Tempe Cottages is a complex of three 6-plexes with total of 18 one-bedroom, one-bath apartments, built in 1963 and updated in the last one year.
Each apartment is approximately 535 square feet.
It just sold for $2,550,000 on Septembet 21, 2017. This makes each unit price to be $141,667, approximately $265 per square foot.
The small, long aparments were updated in 2016-2017 and the designer's hand is well-visible in the large items (kitchen, bathroom, bedroom updates), as well as in the details (door handles, decorative walls, lighting).
The rents are around $1,000 per month.
I can see a trend in the solid demand for luxury in small apartment rentals, and a desire to pay for convenience, location and design.
Tempe Cottages Complex is snuggled between Broadmor Elementary school, McKemy Middle school and is also a biking distance from Arizona State University.
If you are looking for an investment property in Tempe, near ASU and down town Tempe, please visit my web-site, or call me. I will be happy to share with you the opportunities I see daily in this market.
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