1610 College Ave Tempe, AZ 85281

Property Details for 1610 College Ave

Year built

1953

Property size

2,362 SF

Property type

Commercial real estate

APN

133-16-002

Description

This Tempe, Arizona duplex, near Arizona State University, presents a compelling investment opportunity. The property, built in 1953 and fully renovated in 2023, boasts 2,362 square feet across two units, each featuring two bedrooms and primary bathrooms. Upgrades include wood-look floors, fresh paint, recessed lighting, upgraded kitchens with white shaker cabinets and granite countertops, and accented fireplaces. The 8,398 square foot lot includes a well-manicured backyard with a covered patio, grassy landscape, a carport, and a double-space driveway. Currently operating at 100% occupancy (as of January 1, 2024), the property generates a strong NOI of $53,909, with a pro-forma NOI of $62,909, resulting in a 6.75% cap rate and a pro-forma cap rate of 7.87%. The asking price is $799,000 ($399,500 per unit), and the property is zoned for multi-family use. Seller financing is available with a 25% down payment, a 6% interest rate (interest-only payments), and a 3-year balloon payment. The property's prime location near ASU and Mill Avenue offers excellent access to restaurants and nightlife, making it an attractive rental property. The University Estates community provides additional amenities such as a large play area, gazebo, and greenbelt. This is a stabilized, value-add investment opportunity with significant potential for future growth. The property's APN is 133-16-002.