109 E Broadway Rd
Tempe, AZ 85282
Decco 109 · Multifamily Property For Sale · 40 Units

Decco 109 is a 40-unit garden-style apartment community located in an irreplaceable Tempe location near Arizona State University that was extensively renovated and repositioned in 2014 with premium finishes. The property is made of block construction with built-up roofs and is master-metered for electricity. The unit mix is comprised of one and two-bedroom floor plans that are spacious and very well designed and range in size from 650 to 850 square feet. The units have been completely renovated with wood-style vinyl flooring, contemporary kitchen cabinetry with brushed nickel hardware, stainless steel kitchen sinks, new countertops, full-size black appliances with ceramic cooktop electric stoves, enclosed showers, modern bathroom vanities with brushed nickel lighting fixtures. The property is situated on just under an acre and has attractive landscaping with mature shade trees and low maintenance desert plants. Exterior renovations include a smooth stucco facade with a two-toned paint scheme, resurface and stripe of parking lot, dual-pane, energy efficient windows, unit entry doors with glass look-through, upgraded lighting and a new bistro area with gas barbecue grills. Decco 109 offers an investor the rare opportunity to acquire an extensively renovated asset located in a dynamic Tempe location priced below replacement cost. In the third quarter of 2017, the submarket rents averaged $1.32 per square foot, 16% greater than the metropolitan Phoenix average. With the strong submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Decco 109 is well positioned to achieve revenue increase.