1720 Priest Dr 2 Tempe, AZ 85281-6205

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.