1461 E Apache Blvd
Tempe, AZ 85281
Tempe Multifamily / Hotel Redevelopment · Hospitality Property For Sale · 12,893 SF

Apache & Oak is a prime redevelopment opportunity in an amazing location in the heart of Tempe, next to Arizona State University and in an Opportunity Zone! The property is located along the light rail, within walking distance to the Dorsey/Apache Boulevard Light Rail Station, and next to a future Tempe Streetcar stop. It is also a short walk / bike ride to the Arizona State University (ASU) Tempe Campus located 2/3 of a mile away. The location is as central is it gets and allows residents to enjoy, with ease, so much of what Tempe has to offer including: The ASU campus, Tempe Marketplace, the US-101 Freeway, Tempe Beach Park, and the Mill Avenue corridor all just minutes away. Also a short distance from the property is Tempe Town Lake, where the 2 million square foot State Farm campus sits, as well as where many new projects are underway. These factors make this area of Tempe not only popular due to its proximity to the university, but also one of the most desirable areas in all of Arizona to live and work. The Apache & Oak redevelopment opportunity consists of a 33-room property, formerly operated as the iconic Hide-Away Lodge, with ~10,690 square feet of rentable space with 12 small studios, 8 medium studios, 12 open room studios, and 1 four-bedroom/two-bathroom house that was previously used as the manager's residence and office. The offering sits on 38,952 +/- square feet (0.89 +/- acres) of land in an Arizona Opportunity Zone. The property is zoned CSS (TOD) and currently allows for up to 25 DU/AC and is ideal for a redevelopment or a new Class A mixed-use project since it is in the nucleus of Tempe, on the light rail, and right next to high-density apartments. This project offers a rare and phenomenal opportunity for someone to create a top-notch property in an A location. Tempe continues to be one of the most sought after submarkets for multifamily residential and mixed-use development with its proximity to the largest university in the nation, its tremendous employment opportunities, and its convenient, centralized location in the heart of the metroplex. Significant employers in proximity to the property include Arizona State University, General Dynamics, U.S. Airways, Amazon, Microsoft, State Farm, and First Solar. Because the property was most recently a motel, and there are several existing buildings, an investor could revitalize and repurpose them, or redevelop the site and build new construction. The property and location offer an amazing and bite-size opportunity in a submarket in high demand with very limited supply.