Tempe 8 Fourplex Portfolio, 8-Units | Tempe Multifamily For Sale

Multifamily For Sale in Phoenix Arizona – 8-Units (Apartments)

Tempe 8 Fourplex Portfolio, 8-units (Multifamily)

1337 & 1343 W 3rd Street, Tempe, AZ 85281

$510,000

5,500 SF Bldg

8 Units

Garden/Low-Rise

SOLD: COE 10/3/2014

AREA DESCRIPTION

Tempe 8 is located at 1337 & 1343 West 3rd Street in Tempe, Arizona. The property is situated in a rapidly expanding Tempe student housing neighborhood with high barriers to entry. The property is located at the corner of 3rd Street and Priest Drive. Tempe 8 is within walking distance to Arizona State University, Mill Avenue, Tempe Town Lake, Orbit Shuttle and the Valley Metro Light Rail. The property is situated in a residential neighborhood within close proximity to the Loop 202 Freeway, allowing easy access to Sky Harbor International Airport, Downtown Phoenix, Scottsdale, Mesa, the valley freeway system and numerous employers.

PROPERTY DESCRIPTION

Tempe 8 is an 8-unit fourplex style apartment community located in the desirable Sunset neighborhood in North Tempe. Built in 1981, the property is made of block construction with pitched roofs and is individually metered for electricity. The unit mix is comprised of 4 one-bedroom / one-bath units of approximately 600 square feet, 4 two-bedroom / one-bath units of approximately 775 square feet. The property is situated on approximately 0.42 acres and is zoned R-3 by the City of Tempe. Community Amenities include covered parking, on-site laundry facilities, mid-century modern architecture and mature landscaping.

Tempe 8 offers an investor the rare opportunity to acquire an attractive garden-style apartment community located in a sought-after north Tempe submarket with true value-add/reposition potential. In the third quarter of 2012, the submarket rents averaged $1.09 PSF as compared to $0.83 PSF at the subject property, and has experienced consistent increases in occupancy levels above those of the metropolitan Phoenix area. The north Tempe submarket rents were the highest in metro Phoenix and been consistently increasing over the last 4 quarters. Substantially below market rents, the majority of the units can be turned to market rates by the end of the third quarter, coupled with improving market fundamentals and a growing ASU student populations provides a seasoned investor with the opportunity to increase revenues by repositioning the property.

DRIVE BY ONLY. PLEASE DO NOT DISTURB THE TENANTS OR ONSITE STAFF. PLEASE CONTACT LISTING BROKER FOR ADDITIONAL INFORMATION. THANK YOU.

DISCLOSURE: Vestis Group discloses that one of its agents is personably related to one or members of the selling entity.

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