Q2 2010 Light Rail Market Report
Metro Phoenix (Phoenix, Tempe, Mesa)
Scope: This report comprises real estate activity within a quarter-mile of each light rail station. This is also known as ‘Transit Oriented Development' or TOD.
The light rail corridor is comprised of 28 Stations and extends 20 miles in length. Service began in December 2008 at a cost of approx. $1.4 Billion. There are currently two extensions planned, both approximately 3 miles in length that will extend the length of the line in each direction. The first project is in Phoenix at the North end, and the second in Mesa extending the South end. The Phoenix extension will be paid for by the City of Phoenix and is currently on hold due to City budget issues; the Mesa extension is proceeding forward and will be paid for by a combination of Federal funds and Proposition 400 half-cent sales tax money.
Multi Family
Light Rail Apartments showed an increase in sales in the quarter. Seven apartment complexes sold in Q2 2010, an increase over Q1. The average sales price was $2,601,857 with an average price per unit at $23,839. It must be noted that these were not traditional sales. Most were sold in a "Distressed" or "Non-Arms Length" transaction.
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Light Rail Apartments Sold in Q2 |
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|
Address |
units |
Sq Ft |
City |
Price |
$/unit |
Conditions |
|
1030 N 3rd St |
48 |
22,788 SF |
Phoenix |
$1,050,000 |
$21,875 |
|
|
111 W 6th St |
370 |
392,072 SF |
Tempe |
$8,000,000 |
$21,622 |
Non-Arms Length |
|
4802 N 19th Ave |
236 |
209,376 SF |
Phoenix |
$4,448,002 |
$18,847 |
Non-Arms Length |
|
1835 E Don Carlos |
39 |
26,100 SF |
Tempe |
$275,000 |
$21,256 |
partial int. transfer |
|
1100 E Lemon St |
44 |
27,618 SF |
Tempe |
$2,515,000 |
$57,159 |
REO Sale |
|
1015 S Stanley Pl |
33 |
27,216 SF |
Tempe |
$1,250,000 |
$37,879 |
REO Sale |
|
150 E Virginia Ave |
20 |
11,910 SF |
Phoenix |
$675,000 |
$33,750 |
Short Sale |
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Bryan Watkins sells real estate in Phoenix, Tempe and Mesa Arizona. This Market Report is owned and published by www.LightRailConnect.com. Want to SEARCH and BROWSE the official MLS just like an Agent? Now you can at www.LRARealEstate.com. This information has been compiled from the Arizona MLS and CoStar. It is believed to be correct but is not guaranteed.
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