11 7Th StTempe, AZ 85281

Property Details for 11 7Th St

Year built

2021

Lot size

0.85 AC

Property size (Sq ft)

241,286 SF

Zone code

CC

Property type

Hospitality properties

Property subtype

Hotels

APN

132-27-359

APU

13227359

Description

This exceptional investment opportunity presents a 290-room Westin Tempe hotel, a 17-story, 290,383 square-foot building on a 0.85-acre lot. Located at 11 E 7th St, Tempe, AZ 85281, this prime property boasts a 100% occupancy rate and a strong net operating income (NOI) of $7,000,000, resulting in a 6.09% cap rate. The asking price is $115,000,000, translating to $396.03 per square foot. The property benefits from a 25-year absolute net lease with four 5-year option periods and 2% annual rent increases, secured by a strong multi-unit franchisee. Its strategic location in Tempe, adjacent to Arizona State University (enrollment exceeding 112,100 students), offers exceptional access to a vibrant student population and a thriving urban environment. Proximity to Phoenix Sky Harbor International Airport (PHX) and the Valley Metro Rail further enhances its appeal. The hotel, completed in 2021, is a 4-star establishment, providing luxurious accommodations. Nearby attractions include Sun Devil Stadium, Desert Financial Arena, and Tempe Town Lake. This is a rare opportunity to acquire a high-performing, luxury hotel asset with significant long-term growth potential in a rapidly expanding market. The property's strong tenant, long-term lease, and built-in rent increases provide a stable and inflation-resistant investment.

• CAP approach

  CAP return

  Valuation

  6%

  $52,099,336

  6.5%

  $48,091,692

  7%

  $44,656,572

• Comparable approach

  Method

  Valuation

  Relative Method

  $87,406,456

  Geo Method

  $87,406,456

• Alternative Use

  Use

  Valuation

  Residential

  $52,502,156

  Hospitality

  $48,091,692

  Educational

  $40,011,724

  Medical

  $41,387,788

  Retail

  $62,240,460

Location Insight

City

Tempe

County

Maricopa

State

Arizona

Latitude

33.4228

Longitude

-111.939

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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