ARA is pleased to announce to rare opportunity to purchase a mid-size apartment community within walking distance (1/2 mile) from Mill Avenue and Arizona State University (ASU) in Tempe, Arizona with the availability of Parkview Apartments. The community is ideally located within walking distance to ASU, the Mill Avenue District, and is within the Farmer Arts District, a neighborhood known for high pedestrian traffic, its proximity to Tempe Town Lake, Tempe Beach Park, Tempe Center for the Arts, and Sam Fox's famous Culinary Dropout restaurant, The Yard. Considered Arizona's most walkable downtown, Mill Avenue District has a thriving retail scene and has more restaurants concentrated in one area than any other restaurant row in the Valley.
Parkview is a 17 unit single story community with great frontage and curb appeal on 5th Street. Built in 1961 of block construction with pitched asphalt shingle roofs, individually metered for electricity and has individual roof mounted HVAC's. Unit mix consists of 2 studio units, 11 one bedroom, 4 two bedroom units. The property is zoned R-3 and situated on 5 separate parcels totaling 31,940 SF.
The property is 100% occupied and a prime candidate for the implementation of an apartment interior renovation program. New ownership will have the opportunity to reposition by upgrading the flooring, appliances, cabinets and countertops, as well as interior two-tone paint with the potential to generate approximately $200+ per unit monthly rent premiums. Estimated costs of this renovation package is $5-8K per unit. In addition, the property's exterior could also benefit from common area upgrades, enhanced amenities and new exterior paint. Similar size properties that have been updated and rebranded with these improvements in Tempe have recently sold for over $150,000 per unit.
Parkivew offers an investor the tremendous opportunity to acquire a single story apartment community that is strategically positioned within walking distance from Arizona State University, the Mill Avenue and Arts District that provide the perfect living experience for a young professional, college student or millennial tenant base. Furthermore, the property offers an investor both an apartment value-add potential and/or future redevelopment upside in the high demand Tempe rental and sale market.
