1720 Priest Dr Tempe, AZ 85281
- Motels
- 6,840 SF
- 2.08 lot acres
Current Use by Public Records
- Motel 6 Tempe, AZ – Phoenix Airport – Priest Dr / Motel / Hotel
- Amazon Hub Locker - Solution / Mailing Service / E-Commerce Service
Property Details for 1720 Priest Dr
- Year built
- 1977
- Construction
- CONCRETE
- Lot size
- 2.08 lot acres
- Property size
- 6,840 SF
- Zone code
- I-1
- Property type
- Motels
- APN
- 124-58-078
- APU
- 12458078
Description
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.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $7,450,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $8,820,000
- 6.5%
- $7,735,000
- 7%
- $9,050,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $7,205,000
- Geo Method
- $7,865,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $8,655,000
- Retail
- $8,825,000
- Mixed-Use
- $8,885,000
- Hospitality
- $7,695,000
- Educational
- $8,030,000
- Residential Income
- $7,505,000
- Energy
- $8,920,000
- Income-Based Land
- $8,310,000
- Food Service
- $7,650,000
Location Insight
- Map
- Local Demand
- City
- Tempe
- County
- Maricopa
- State
- Arizona
- Longitude
- -111.961
- Latitude
- 33.4093
- CBSA code
- 38060
- CBSA name
- PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA
