1827 Lemon StTempe, AZ 85281

Property Details for 1827 Lemon St

Year built

1961

Property type

Apartment buildings

Description

This exceptional 24-unit apartment building, Alegre Park, presents a compelling investment opportunity in the highly desirable Tempe, Arizona market. Built in 1961 and completely renovated in 2024, this single-story, block construction property boasts 12,460 square feet of net rentable space. Each unit features individually metered electricity, minimizing operational complexities and maximizing efficiency. The property enjoys a prestigious location, just half a mile from the vibrant Mill Avenue entertainment district, offering residents easy access to a wealth of amenities, including boutique retail, diverse restaurants, employment centers, and a convenient Metro Light Rail stop. Its proximity to Arizona State University further enhances its appeal, creating a high demand rental market with occupancy and average rent exceeding metropolitan Phoenix averages. This presents a strong foundation for continued growth and profitability. The property's low-maintenance design and positive operational trends make it an ideal asset for both in-state and out-of-state investors seeking a low-risk, high-reward opportunity in a rapidly expanding market. The property's strategic location near major employment hubs, including Arizona State University and the expanding cluster of Fortune 500 companies in Downtown Tempe, ensures consistent rental demand. This presents a rare chance to acquire a recently renovated asset with significant upside potential in one of the fastest-growing submarkets in the Southwest. The asking price for this turnkey investment is $5,000,000.

Location Insight

City

Tempe

County

Maricopa

State

Arizona

Latitude

33.4164

Longitude

-111.908

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