903 Miller RdTempe, AZ 85288

Property Details for 903 Miller Rd

Year built

1976

Construction

STEEL FRAME

Lot size

0.94 AC

Property size (Sq ft)

3,750 SF

Zone code

GID

Property type

Retail properties

Property subtype

Auto shops

APN

132-17-002B

APU

13217002B

Description

This exceptional 1.8-acre development site in Tempe, Arizona, presents a rare opportunity to construct a 207-unit Class A multifamily building. Located at 903 & 909 N Miller Rd (APN: 132-17-007G, 002B), this fully entitled project boasts a PAD zoning designation within the city of Tempe. The site offers 303,984 square feet of total area, with 160,740 square feet of net rentable space spread across a six-story building. Its prime location directly on the green belt provides residents with convenient access to outdoor recreation. Furthermore, its proximity to Arizona State University's NOVUS Innovation Corridor and the South Pier Master Plan ensures strong demand from both students and professionals. The property benefits from excellent freeway access and is situated in an economically resilient submarket, making it an ideal investment for those seeking immediate development potential. The project's designation as an Opportunity Zone further enhances its investment appeal. This is one of the last remaining infill opportunities in Tempe, offering immediate development potential with all necessary approvals already in place. The property's strategic location and strong market fundamentals make it a compelling investment opportunity. The asking price for this exceptional development site is $7,100,000.

• CAP approach

  CAP return

  Valuation

  6%

  $1,588,949

  6.5%

  $1,466,722

  7%

  $1,361,956

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,928,038

  Geo Method

  $1,928,038

• Alternative Use

  Use

  Valuation

  Residential

  $1,237,235

  Hospitality

  $1,133,301

  Educational

  $942,893

  Medical

  $975,320

  Retail

  $1,466,722

Location Insight

City

Tempe

County

Maricopa

State

Arizona

Latitude

33.439

Longitude

-111.918

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].