2301-2309 S College Ave
Tempe, AZ 85282
Tempe Cottages · Multifamily Property For Sale · 18 Units

Tempe Cottages is an 18-unit Contemporary Boutique Apartment Community located in a Highly Desirable Tempe location that has recently been Completely Renovated and Repositioned with Premium Finishes. The property is made of Solid Block Construction with Pitched Composition Shingle Roofs. The unit mix is comprised of all one bedroom floor plans that are Spacious and Well Designed. The Renovated Units Feature Vaulted Ceilings, Modern Shaker Cabinetry, with Brushed Nickel Hardware, New Black Granite Countertops with White Subway-Tile Backsplashes and Polished Concrete Flooring,. Also included are Full Size/High End/Stainless Steel Appliances including built in Stainless Steel Dishwashers, Smooth Top Stoves, with Stainless Hood Vents. The upgraded Units also Feature Pendant Lighting, Contemporary Bathroom Vanities, Subway Tile Shower Surrounds, Premium Light Fixtures and Recessed Lighting. Also Included are Spacious Walk In Closets, Low Flow Toilets, Dual Pane Windows and New Hot Water Heaters. Additionally, Each of the units includes In-Suite Stack Washer/Dryer Units and Private Back Patios. There was over $500,000 in improvements, made to this property! The property is located on approximately .65 Acres and has Attractive Landscaping with a mix of Grass and Low Water Use Desert Landscaping. The exterior of the buildings have been Updated with New Paint and New Exterior Lighting. Tempe Cottages offers the Savvy Investor a Rare Opportunity to acquire an Extensively Renovated Asset located in a Prime and Much Sought After Tempe Location! This submarket location has rents that average $1.48 per square foot, which is 20% more than the metropolitan Phoenix average and Tempe enjoys a Significantly Lower Vacancy rate than the core Phoenix market. In fact, this property has experienced a ZERO physical & economic vacancy rate! The current owner has a waiting list of tenants. Easy to finance, as the rents are "seasoned" and the historicals are exactly what the lenders are looking for! Next turn will bring all rents to $1,150.00 which will put this at a 6.67% Cap Rate!!