The Atrium

05-25-2023
06-05-2023

1835 E Don Carlos, Tempe, AZ 85281

  • Dynamic North Tempe Location With High Barriers to Entry
  • Attractive Resort-Style Grounds With a Large Sparkling Swimming Pool
  • Value-Add Upside Through a Market-Level Interior Renovation and Installing In-Suite Washers and Dryers
  • Updated Communities in the Competitive Rental Set Achieve Premiums of ±$200/Unit
  • Strong Area Fundamentals (Submarket Rents Averaged ±$1,432 and Increased 9.15% Year-Over-Year)
  • Nearby Arizona State University – Tempe With On-Campus Enrollment Exceeding 54,000
  • Minutes From the Loop 101 Freeway, Tempe Marketplace, and the Valley Metro Light Rail

 

Property Description

CBRE is pleased to present The Atrium, a 39-unit value-add opportunity in the dynamic North Tempe submarket. The community was built in 1972 with block construction, pitched composition shingle roofs, and is individually metered for electricity. The asset was recently upgraded in 2022 by decommissioning the chiller/boiler system, installing roof-mounted HVAC units, and replacing the master electric meters with new 100-amp panels and individual meters.

The Atrium represents a rare opportunity for an investor to renovate/re-position the asset and attain an average market rent premium of $200 per unit. In addition, current rents in North Tempe average $1,432 per unit and have increased 9.15% year-over-year, underscoring the tremendous growth potential of the submarket.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily Type
Garden Style
Price
$ 8,000,000
No. of Units
39
Year Built
1972
Year Renovated
2022
Building Size
21,945 Sq Ft
Lot Size
1 Acres
Opportunity Zone
No
Price Per Unit
$ 205,128
View broker details
Sign in to use the inquiry form

33.417224, -111.906999

Similar Properties in the area