1011 E ORANGE Street

Tempe, AZ, 85281

$9,250,000

$9,250,000
Pending
Pending
 - For Sale
property_type
Multi-family
calendar
Built 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 students are enrolled. Park Terrace is adjacent to the Valley Metro Light Rail and is also on the ''Orbit'' shuttle route, which provides free rides connecting people to Downtown Tempe and other employment, retail, and entertainment venues within the city. Area residents enjoy quick light rail connections to shopping at Whole Foods and frequenting the restaurants, bars and entertainment options located on the Mill Avenue district of North Tempe. Numerous dining and shopping options are also in close proximity to the property located at Tempe Marketplace, with 1.3 Million square feet housing over 100 local and national retailers and restaurants. Significant employers in proximity to the property include State Farm, Edward Jones, Medtronic, Amazon, First Solar, and Chase Bank. The property is nestled in the path of progress radiating from development on the shorelines of Tempe Town Lake and the Novus Innovation Corridor. Park Terrace offers residents an attractive mix of well-appointed one and two-bedroom unit types which enjoy quality renovations including new white shaker kitchens and bathroom cabinets, stainless steel appliances, new flooring, faucets, fixtures, and in-suite washers and dryers. All units are individually metered for electricity and enjoy individual water heaters. Park Terrace is an irreplaceable asset in an iconic multifamily neighborhood offering tenants covered parking and the convenience of being located within walking distance of Arizona State University, which is rated No. 1 in the Country for innovation. The property offers the investor a unique value-add opportunity through additional interior and exterior renovations located on a hard-corner parcel, zoned R-4 multifamily residential, with seven-story student housing properties on two sides.
MLS® ID:
6444558
Updated:
8/18/22

Interior Features

Total Bedrooms
0
Total Bathrooms
0
Cooling
Electric
Heating
Electric

Exterior/Building Features

Lot Size
43 ft² lot
Roof
Other (See Remarks)
Sewer
Sewer - Public

School Information

High School
213 - Tempe Union High School District
Elementary School
003 - Tempe School District

Other Property Details

Taxes
$27654
Tax Frequency
per YEAR
Garage
No
Parking
Other (See Remarks)
Parking Total
45.0
View
N
County
Maricopa
Water Source
City Franchise
Pool
No
Zoning
R-4

Property History

Date
Event
Price
Value
8/10/22
Pending
-
-

 

Courtesy of ABI Multifamily

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 The Karas Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

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Data Last Updated: 3:51 PM UTC, 8/18/22.

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