For Sale
$799,000

1610 College AveTempe, AZ 85281

Renovated Duplex, High ROI, Seller Financing

Overview

Added:
Dec 11, 2024
Days on market:
116
This Tempe, Arizona duplex, near Arizona State University, presents a compelling investment opportunity. The property, built in 1953 and fully renovated in 2023, boasts 2,362 square feet across two units, each featuring two bedrooms and primary bathrooms. Upgrades include wood-look floors, fresh paint, recessed lighting, upgraded kitchens with white shaker cabinets and granite countertops, and accented fireplaces. The 8,398 square foot lot includes a well-manicured backyard with a covered patio, grassy landscape, a carport, and a double-space driveway. Currently operating at 100% occupancy (as of January 1, 2024), the property generates a strong NOI of $53,909, with a pro-forma NOI of $62,909, resulting in a 6.75% cap rate and a pro-forma cap rate of 7.87%. The asking price is $799,000 ($399,500 per unit), and the property is zoned for multi-family use. Seller financing is available with a 25% down payment, a 6% interest rate (interest-only payments), and a 3-year balloon payment. The property's prime location near ASU and Mill Avenue offers excellent access to restaurants and nightlife, making it an attractive rental property. The University Estates community provides additional amenities such as a large play area, gazebo, and greenbelt. This is a stabilized, value-add investment opportunity with significant potential for future growth. The property's APN is 133-16-002.

Highlights

  • Completely renovated property.
  • Spacious bedrooms with primary suites.
  • Seller financing offered.

Property Details for 1610 College Ave

Property type
Apartment buildings
Square Feet
2,362 SF
Class
C
Year Built/Renovated
1953/2023
Buildings
1
Stories
1
Units
2

Location Insight

City
Tempe
County
Maricopa
State
Arizona
Latitude
33.41060626031
Longitude
-111.93514123503
1610 College Ave, Tempe, Arizona

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1610 College Ave
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