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1211 W UNIVERSITY Drive Tempe, AZ 85281
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Key Details
Sold Price $1,070,600
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Westgate Sub
MLS Listing ID 6002855
Sold Date 02/28/20
Maintenance Fees $1,075
Originating Board Arizona Regional Multiple Listing Service (ARMLS)
Year Built 1971
Annual Tax Amount $2,959
Tax Year 2019
Lot Dimensions 74 x 104
Property Description
Solid Cash Flow Tempe Apartment Building Generating $63,235 NOI - Ready for new owner. (Great 1031 Placement Option) Located within a mile of ASU, Mill Ave and Tempe Town Area. 4,405 sq ft of living space across 5 units.
Wholefoods just opened and area is bustling with new retail and development.
Property has consistently performed well and had major renovation in 2017. There is still room for ''value-add'' here to further increase rents to market – to increase cash flow and market value in this high growth area of Tempe.
First floor has a large 3bd/2bth apartment and a 2br/1bth apartment (cost per unit is not a viable measurement here).
Second floor, surrounding the sundeck are three 2bd/1bth apartments that are fully remodeled and work well for the property.
Location
State AZ
County Maricopa
Community Westgate Sub
Zoning R-3
Interior
Heating Individual, Heat Pump, Electric
Cooling Heat Pump, Electric, Wall/Window Unit(s), Ceiling Fan(s)
Appliance Dishwasher, FS OvenRange, Refrigerator, Microwave, WasherDryer
Exterior
Garage Assigned, Common
Community Features No Pool
Waterfront No
Roof Type See Remarks, Composition
Parking Type Assigned, Common
Total Parking Spaces 14
Garage Yes
Building
Sewer Public Sewer
Water City Franchise, Individual Meter
Others
Senior Community No
Tax ID 124-74-006-C
Acceptable Financing Conventional, 1031 Exchange
Listing Terms Conventional, 1031 Exchange
Financing Conventional
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