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    1720 Priest Dr Tempe, AZ 85281

    For Sale
    $13,000,000

    131-Key Tempe Motel near ASU

    Property size:
    98,106 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    360
    This exceptional 131-key motel in Tempe, Arizona presents a compelling investment opportunity. Boasting 98,106 square feet across three stories, this exterior corridor property sits on a 2.25-acre lot and is priced at $13,000,000, representing a $132.51 per square foot cost. Built in 1977, the property (APN: 124-58-078, 124-58-079B) benefits from a highly desirable GID zoning designation. Its prime location offers convenient access to Arizona State University (ASU) and the bustling Mill Avenue District, known for its diverse dining, shopping, and entertainment options. Furthermore, its proximity to Sky Harbor International Airport (4 miles) and Phoenix-Mesa Gateway Airport (30-minute drive) enhances its appeal to a wide range of travelers. The motel's current performance demonstrates strong potential, with room for expense optimization and revenue enhancement under new ownership. Currently managed by a third-party, this asset offers a hands-on operator the chance to significantly improve profitability. The asking price reflects an attractive 11.3% cap rate based on the trailing twelve months' revenue. This is a rare opportunity to acquire a well-located, established motel in a thriving market.

    Property Features for 1720 Priest Dr

    General Information

    Property type
    Motels
    Square Feet
    98,106 SF

    Building Details

    Year Built
    1977
    Stories
    3

    HighLights

    • 131‑key motel in Tempe, AZ, offering a compelling investment opportunity.
    • 98,106 square feet on a 2.25‑acre lot, priced at $13,000,000 ($132.51/SF).
    • Exterior corridor property, built in 1977, with GID zoning.
    • Prime location near ASU and Mill Avenue, with convenient airport access.
    • Strong potential for expense optimization and revenue growth; 11.3% cap rate based on trailing twelve months' revenue.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Motel 6 Tempe, ... Motel Amazon Hub Locker ... Mailing Service

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Dental Office Building Supply Hair Salon Wholesale Shop Auto Repair Shop Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tempe
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.9615179
    Latitude
    33.4092787

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    FAQs

    What type of property is this?
    Motel - 131-Key Tempe Motel near ASU
    Where is this motel located?
    The property is located at 1720 Priest Dr Tempe, AZ.
    What is the asking price?
    The asking price for this property is $13,000,000.
    What are key features of this property?
    This property features: 131-key motel in Tempe, AZ, offering a compelling investment opportunity.; 98,106 square feet on a 2.25-acre lot, priced at $13,000,000 ($132.51/SF).; Exterior corridor property, built in 1977, with GID zoning.
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    1720 Priest Dr Tempe, AZ 85281
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1720 Priest Dr Tempe, AZ 85281
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