Mesa, Arizona Dobson Bay Club is a three story (one-half story below grade) condominium community built in two phases-- the first phase in 1983 and the second...
Apartment Building - Dobson Bay Club
Status: Price: Bldg. Size: Units: Cap Rate: Primary Type: Sub-Type:
Active $725,000 19,328 SF 22 N/A Multifamily Garden/Low-Rise
Highlights
Please execute and return the confidentiality agreement for a full marketing package
The sale of Dobson Bay Club is 101 units (plus rental office) out of 166 units
The 101 units are currently rented as apartments with over 90% occupancy
Individually metered, gated entrance, side-by-side washer/dryers in each unit and seperate leasing office
Spacious interiors include full size kitchen appliances, private balcony/patio
Select units having vaulted ceilings, fireplaces and carports
Description
Dobson Bay Club is a three story (one-half story below grade) condominium community built in two phases-- the first phase in 1983 and the second in 1990. The property was originally constructed as a luxury apartment building, and in 2006 the property was converted to condominiums. Sixty-five individual units were subsequently sold at individual prices up to $239,000. The subject property comprises the remaining 101 rental units and the original rental office. Of the 101 units for sale, 17 units have been upgraded to condominium quality with granite countertops and other upgrades. The unit mix is approximately 73% two-bedroom (average unit size of 1087 square feet) and 27% three-bedroom units (average unit size 1628 square feet). Construction is of wood and painted stucco, with built-up roofs. Heating and cooling is provided by individual roof-mounted heat pump units. The property is individually-metered for electricity and the costs associated with usage inside the dwelling units is the responsibility of the resident. Sixty-one units are on a common boiler system for domestic hot water and 40 units have individual water heaters.
Dobson Bay Club is located immediately west of the intersection of Baseline Road and Alma School Road, two major thoroughfares in Mesa, the third-largest city in Arizona. The property is located within the Dobson Ranch master-planned community, and has prominent frontage and visibility on Baseline Road. Dobson Bay Club is situated in an upper-middle income ($74,646 average household income) residential neighborhood with an abundance of public educational facilities nearby. Rhodes Junior High and Dobson High School are both within one mile. Arizona State University and Mesa Community College are both within six miles of the subject property.
Dobson Bay Club is one mile south of Fiesta Mall, a one million square foot regional retail mall anchored by Dillard' s, Macy' s, Best Buy and Sears. Banner Desert Medical Center, located next to Fiesta Mall, is a major source of local employment. Recreation and entertainment venues abound in and around the mall, and a golf course is situated within the Dobson Ranch community.
