1610 College AveTempe, AZ 85281

  • Residential income properties
  • 2,362 SF
For Sale
$799,000 View listing

Property Details for 1610 College Ave

Year built
1953
Property size (Sq ft)
2,362 SF
Property type
Residential income properties
Property subtype
Multifamily properties

Description

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.

1610 College Ave, Tempe, Arizona

Location Insight

City
Tempe
County
Maricopa
State
Arizona
Latitude
33.4106
Longitude
-111.935

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