Perry Ln Tempe, AZ 85281
- Retail properties
- 81,357 SF
- 2.66 lot acres
Current Use by Public Records
- Retail properties
Property Details for 0 Perry Ln
- Lot size
- 2.66 lot acres
- Property size
- 81,357 SF
- Property type
- Retail properties
- Property subtype
- Freestanding property
Description
This exceptional investment opportunity presents a four-story, 81,357-square-foot Marriott Hotel in Tempe, Arizona. Situated on a 2.66-acre lot at the intersection of E Rio Salado Pkwy and S Perry Ln, this single-tenant, absolute NNN-leased property boasts a remaining lease term of 95.4 years, commencing August 1, 2021, and expiring March 30, 2120. The asking price is $7,500,000, representing a price per square foot of $92.19 and a 3.53% cap rate with a current NOI of $265,000. The property benefits from its strategic location less than 1.5 miles from Arizona State University, directly across from the Tempe Marketplace, and near Loop 202 and Loop 101 freeways. This location provides exceptional visibility and access to a large and affluent population. The property is part of a larger mixed-use development, further enhancing its value and appeal. The lease includes 2% annual rent increases and zero landlord responsibilities, making this a truly passive income investment. This is a rare opportunity to acquire a high-quality, long-term investment property in a thriving market with strong demographics and significant growth potential. The property's proximity to major transportation arteries, retail centers, and entertainment venues ensures consistent high traffic and visibility. This is an ideal investment for those seeking a stable, long-term, and low-maintenance income stream.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Tempe
- County
- Maricopa
- State
- Arizona
- Longitude
- -111.905
- Latitude
- 33.4292
