For Sale
$1,200,000

914 Kenwood CirTempe, AZ 85281

4-Unit Apartment Building, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional 1-story, 4-unit apartment building in Tempe, Arizona presents a compelling investment opportunity. Located at 914 S Kenwood Cir, 85281, this Class A property boasts a total of 2,173 square feet of net rentable space, with each unit featuring one bedroom and one bathroom. Completely renovated in 2022, the property includes a new roof, AC units, updated plumbing and electrical systems, fresh drywall, modern interior finishes, and updated landscaping. All units are fully furnished and equipped with in-unit laundry, quartz countertops, stainless steel appliances, and wood-plank style tile flooring. Exterior storage closets are provided for each unit. Built in 1961, this stabilized investment property offers a pro-forma cap rate of 5.45% and a pro-forma NOI of $65,422, based on a current 25% occupancy rate. The asking price is $1,200,000, representing a price per unit of $300,000. The property's location offers convenient access to Arizona State University, making it ideal for short-term rentals, mid-term rentals, or long-term rentals. This turnkey investment is ready to generate immediate income. The fee simple ownership provides complete control and potential for future appreciation. This is a rare opportunity to acquire a fully renovated, high-demand multifamily property in a thriving Tempe location.

Highlights

  • Class A, 4-unit apartment building in Tempe, AZ (85281) at 914 S Kenwood Cir.
  • 2,173 square feet of net rentable space; each unit is a 1 bed/1 bath.
  • Completely renovated in 2022 with new roof, AC, plumbing, electrical, drywall, modern finishes, and landscaping.
  • Fully furnished units with in-unit laundry, quartz countertops, stainless steel appliances, and wood-plank tile flooring; exterior storage closets.
  • $1,200,000 asking price ($300,000 per unit); 5.45% pro-forma cap rate and $65,422 pro-forma NOI (25% occupancy).

Property Details for 914 Kenwood Cir

Property type
Apartment buildings
Class
A
Year Built/Renovated
1961/2022
Buildings
1
Stories
1
Units
4

Location Insight

City
Tempe
County
Maricopa
State
Arizona
Latitude
33.41872800752
Longitude
-111.90167982998
914 Kenwood Cir, Tempe, Arizona

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914 Kenwood Cir
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