$4,350,000
$340K PRICE DROP

2309 S College Ave Tempe, AZ 85282

Alameda Neighborhood

Estimated payment $24,185/month

Total Views 8,550
-- Bed
-- Bath
-- Sq Ft
-- Price per Sq Ft

Highlights

  • Cooling Available
  • Concrete Flooring
  • Heat Pump System
  • Community Barbecue Grill

About This Home

Located in the heart of
Tempe, this 18-unit
apartment complex
presents a turnkey
investment opportunity in
a high-demand market.
Situated just minutes from
Arizona State University,
downtown Tempe, major
freeways, and public
transit, this property's
prime location attracts a
steady stream of tenants
for consistent rental
income in a thriving
metropolitan area.

Listing Agent

Simon Bowen

Denali Real Estate, LLC License #BR685455000 Listed on: 01/02/2025

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $6,348

Year Built

  • Built in 1963

Home Design

  • Composition Roof
  • Block Exterior

Parking

  • 10 Open Parking Spaces
  • 28 Parking Spaces
  • Carport

Schools

  • Tempe High School

Utilities

  • Cooling Available
  • Heat Pump System
  • Individual Controls for Heating

Additional Features

  • Concrete Flooring
  • Additional Parcels

Listing and Financial Details

  • Tax Lot 17
  • Assessor Parcel Number 133-26-018

Community Details

Overview

  • 3 Buildings
  • 18 Units
  • Building Dimensions are 230.88 x 123.20
  • Broadmor Manor 4 Subdivision

Amenities

  • Community Barbecue Grill

Building Details

  • Operating Expense $65,920
  • Gross Income $294
  • Net Operating Income $237,920

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$6,348

Year Built

Built in 1963

Lot Details

0

Listing Details

  • Cross Street: Broadway & Mill
  • Legal Info Range: 4E
  • Property Type: Multiple Dwellings
  • Zoning: Multi Family
  • Number Of Buildings: 3
  • Ownership: Fee Simple
  • Year Built: 1963
  • Tax Year: 2024
  • Directions: GPS
  • Road Surface Type: Asphalt
  • Professional Management Expense: 15192.0
  • Subdivision Name: BROADMOR MANOR 4
  • Roofing:Composition: Yes
  • Water Source City Franchise2: Yes
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Flooring: Concrete
  • Appliances: Free-Standing Range, Dishwasher, Refrigerator, Washer/Dryer
  • Appliances Included:FS OvenRange: Yes
  • Appliances Included:WasherDryer: Yes
  • Appliances Included:Refrigerator2: Yes
  • Appliances Included:Dishwasher2: Yes
  • Community Features:Barbecue: Yes

Exterior Features

  • Disclosures: Seller Prop Disc Stm
  • Construction Type: Painted, Block
  • Roof: Composition
  • Construction:Block: Yes

Garage/Parking

  • Total Covered Spaces: 18.0
  • Parking Features: Add'l Parking Avail, Carport
  • Attached Garage: No
  • Open Parking Spaces: 10.0
  • Total Parking Spaces: 28.0
  • General Property Description:Covered Parking Spcs: 18.0
  • General Property Description:Uncvrd Parking Spcs: 10.0
  • General Property Description:Total Parking Spcs: 28.0
  • Parking Features:Carport: Yes

Utilities

  • Electric: SRP
  • Cooling: Heat Pump
  • Heating: Individual, Heat Pump
  • Cooling Y N: Yes
  • Heating Yn: Yes
  • Water Source: City Franchise
  • Heating:Individual: Yes
  • Heating:Heat Pump2: Yes

Condo/Co-op/Association

  • Community Features: Barbecue, No Pool

Association/Amenities

  • Exterior Amenities:Green Landscaping: Yes
  • Interior Amenities:FireSmoke Alarm(s): Yes
  • Exterior Amenities:Desert Landscaping: Yes
  • Interior Amenities:Unfurnished: Yes
  • Interior Amenities:Partially Furnished: Yes

Fee Information

  • Trash Expense: 1000.0
  • Annual Water Sewer Expense: 12000.0

Schools

  • High School: Tempe High School
  • Junior High Dist: Tempe Union High School District

Lot Info

  • Lot Size: 230.88 x 123.20
  • Additional Parcels: Yes
  • Parcel #: 133-26-018

Multi Family

  • Owner Pays: Trash Collection, Water, Sewer, Landscaping
  • Number Of Units Total: 18
  • Electric Expense: 580.0
  • Annual Gross Income: 293.91
  • Insurance Expense: 8000.0
  • Maintenance Expense: 16800.0
  • Property Net Operating Income: 237920.0
  • Annual Operating Expense: 65920.0
  • Vacancy Allowance Rate: 0.03

Tax Info

  • Tax Annual Amount: 6348.0
  • Tax Book Number: 133.00
  • Tax Lot: 17

Map

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
08/09/2025 08/09/25 Price Changed $4,350,000 -4.4% --
06/12/2025 06/12/25 Price Changed $4,550,000 -3.0% --
01/02/2025 01/02/25 For Sale $4,690,000 +50.8% --
03/15/2019 03/15/19 Sold $3,110,000 -1.3% $3,659 / Sq Ft
01/08/2019 01/08/19 For Sale $3,150,000 -- $3,706 / Sq Ft
Source: Arizona Regional Multiple Listing Service (ARMLS)

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 6799565

Arizona Regional Multiple Listing Service (ARMLS)
Arizona Maricopa County Tempe 85282 Alameda

2309 S College Ave, Tempe, AZ

This home is located at 2309 S College Ave, Tempe, AZ 85282 and is currently priced at $4,350,000. This property was built in 1963. 2309 S College Ave is a home located in Maricopa County with nearby schools including Broadmor Elementary School, Connolly Middle School, and Tempe High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Arizona Regional Multiple Listing Service (ARMLS) All information should be verified by the recipient and none is guaranteed as accurate by ARMLS

Listing Information presented by local MLS brokerage: Ten-X, local REALTOR®- Arlene Richardson - (888)-952-6393

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Simon Bowen
Listing Agent
Simon Bowen
Section Image
Denali Real Estate, LLC
(602) 691-7859