1217 Southern Ave Tempe, AZ 85282

This exceptional 4-unit apartment building presents a compelling investment opportunity in Tempe, Arizona. Located at 1217 W Southern Ave, this stabilized property boasts a strong in-place cap rate of 6.04% and a pro-forma cap rate of 6.76%, reflecting significant upside potential. The property, built in 1970 and situated on a single story building, comprises 3,000 square feet of net rentable space, with each of the four units featuring a two-bedroom, one-bathroom floor plan averaging 750 square feet. Currently, the average monthly rent is $1,738, generating a substantial net operating income (NOI) of $57,391, with a pro-forma NOI of $64,171. The property underwent a comprehensive renovation in 2017, including a new roof, and features on-site laundry and storage. Each unit includes renovated interiors and a private gated patio. The property's prime location in West Tempe, near Arizona State University's Tempe campus, ensures high occupancy rates and strong rental demand. The asking price is $949,500, representing a price per unit of $237,375 and a price per square foot of $317. This turnkey asset offers a rare opportunity to acquire a highly desirable property in a thriving market. The property's APN is 123-42-069.