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    1011 E Orange Street

    Tempe, AZ 85281
    • $6,800,000
    • STATUS: Active
    • ON SITE: 105 days
    • MLS #: 6143749
    UPDATED: 44 min ago
    $6,800,000
    • 0
      BEDS
    • N/A
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1963
    County:
    Area:

    School Ratings & Info

    School District:

    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 ''in-person'' students are enrolled. Park Terrace is adjacent to the Valley Metro Light Rail and is on the ''Orbit'' shuttle route, which provides free rides connecting people to Downtown Tempe and other employment, retail, and entertainment venues within the city. Additionally, numerous dining and shopping options are in close proximity to the property including Tempe Marketplace, one of the most popular destinations in the Phoenix Metro, with 1.3 Million square feet housing over 100 local and national retailers and restaurants.Significant employers in proximity to the property include Arizona State University, State Farm, Salt River Project, Honeywell, Express Scripts, and First Solar. All of these aspects make Park Terrace a highly desirable community for all of its residents. Park Terrace has an attractive mix of one and two-bedroom unit types. All units are individually metered for electricity. Park Terrace is an irreplaceable asset in an iconic multifamily neighborhood offering tenants the convenience of an on-site laundry facility and covered parking while being located within walking distance of Arizona State University. The property offers the investor a unique value-add opportunity through additional interior and exterior renovations located on a parcel zoned R-4 with seven-story student housing properties on two sides.

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    © 2021 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. The ARMLS logo indicates a property listed by a real estate brokerage other than Executive Realty Advisors | Keller Williams Realty Phoenix. Data last updated 2021-01-22T13:12:59.9.
    www.yournextphoenixhome.com/homes/110830138
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    1011 E Orange Street Tempe, AZ 85281

    • Price: $6,800,000
    • Status: Active
    • Updated: 44 min ago
    • MLS #: 6143749
    0
    Beds
    0
    Baths
    0
    ½ Baths
    N/A
    Acres
    1963
    Built
    Neighborhood:
    Terrace Park 1
    County:
    Maricopa
    Area:
    Tempe
    School District:
    003 - Tempe School District
    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 ''in-person'' students are enrolled. Park Terrace is adjacent to the Valley Metro Light Rail and is on the ''Orbit'' shuttle route, which provides free rides connecting people to Downtown Tempe and other employment, retail, and entertainment venues within the city. Additionally, numerous dining and shopping options are in close proximity to the property including Tempe Marketplace, one of the most popular destinations in the Phoenix Metro, with 1.3 Million square feet housing over 100 local and national retailers and restaurants.Significant employers in proximity to the property include Arizona State University, State Farm, Salt River Project, Honeywell, Express Scripts, and First Solar. All of these aspects make Park Terrace a highly desirable community for all of its residents. Park Terrace has an attractive mix of one and two-bedroom unit types. All units are individually metered for electricity. Park Terrace is an irreplaceable asset in an iconic multifamily neighborhood offering tenants the convenience of an on-site laundry facility and covered parking while being located within walking distance of Arizona State University. The property offers the investor a unique value-add opportunity through additional interior and exterior renovations located on a parcel zoned R-4 with seven-story student housing properties on two sides.
    Exterior Features

    Construction Block Construction Finish Painted Covered Parking Spaces 43.00 Lot Size Dimensions Unknown Parking Other (See Remarks) Roads Asphalt Roofing Other (See Remarks)

    Interior Features

    1 Bedroom Unit Avg Sq Ft 453 1 Bedroom Unit Baths 1 2 Bedroom Unit Avg Sq Ft 781 2 Bedroom Units Baths 1 3 Bedroom Unit Avg Sq Ft 0 3 Bedroom Unit Baths 0 4 Bedroom Unit Avg Sq Ft 0 4 Bedroom Unit Baths 0 Appliances Included None Cooling Chiller System Efficiency Unit Avg Sq Ft 0 Efficiency Unit Baths 0 Floors Vinyl/Composition Heating Electric

    Property Features

    1 Bedroom Unit Avg Rent 1200.00 1 Bedroom Units 22 2 Bedroom Unit Avg Rent 1450.00 2 Bedroom Units 18 3 Bedroom Unit Avg Rent 0.00 3 Bedroom Units 0 4 Bedroom Unit Avg Rent 0.00 4 Bedroom Units 0 Adjusted Gross Inc 641649.95 Annual Ownr Asoc Fee 0.00 Community Amenities No Pool Cross Street Orange & Terrace Efficiency Unit Avg Rent 0.00 Efficiency Units 0 Electric Individual Meter Gas None Gross Annual Sch Inc 648648.00 Hoa YN No Net Operating Income 497678.00 New Financing Other (See Remarks) Operating Exp 26815.00 Other Income 26773.00 Owner Pays LandscapingOtherSewerTrash CollectionWater Project Type 25 - 50 Units Sale Includes Land & Building Sewer Sewer - Public Source Of Financial Data Provided By Owner Tax Municipality Tempe Taxes 26815.00 Tenant Pays ElectricOther (See Remarks) Vacancy Allowance 0.05 Water City Franchise Zoning R-4

    Listing courtesy of Abi Multifamily.


    © 2021 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. The ARMLS logo indicates a property listed by a real estate brokerage other than Executive Realty Advisors | Keller Williams Realty Phoenix. Data last updated 2021-01-22T13:12:59.9.
     
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    Executive Realty Advisors | Keller Williams Realty Phoenix
    4862 E. Baseline Rd.
    Mesa AZ, 85206