498 Arizona Ave Chandler, AZ 85225-5069
Property profile & analytics
498 Arizona Ave Chandler, AZ 85225-5069
- Motels
- 3,578 SF
- 0.34 lot acres
Property ID
US07-3492806
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Circle K / Grocery & Convenience Store
- Redbox / Cinema / (Bike/Boat/Book/etc) Store
- Green Star Dumpster Rental Service / Waste Management Facility
- Casa / Cafe & Coffee Shop
Property Details for 498 Arizona Ave
- Year built
- 1948
- Construction
- CONCRETE
- Lot size
- 0.34 lot acres
- Property size
- 3,578 SF
- Zone code
- C-3
- Property type
- Motels
- APN
- 302-59-117
- APU
- 30259117
Description
This stabilized, 13-unit apartment building presents a compelling investment opportunity in Chandler, Arizona. Located at 498 N Arizona Ave, 85225, this Class C property boasts 8,200 square feet on a 0.34-acre lot (APN 302-59-117). Built in 1948 and zoned C-3, Phoenix, the property features a charming courtyard and has undergone significant upgrades, including improvements to plumbing, electrical systems, the roof, and exterior. Eight units have been fully renovated, including the addition of in-unit washers and dryers, while the remaining five units offer value-add potential. The property enjoys a 6.59% cap rate and is currently listed at $2,600,000. Situated near downtown Chandler and Chandler High School, this complex benefits from a high-demand market with a significant shortage of affordable housing and strong demographics, including household incomes exceeding $125,000. The property's low maintenance requirements and substantial existing cash flow make it an attractive prospect for investors seeking minimal operational costs and management time. The property's location in a rapidly growing area with substantial recent investment in retail, office, and hospitality sectors further enhances its investment potential. This is a rare opportunity to acquire a well-maintained, cash-flowing apartment building in a highly desirable location with significant upside potential.
Value Estimations
based on Realmo’s proprietary methodology
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,685,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $2,037,000
- AI Estimate
- $2,013,000
Market price range: $583k - $2.60MMarket price range: $466k - $2.51M -
Alternative Use
- Use
- Estimation
- HOTEL/MOTEL
- $1,425,000 Current use
- COMMERCIAL (GENERAL)
- $2,870,000 Change: +102% Conversion: Difficult
- NEIGHBORHOOD: SHOPPING CENTER
- $2,270,000 Change: +60% Conversion: Difficult
- RETAIL STORES
- $1,615,000 Change: +14% Conversion: Difficult
- AUTO REPAIR, GARAGE
- $1,380,000 Change: -3% Conversion: Difficult
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Chandler
- County
- Maricopa
- State
- Arizona
- Longitude
- -111.842
- Latitude
- 33.3114
- CBSA code
- 38060
- CBSA name
- PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2022
$3,752
$0.00
$0.00
$179,870
-
$359,700
$1,439,000
$1,798,700
