1011 E Orange Street, Tempe, AZ 85281

$9,250,000
List Price
$9,250,000
Status
ACTIVE
Days on Market
5
MLS#
6444558
City
Tempe
Lot Size
43
Year Built
1963

Property Description

Park Terrace is a 40-unit, garden-style apartment community located within two blocks of Arizona State University's Tempe Campus where more than 50,000 students are enrolled. Park Terrace is adjacent to the Valley Metro Light Rail and is also on the ''Orbit'' shuttle route, which provides free rides connecting people to Downtown Tempe and other employment, retail, and entertainment venues within the city. Area residents enjoy quick light rail connections to shopping at Whole Foods and frequenting the restaurants, bars and entertainment options located on the Mill Avenue district of North Tempe. Numerous dining and shopping options are also in close proximity to the property located at Tempe Marketplace, with 1.3 Million square feet housing over 100 local and national retailers and restaurants. Significant employers in proximity to the property include State Farm, Edward Jones, Medtronic, Amazon, First Solar, and Chase Bank. The property is nestled in the path of progress radiating from development on the shorelines of Tempe Town Lake and the Novus Innovation Corridor. Park Terrace offers residents an attractive mix of well-appointed one and two-bedroom unit types which enjoy quality renovations including new white shaker kitchens and bathroom cabinets, stainless steel appliances, new flooring, faucets, fixtures, and in-suite washers and dryers. All units are individually metered for electricity and enjoy individual water heaters. Park Terrace is an irreplaceable asset in an iconic multifamily neighborhood offering tenants covered parking and the convenience of being located within walking distance of Arizona State University, which is rated No. 1 in the Country for innovation. The property offers the investor a unique value-add opportunity through additional interior and exterior renovations located on a hard-corner parcel, zoned R-4 multifamily residential, with seven-story student housing properties on two sides.

Additional Information

Gross Annual Sch Inc
714000
Other Income
32457
Adjusted Gross Inc
724063
Taxes
$27,654
Operating Exp
27654
Net Operating Income
$545,236
Units
40
Project Type
25 - 50 Units
Construction
Block
Roofing
Other (See Remarks)
Parking
Other (See Remarks)
Cooling
Electric
Heating
Electric
Floors
Vinyl
Zoning
R-4
Subdivision
Terrace Park 1
Community Amenities
No Pool
Electric
Individual Meter, SRP
Gas
None
Water
City Franchise
Sewer
Sewer - Public
Tenant Pays
Electric, Other (See Remarks)
New Financing
Other (See Remarks)
School District
213 - Tempe Union High School District

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of ABI Multifamily.

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