1500 W Rio Salado Parkway 28, Mesa, AZ 85201, Mesa, 85201 - 2 bed, 3 bath
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Mesa, AZ 85201
This Renovated Modern Townhouse represents a High-Potential Investment Opportunity, listed at $250,000—positioned well below the $291,000 Fair Market Value by 14%. This valuation gap secures $41,000 in Instant Equity for the buyer. Featuring a Move-in Ready Condition Rating, the interior boasts epoxy-finished concrete floors, remodeled bathrooms, and popcorn ceiling removal. Located minutes from Tempe Marketplace and Cubs Stadium, it offers premium lifestyle convenience and strong rental demand. This is an elite acquisition for Owner-Occupants or Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1500 W Rio Salado Parkway 28 Subject | $250,000* List Price | 2 | 3 | 1,100 | $227 | - |
A 1500 W RIO SALADO Parkway 106 Sold | $250,000 | 2 | 2 | 1,100 | $227 | 0.1 mi |
B 525 N MAY Street 9 Sold | $230,100 | 3 | 2 | 936 | $246 | 0.9 mi |
C 510 N ALMA SCHOOL Road 141 Sold | $290,000 | 3 | 2 | 1,118 | $259 | 0.4 mi |
D 1455 N ALMA SCHOOL Road 13 Sold | $250,000 | 2 | 2 | 1,130 | $221 | 1.0 mi |
E 510 N ALMA SCHOOL Road 257 Sold | $247,500 | 2 | 2 | 944 | $262 | 0.4 mi |
F 1500 W RIO SALADO Parkway 108 Active | $267,500 List Price | 2 | 2 | 1,100 | $243 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
The property is move-in ready and has undergone extensive recent renovations, including the removal of popcorn ceilings, fresh paint, and epoxy-finished concrete flooring. Key systems and areas have been updated, such as the water heater, plumbing, and a full remodel of two bathrooms. While the building was constructed in 1974, the interior features modern upgrades like custom closets and plantation shutters, though the kitchen appears to have received partial updates rather than a full recent overhaul.
The property features significant recent renovations including popcorn ceiling removal, remodeled bathrooms, epoxy-finished concrete flooring, and a new water heater, offering a move-in-ready experience.
Ideally situated with rapid access to the 101, 60, and 202 freeways, and minutes from major employment and entertainment hubs like Tempe Marketplace and Sky Harbor Airport.
Listed at $250,000, the home is priced significantly below its 2022 appraisal of $291,000, providing an excellent value proposition and immediate equity for the buyer.
Built in 1974, the property may have aging structural components or utility systems common in older developments that could require future maintenance.
At 1,100 square feet, the interior living space and small lot size may feel restrictive for buyers seeking larger communal areas or expansive outdoor space.
Welcome home to this beautifully updated 2 bed 2.5 bath townhouse in a quiet neighborhood, minutes from the 101, 60, and 202, Cubs Stadium, Mesa Riverview, Tempe Marketplace, and 10 minutes from Phoenix Sky Harbor Airport. Upgrades include popcorn ceilings removed, fresh paint, epoxy-finished concrete floors downstairs, remodeled backyard, fully remodeled downstairs half bath and upstairs spare bath with updated plumbing and ventilation, newer dishwasher with added cabinetry, custom master closet, new stair railing, new front door (7/2025), and new water heater (10/2025) + 6 year warranty. Appraised at $291K in 2022 with additional upgrades since.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 2.0 | 50% |
| Baths | 3.0 | 2.0 | 92% |
| Square foot | 1,100 | 1,109 | 50% |
| Lot Size | 797 | 847.5 | 47% |
| Price | $250.0K | $225.6K | 61% |
| Price per sq ft | $227 | $227 | 50% |
| Built year | 1974 | 1985 | 22% |
| HOA | $195 | $188 | 58% |
| Days on market | 76 | 2618 | 3% |
Feb 5, 2026
$250,000
Initial Listing