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Malibu Manor Four-Plex Passes for $3M

MESA, AZ-Nine buyers, mostly Californians, pick up 10 four-plexes that were marketed at individual properties. The 20-year-old units bring a total $3.35 million after a 60-day run on the market.

By Amy Wolff Sorter | Updated on August 22, 2005

MESA, AZ-Malibu Manor, a multifamily property consisting of 40 units, has changed hands for a combined $3.35 million. The 10 four-plexes, built in 1985, each average 875 sf per unit and rent for about $475 per month.

In a somewhat different sales strategy than usual, the properties at 256 S. Horne St., 740 E. 3rd St. 758 E. 3rd St. and 766 E. 3rd St. were marketed as 10 individual properties to attract 90% loan-to-value residential financing. It was assumed that a strong four-plex market would help carry the strategy–and it apparently worked.

“The properties were on the market for 60 days, the total time from the date listed to the date of closure,” Greg Thielen of the Phoenix Office of Hendricks & Partners, tells GlobeSt.com. “The sellers were just looking to get out of the partnership of this property,” he adds.

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