
Mesa, AZ 85201
Analysis of 554 W RIO SALADO Parkway, Mesa, AZ 85201 is currently available with a list price of $395,000. The property maintains a Tear down Condition Rating (10/100), reflecting significant deferred maintenance. This property is best suited for experienced investors or developers prepared for substantial renovation work. Located in a high-demand neighborhood within the Mesa Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for Experienced Investors and Fix-and-Flip Specialists.
Property is land value only, full reconstruction required.
Built in 1947, this property is in a state of severe structural neglect with a demolition permit already in process. The listing explicitly states the value is primarily in the land and the structure is unlivable, requiring either a total gut renovation or complete redevelopment. Interior images show exposed ceilings, missing walls, and significant debris, meeting all criteria for a tear-down.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 19922, living area = 1342.
The expansive 19,922 sqft lot is zoned Multi-Family (MF), providing significant redevelopment opportunities for a fourplex or townhomes in a high-demand growth corridor.
Centrally located near ASU, Tempe Marketplace, and Mesa Riverview with immediate access to Loop 101 and 202, making it highly attractive for future tenants or buyers.
The existing home is in 'as-is' condition and requires a full-scale remodel to meet FHA standards, with the seller making no representations regarding the current state of utilities or systems.
An active demolition permit complicates renovation plans, and the $100k remodel allowance is an estimate only, potentially leading to significant cost overruns for the buyer.
This expansive lot is zoned Multi-Family (MF), currently, offering incredible flexibility for your future. The existing home needs a full renovation with the potential, to add additional units in the back in the future redevelop. Located in a close knit family oriented community, the property is within walking distance to Elementary, Junior High and High Schools. Listing agent can provide general contractor information to assist with remodel completion. A renewed permit is necessary as owner has demolition permit in process, that would need revoked, if Buyer wants to remodel and live in the home. SEE MORE.. The current structure is being sold as-is, with the value primarily in the land and the current condition of the home needs a full remodel!! Ideal for builders, investors, or buyers looking to renovate or redevelop. Buyer to perform all due diligence regarding zoning, permits, and future use. Please reach out to discuss. A rare chance to restore or reimagine this home on this desirable lot. This project is offering a blank canvas for customization, expansion, or redevelopment. Perfect for buyers seeking a project in a sought-after location. Seller makes no representations regarding condition of the structure. Utilities, systems, and appliances have not been tested. Buyer responsible for verifying all development possibilities. Location Highlights: "Centrally situated near Mesa Riverview and Tempe Marketplace "Only 5 miles to ASU campus. "Easy access to Loop 101 and Loop 202 freeways "Just down the street from the Chicago Cubs Spring Training Stadium "Surrounded by shopping, dining, and entertainment options Whether you choose to renovate, redevelop, or pursue the four plex plans, townhome lots, this property offers exceptional potential in a thriving area. A rare opportunity to capitalize on Mesa's growth with multiple exit strategies available!
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 3.0 | 10% |
| Baths | 1.0 | 2.0 | 12% |
| Square foot | 1,342 | 1,579.5 | 36% |
| Lot Size | 19,922 | 8,054 | 98% |
| Price | $395.0K | $240.0K | 71% |
| Price per sq ft | $294 | $191 | 81% |
| Built year | 1947 | 1963 | 5% |
| HOA | $0 | $0 | 50% |
| Days on market | 89 | 2324 | 2% |
Apr 14, 2026
$395,000
$595,000
-34% Price Drop
Initial Listing
Jan 23, 2026
$595,000
Initial Listing