11 7Th St Tempe, AZ 85281

Property Details for 11 7Th St

Year built

2021

Lot size

0.85 lot acres

Property size

241,286 SF

Zone code

CC

Property type

Hotels

APN

132-27-359

APU

13227359

Description

This exceptional investment opportunity presents a 290-room Westin Tempe hotel, a 17-story, 290,383 square-foot building on a 0.85-acre lot. Located at 11 E 7th St, Tempe, AZ 85281, this prime property boasts a 100% occupancy rate and a strong net operating income (NOI) of $7,000,000, resulting in a 6.09% cap rate. The asking price is $115,000,000, translating to $396.03 per square foot. The property benefits from a 25-year absolute net lease with four 5-year option periods and 2% annual rent increases, secured by a strong multi-unit franchisee. Its strategic location in Tempe, adjacent to Arizona State University (enrollment exceeding 112,100 students), offers exceptional access to a vibrant student population and a thriving urban environment. Proximity to Phoenix Sky Harbor International Airport (PHX) and the Valley Metro Rail further enhances its appeal. The hotel, completed in 2021, is a 4-star establishment, providing luxurious accommodations. Nearby attractions include Sun Devil Stadium, Desert Financial Arena, and Tempe Town Lake. This is a rare opportunity to acquire a high-performing, luxury hotel asset with significant long-term growth potential in a rapidly expanding market. The property's strong tenant, long-term lease, and built-in rent increases provide a stable and inflation-resistant investment.

Location Insight

City

Tempe

County

Maricopa

State

Arizona

Longitude

-111.939

Latitude

33.4228

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments