2735 Sweetwater AvePhoenix, AZ 85029

Property Details for 2735 Sweetwater Ave

Year built

1974

Construction

CONCRETE

Lot size

2.76 AC

Property size (Sq ft)

2,377 SF

Zone code

C-1

Property type

Office buildings

APN

149-21-014E

APU

14921014E

Description

This exceptional 128-key dual-branded hotel, the Rodeway Inn & Econo Lodge Phoenix North I-17, presents a compelling investment opportunity in the thriving Phoenix market. Boasting 41,450 square feet on a 1.76-acre lot, this two-story property underwent renovations in 2019 and offers a range of amenities including an outdoor pool, business center, complimentary breakfast buffet, and guest laundry facilities. The hotel's prime location off Interstate 17 in the North Mountain Village area, with daily traffic exceeding 40,000 vehicles, ensures high visibility and accessibility. Its proximity to major attractions like the Martin Auto Museum, Turf Paradise, and Firebird Balloons, as well as Downtown Phoenix and Phoenix Sky Harbor International Airport (within a 15-20 minute drive), further enhances its appeal. The property's strong financial performance is highlighted by a Net Operating Income (NOI) of $1,090,464 and an attractive 13.70% capitalization rate. Built in 1974, the property offers a potential for significant value enhancement through a Wyndham conversion, with estimates of up to $4,000 per key. The hotel benefits from its location near the $800 million Metro Center redevelopment project and capitalizes on Arizona's robust tourism sector, which saw over 19 million visitors in 2023, generating a $4.5 billion economic impact. This is a fee-simple ownership opportunity with an asking price of $7,500,000 and a price per square foot of $180.94. The property's APN is 149-21-014E.

• CAP approach

  CAP return

  Valuation

  6%

  $388,140

  6.5%

  $358,283

  7%

  $332,691

• Comparable approach

  Method

  Valuation

  Relative Method

  $366,415

  Geo Method

  $366,415

• Alternative Use

  Use

  Valuation

  Residential Income

  $444,271

  Hospitality / Lodging

  $406,950

  Institutional / Educational

  $338,577

  Healthcare / Senior Housing

  $350,222

  Retail / Commercial

  $526,676

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Latitude

33.603

Longitude

-112.118

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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