Add'l Parcels: No
Tax Municipality: Mesa
Taxes: 1570
Legal: LOT 49 KO KO PALMS 2 LOTS 117-121 MCR 010310
Marketing Name: Eight on Williams

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: IRR
Year Built: 1963
Total # of Units: 8
# of Buildings: 4
Zoning: R
Elementary School District: Mesa Unified District
High School District: Mesa Unified District
Uncvrd Parking Spcs: 0

Remarks Misc

Cross Street: University & Stapley

Status Change Info

Off Market Date: 2021-08-04
Under Contract Date: 2021-04-29
Close of Escrow Date: 2021-08-05

Legal Info

Lot Number: 49

More Information

Income Expenses

Gross Annual Sch Inc: 105600
Net Operating Income: 78990

2 Bedroom Units

# 2 Bedroom Units: 8
Avg Rent: Yes
Avg SqFt: 900
# Baths: Yes

Sold Info

Loan Type: Other
Loan Years: 30
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

5 - 12 Units: Yes

Construction

Block: Yes
Wood Frame: Yes

Const - Finish

Painted: Yes

Roofing

Composition: Yes

Floors

Carpet: Yes

Sale Includes

Land & Building: Yes
Personal Property: Yes

Income & Expenses

Annual Elec Exp: 300
Annual Gas Exp: 0
Annual Ins Exp: 2500
Annual Land Lse Exp: 0
Annual Landscape Exp: 1200
Annual Legal & Acctg: 0
Annual Maint Exp: 4000
Annual Mgmt Exp: 5760
Annual Trash Exp: 3000
Annual Wtr/Swr Exp: 3000
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 21330
Other Income: 0
Vacancy Allowance: 0.05
Adjusted Gross Inc: 100320
Total Monthly Rental Income: 8800

Pmt & Rate Info

Cap Rate: 6.08
Down Payment: 0
Equity: 1300000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Lockbox Type

None: Yes

Community Features

No Pool: Yes

Heating

Other: Yes
See Remarks: Yes

Cooling

Electric: Yes

Exterior Amenities

Green Landscaping: Yes

Interior Features

Unfurnished: Yes

Tenant Pays

Electricity: Yes

Appliances Included

Refrigerator: Yes
Free-Standing Range: Yes

Road Surface Type

Treated: Yes

Source of Fincl Data

Projected Proforma: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

Carport: Yes

Electric

SRP: Yes

Gas

Other (See Remarks): Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes

New Financing

Owner May Carry: Yes

Special

Owner/Agent: Yes

Existing 1st Loan

Treat as Free&Clear: Yes

Existing 1st Loan Type

Not Applicable: Yes

Existing 1st Loan Terms

Not Applicable: Yes

Existing 2nd Loan

Treat as Free&Clear: Yes

Existing 2nd Loan Type

Not Applicable: Yes

Existing 2nd Loan Terms

Not Applicable: Yes

Existing 3rd Loan

Treat as Free&Clear: Yes

Existing 3rd Loan Type

Not Applicable: Yes

Reports/Disclosures

Seller Prop Disc Stm: Yes

Existing 3rd Loan Terms

Not Applicable: Yes

Environmental

None: Yes

Existing Othr Ln Trm

Not Applicable: Yes

Efficiency Units

Avg Rent: 0

1 Bedroom Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 5 - 12 Units Construction: Block; Wood Frame Const - Finish: Painted Roofing: Composition Floors: Carpet Sale Includes: Land & Building; Personal Property Community Features: No Pool Exterior Amenities: Green Landscaping Interior Features: Unfurnished Appliances Included: Free-Standing Range; Refrigerator Heating: Other; See Remarks Cooling: Electric Water Source: City Franchise Sewer: Sewer - Public Electric: SRP Gas: Other (See Remarks) Parking Features: Carport Road Surface Type: Treated Owner Pays: Water; Trash Collection Tenant Pays: Electricity Source of Fincl Data: Projected Proforma Special: Owner/Agent Lockbox Type: None Existing 1st Loan: Treat as Free&Clear Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Not Applicable Existing 2nd Loan: Treat as Free&Clear Existing 2nd Loan Type: Not Applicable Existing 2nd Loan Terms: Not Applicable Existing 3rd Loan: Treat as Free&Clear Existing 3rd Loan Type: Not Applicable Existing 3rd Loan Terms: Not Applicable Existing Othr Ln Trm: Not Applicable New Financing: Owner May Carry Environmental: None

Listing Office: Grace CRE

Last Updated: May - 04 - 2026