914 Kenwood Cir Tempe, AZ 85281

Property Details for 914 Kenwood Cir

Year built

1961

Property type

Commercial real estate

Description

This exceptional 1-story, 4-unit apartment building in Tempe, Arizona presents a compelling investment opportunity. Located at 914 S Kenwood Cir, 85281, this Class A property boasts a total of 2,173 square feet of net rentable space, with each unit featuring one bedroom and one bathroom. Completely renovated in 2022, the property includes a new roof, AC units, updated plumbing and electrical systems, fresh drywall, modern interior finishes, and updated landscaping. All units are fully furnished and equipped with in-unit laundry, quartz countertops, stainless steel appliances, and wood-plank style tile flooring. Exterior storage closets are provided for each unit. Built in 1961, this stabilized investment property offers a pro-forma cap rate of 5.45% and a pro-forma NOI of $65,422, based on a current 25% occupancy rate. The asking price is $1,200,000, representing a price per unit of $300,000. The property's location offers convenient access to Arizona State University, making it ideal for short-term rentals, mid-term rentals, or long-term rentals. This turnkey investment is ready to generate immediate income. The fee simple ownership provides complete control and potential for future appreciation. This is a rare opportunity to acquire a fully renovated, high-demand multifamily property in a thriving Tempe location.