The Rio | 830 N Alma School Rd
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The Rio 830 N Alma School Rd
44 Unit Apartment Building $11,500,000 ($261,364/Unit) Mesa, AZ 85201
Investment Highlights
- Premier Mesa Location with Extremely High Barriers to Entry
- Extremely Strong Submarket Fundamentals
- Proximity to Novus Innovation Corridor, Mill Avenue, Boutique Retail, Independent Restaurants, Employment Drivers, and Loop 202
- High Visibility Community with Traffic Counts of +- 31,000 Vehicles per Day
- Majority Two Bedroom, Two Bathroom Floorplans
- 100% of Units Have In-Suite Washers and Dryers
Executive Summary
JLL is pleased to present The Rio, a 44-unit garden-style apartment community in the rapidly growing Mesa submarket. Built in 1986, the Property is made of wood-frame construction with pitched composite tile roofs and is individually metered for electricity. The Rio sits on 1.79-acres of well-manicured landscaping with mature shade trees throughout the Property.
The two-story community offers one and two bedroom floor plans that are extremely spacious and well-designed. Current ownership has upgraded approximately 61% of the units with platinum-level finishes featuring vinyl plank flooring, quartz countertops, stainless-steel appliances, brushed-nickel hardware, decorative tile backsplash, upgraded bathroom hardware, and modern floor-to-ceiling shower tile.
In addition to the recent remodel, all units have in-suite washers and dryers. With 39% of units able to be upgraded to platinum-level finishes alongside the exterior landscaping and community amenities recently enhanced by current ownership, The Rio will provide the unique opportunity for a new owner to significantly increase revenue by completing the renovation program.
The two-story community offers one and two bedroom floor plans that are extremely spacious and well-designed. Current ownership has upgraded approximately 61% of the units with platinum-level finishes featuring vinyl plank flooring, quartz countertops, stainless-steel appliances, brushed-nickel hardware, decorative tile backsplash, upgraded bathroom hardware, and modern floor-to-ceiling shower tile.
In addition to the recent remodel, all units have in-suite washers and dryers. With 39% of units able to be upgraded to platinum-level finishes alongside the exterior landscaping and community amenities recently enhanced by current ownership, The Rio will provide the unique opportunity for a new owner to significantly increase revenue by completing the renovation program.
Property Facts
| Price | $11,500,000 | Building Class | C |
| Price Per Unit | $261,364 | Lot Size | 1.79 AC |
| Sale Type | Investment | Building Size | 36,600 SF |
| No. Units | 44 | Average Occupancy | 77% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1986 |
| Apartment Style | Garden | Parking Ratio | 1.28/1,000 SF |
| Price | $11,500,000 |
| Price Per Unit | $261,364 |
| Sale Type | Investment |
| No. Units | 44 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.79 AC |
| Building Size | 36,600 SF |
| Average Occupancy | 77% |
| No. Stories | 2 |
| Year Built | 1986 |
| Parking Ratio | 1.28/1,000 SF |
Unit Amenities
- Air Conditioning
- Cable Ready
- Heating
- Kitchen
- Refrigerator
- Stainless Steel Appliances
- Range
- Vinyl Flooring
- Quartz Countertops
Site Amenities
- Laundry Facilities
- Recycling
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | - | 625 |
| 2+2 | 28 | - | 950 |
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Bike Score ®
Very Bikeable (70)
PROPERTY TAXES
| Parcel Number | 135-33-268 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $202,643 |
PROPERTY TAXES
Parcel Number
135-33-268
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$202,643
zoning
| Zoning Code | RM-3 |
| RM-3 |
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The Rio | 830 N Alma School Rd
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