Cap Rate
5.75%
$ per SF
$285
Tot. SF
13,300
1827 E Lemon St, Tempe, AZ, 85281
Alegre Park$3,800,000
Key Information
Lot Size
0.56 Acres
Units
24
Year Built
1961
Type
Apartments
Occupancy
100%
NOI
$218,554
Highlights
- Total Units: The property consists of 24 multifamily units, primarily one-bedroom layouts.
- Year Built / Renovated: Originally constructed in 1961 and extensively renovated in 2024 for modern appeal.
- Net Rentable Area: The asset features approximately 13,300 square feet of rentable space.
- Average Unit Size: Each unit averages about 554 square feet, maximizing efficiency.
- Unit Mix: The community offers (23) 1×1 units and (1) 2×1 unit for tenant flexibility.
- Parcel Size: The property sits on a 0.56-acre parcel, providing ample site area.
- List Price: The offering is priced at $3,800,000, equating to $158,000 per unit and $286 per SF.
- Current Cap Rate: The asset is offered at a 5.75% capitalization rate based on in-place income.
- Year 1 Cap Rate: Projected year one cap rate is 6.11%, reflecting immediate upside.
- Pro Forma Cap Rate: Pro forma cap rate is 7.30%, demonstrating strong future income potential.
Photos
Location
Agents
K
Kyle InmanLicense # SA691658000 (AZ)
B
Brad SkenderianLicense # SA692958000 (AZ)
Broker of Record
David Harrington
License # CO701910000, BR715518000 (AZ)Matthews Real Estate Investment Services, Inc4110 N Scottsdale Rd Suite 100, Scottsdale, AZ 85251