Sunrise at Kenwood 920 S Kenwood Cir 2 Unit Apartment Building $525,000 ($262,500/Unit) 4.83% Cap Rate Tempe, AZ 85281

Sunrise at Kenwood | Duplex Investment Opportunity in a Prime Tempe Location
This well-maintained property features two spacious 2-bedroom, 1-bathroom units—each approximately 672 square feet—with huge pie shaped private backyards, with each having carport parking, and long-term tenancy in place.
Investment Highlights:
Both units are currently rented below market rates, offering significant upside potential. Unit A is leased at $1,305 per month through January 2026, while Unit B is on a month-to-month lease at $1,090. The average rent across both units is $1,197/month, with comparable market rents in the area suggesting potential increases with minor improvements or upon turnover.
A major value-add feature of this property is the rare utility structure—tenants pay all utilities, including water, sewer, trash, and electricity, minimizing owner operating expenses and maximizing net operating income.
Originally purchased in 2014, the property was fully remodeled and has been well maintained. Both units feature tile flooring throughout and include each washer/dryer. Unit A has been occupied since 2020, while the tenants in Unit B have been in place since acquisition.
Location Benefits:
Situated on a quiet cul-de-sac that backs up to a park, 920 S Kenwood Circle is ideally positioned near Arizona State University, the Tempe Streetcar and light rail system, the Loop 101 and 202 freeways, and Phoenix Sky Harbor International Airport. This location attracts steady rental demand from students, professionals, and long-term tenants alike.
Whether you're seeking a stable, low-maintenance investment or a value-add opportunity in one of the Valley’s most dynamic rental submarkets, 920 S Kenwood delivers strong fundamentals with additional upside.