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

1500 E Dana Avenue, Mesa, AZ 85204

$1,300,000

Property Type: Multiple Dwellings Status: Active

Current Price: $1,300,000 Last Modified: 3/25/2026

Overview

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.

Listing Details MLS# 7003723

Location, Tax & Legal

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
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

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 148x314
Year Built: 1971
Uncvrd Parking Spcs: 14
Total # of Units: 15
# of Buildings: 2
Zoning: RM-2

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.

Legal Info

Lot Number: 8

Income Expenses

Gross Annual Sch Inc: 116340
Net Operating Income: 87255

More Information

Showing Notification Methods

Showing Service: No Showing Service Used

Efficiency Units

# Efficiency Units: Yes
Avg Rent: 899
Avg SqFt: 400
# Baths: Yes

1 Bedroom Units

# 1 Bedroom Units: Yes
Avg Rent: 1000
Avg SqFt: 700
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: 4
Avg Rent: 1199
Avg SqFt: 800
# Baths: Yes

3 Bedrooms Units

# 3 Bedroom Units: Yes
Avg Rent: 1299
Avg SqFt: 1100
# Baths: 2

Project Type

13 - 24 Units: Yes

Construction

Block: Yes

Const - Finish

Painted: Yes

Roofing

Composition: Yes

Floors

Laminate: Yes
Tile: Yes
Ceramic Tile: Yes

Sale Includes

Land & Building: Yes
Other (See Remarks): Yes

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

Lockbox Type

None: Yes

Community Features

No Pool: Yes

Heating

Electric: Yes
Individual: Yes

Cooling

Central Air: Yes
Electric: Yes
Individual: Yes

Tenant Pays

Electricity: Yes

Appliances Included

Built-In Electric Oven: Yes
Disposal: Yes
Microwave: Yes
Refrigerator: Yes
Built-In Range: Yes
Washer/Dryer: Yes

Road Access Type

City Street: Yes

Road Surface Type

Asphalt: Yes
Gravel: Yes

Source of Fincl Data

Projected Proforma: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

>1 Space Per Unit: Yes

Electric

SRP: Yes

Gas

None: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes

New Financing

Cash: Yes
Conventional: Yes
1031 Exchange: Yes

Reports/Disclosures

None: Yes

Environmental

None: Yes

4 Bedrooms Units

Avg Rent: 0

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: March - 25 - 2026