Sold

1011 E ORANGE Street

Tempe AZ, 85281

$6,400,000


Sold

Other

Built in 1963

Park Terrace is a 40-unit, garden-style apartment community located within two blocks of Arizona State University's Tempe Campus where more than 50,000 ''in-person'' students are enrolled. Park Terrace is adjacent to the Valley Metro Light Rail and is on the ''Orbit'' shuttle route, which provides free rides connecting people to Downtown Tempe and other employment, retail, and entertainment venues within the city. Additionally, numerous dining and shopping options are in close proximity to the property including Tempe Marketplace, one of the most popular destinations in the Phoenix Metro, with 1.3 Million square feet housing over 100 local and national retailers and restaurants. Significant employers in proximity to the property include Arizona State University, State Farm, Salt River Project, Honeywell, Express Scripts, and First Solar. All of these aspects make Park Terrace a highly desirable community for all of its residents.
Park Terrace has an attractive mix of one and two-bedroom unit types. All units are individually metered for electricity. Park Terrace is an irreplaceable asset in an iconic multifamily neighborhood offering tenants the convenience of an on-site laundry facility and covered parking while being located within walking distance of Arizona State University. The property offers the investor a unique value-add opportunity through additional interior and exterior renovations located on a parcel zoned R-4 with seven-story student housing properties on two sides.

6143749

MLS ID

March 20, 2024

Updated

Map

1011 E ORANGE Street
Tempe AZ, 85281

Interior Features

Fireplace

No


Cooling

Yes


Cooling Description

Chiller System


Heating

Yes


Heating Description

Electric

Exterior/Building Features

Roof

See Remarks


Sewer

Public Sewer

School Information

School District

Tempe Elementary School District

Other Property Details

Taxes

$26,815


Tax Frequency

Annually


Days on Market

117


Garage

No


Parking

Other (See Remarks)


Parking Total

45


View

No


County

Maricopa


Water Source

City Franchise


Pool

No


Zoning

R-4

Courtesy of ABI Multifamily

Listing Contact: 602-714-1400 

All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Stephanie Mitchell shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

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Data Last Updated: 11:12 PM UTC, 3/20/2024.

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