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1116 E Lemon St
Tempe, AZ 85281
Ivy Apartments · Multifamily Property For Sale
·
19 Units
Property Facts
| No. Units | 19 | Lot Size | 0.68 AC |
| Property Type | Multifamily | Building Size | 9,745 SF |
| Property Subtype | Apartment | No. Stories | 1 |
| Apartment Style | Low-Rise | Year Built | 1962 |
| Building Class | B | Parking Ratio | 0.89/1,000 SF |
| Zoning | R-4, Tempe | ||
| No. Units | 19 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.68 AC |
| Building Size | 9,745 SF |
| No. Stories | 1 |
| Year Built | 1962 |
| Parking Ratio | 0.89/1,000 SF |
| Zoning | R-4, Tempe |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
Site Amenities
- Laundry Facilities
- Picnic Area
About 1116 E LEMON ST , TEMPE, AZ 85281
Campus Lofts is a 19-unit single story garden-style apartment community. The property is made of block construction with pitched composition shingle roofs and is individually-metered for electricity. The unit mix consists of one studio and the remaining units are one-bedroom, one-bath approximately 515 square feet in size.The property is situated around a courtyard and pool on a 0.68 acre lot. Recent exterior renovations include a sandblasted block facade, upgraded wiring, upgraded lighting and a new swimming pool with new equipment.Campus lofts is currently on a master lease with an ASU fraternity with annual rent increases through June 1, 2019. During the lease term, the owner is guaranteed an income stream and most expenses are covered by the lessee. Upon termination of the lease term, the owner can revert the property back to a traditional apartment complex or negotiate a new lease with the lessee at then current market rates. Campus Lofts is located in heart of Tempe only one block from Arizona State University directly on the METRO Light Rail. ASU is one of the largest universities in the nation, with an enrollment of over 70,000 students and their extreme growth has created a large demand for student housing in the area. Campus Lofts is situated next to many redevelopment sites and is a prime target for future redevelopment due to its proximity to campus and the Light Rail.
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $70,663 |
Property Taxes
