695 N ARIZONA Avenue, Chandler, AZ 85225

$1,100,000
Property Type: Comm/Industry Sale Square Footage: 11,412 Lot Size (sq. ft.): 29,675 Status: Closed
Current Price: $1,100,000 List Date: 11/21/2023 Last Modified: 2/16/2024

Description

The Casa Blanca Motel is a 26-unit apartment / motel property (including the manager's residence) located a little over half a mile north of the vibrant Downtown Chandler area. Downtown Chandler, also known as ''The DC'', has gone through gentrification and revitalization over the past number of years to become one of the coolest, most hip, and popular downtown areas in the state. Downtown Chandler is a vibrant community featuring eclectic shops, enticing restaurants, and exciting events throughout the year. From fine art to popular breweries, you can find it all. The architecture of The DC makes it a unique area to visit, with original buildings from the early 1900s to the award-winning, modern City Hall.

Supplements: The walkability of The DC makes it a great place to visit for an afternoon, as well as after dark when the nightlife comes alive in the pubs, lounges, and eateries. Locals, as well as out-of-towners, visit The DC throughout the year to discover the art, culture, food, and entertainment that it brings to the heart of Chandler. The Casa Blanca Motel is comprised of 26 units and sits on 29,675 SF of land zoned C-3. Its mid-century architecture, mixed with a Santa Barbara-style, and its phenomenal location, makes the Casa Blanca Motel a very unique opportunity for a "current", cool, hip value-add project. The property has been operated as a weekly rental / motel and has performed extremely well historically. There are many new roofs and new exterior sewer lines. While an investor could continue to operate as-is, the best long-term plan would be to do a full renovation and mirror what was done down the street at The Aloha Motel. The city has expressed verbal support to convert the property to market-rate apartments or redevelop the site entirely. This property is a phenomenal value-add opportunity for someone who wants a property in an amazing location in an area where properties of this size rarely hit the market. Chandler continues to be one of the most sought-after submarkets for investors with its tremendous employment opportunities, lack of inventory, and its convenient, centralized location in the heart of the Southeast Valley. The Casa Blanca Motel is a tremendous vacation rental opportunity, similar to the nearby The Aloha Motel. Please see The Aloha Motel details provided to support the renovation proforma.

More Information MLS# 6625699

Contract Info

Ownership: Fee Simple Current Price: $1,100,000 Sold Price: $1,100,000 Status: Closed List Date: 2023-11-02

Location, Tax & Legal

Assessor's Map #: 66 Legal Description (Abbrev): LOT 1 BLOCK 2 LUNDQUIST MANOR MCR 003939 Assessor's Parcel #: 18 Add'l Parcels: Yes Tax Municipality: Chandler Census Tract: 522903 Taxes: 11262 Legal: LOT 1 BLOCK 2 LUNDQUIST MANOR MCR 003939 House Number: 695 Compass: N Street Name: ARIZONA St Suffix: Avenue City/Town Code: Chandler State/Province: AZ Zip Code: 85225 Zip4: 6950 County Code: Maricopa Subdivision: LUNDQUIST MANOR Assessor Number: 302-66-018 Tax Year: 2023

General Property Description

Ttl Apx SqFt Bldg: 11412 # of Buildings: 10 Uncvrd Parking Spcs: 0 Year Built: 1934 Zoning: C3

Legal Info

Range: 5E Section: 27 Township: 1S Lot Number: 1

Construction

Other: 1

Roofing

Other: 1

Floors

Other: 1

Income & Expenses

Owner Association: No Annual Ownr Asoc Fee: 0 Other Income: 0 Vacancy Allowance: 0 Adjusted Gross Inc: 0

Building Type

Commercial: 1 Other (See Remarks): 1

Business Type

See Remarks: 1

Stories

1 Story: 1

Pmt & Rate Info

Equity: 1799000 Total Owed: 0

Showing Notification Methods

Showing Service: Aligned Showings Text: 1 Phone Call: 1

Lockbox Type

None: 1

Ceiling Height

8 Feet or Less: 1

Heating

Other: 1

Cooling

Other: 1

Interior Features

Other (See Remarks): 1

Loading Facilities

None: 1

Exterior

Corner Lot: 1 Other (See Remarks): 1

Source of Fincl Data

Other (See Remarks): 1

Fencing

Other: 1

Water Source

City Franchise: 1

Freeway/Highway

Other (See Remarks): 1

Sewer

Sewer - Public: 1

Parking Features

Other: 1

Electric

Other (See Remarks): 1

Gas

Other (See Remarks): 1

New Financing

Cash Only: 1 Cash to Loan: 1 1031 Exchange: 1 Other (See Remarks): 1

Use Restrictions

Other (See Remarks): 1

Reports/Disclosures

Other (See Remarks): 1

Environmental

Other (See Remarks): 1

Sold Info

Loan Type: Other Payment Type: Other Clsing Cost Split: Normal - N Buyer Concession to Seller: 2 Buyer Concession $/%: % Seller Concession to Buyer: 0 Seller Concession $/%: %

Remarks Misc

Cross Street: N Arizona Ave & Chandler Blvd Directions: North on Arizona Ave to property on SE corner of Arizona Ave & E. Harrison St. Geo Lat: 33.315012 Geo Lon: -111.841085

Status Change Info

Off Market Date: 2024-01-09 Under Contract Date: 2024-01-09 Close of Escrow Date: 2024-02-16 Sold Price: $1,100,000

Property Features

Building Type: Commercial; Other (See Remarks) Business Type: See Remarks Stories: 1 Story Construction: Other Roofing: Other Floors: Other Ceiling Height: 8 Feet or Less Heating: Other Cooling: Other Loading Facilities: None Interior Features: Other (See Remarks) Exterior: Corner Lot; Other (See Remarks) Fencing: Other Parking Features: Other Electric: Other (See Remarks) Gas: Other (See Remarks) Water Source: City Franchise Sewer: Sewer - Public New Financing: Cash Only; Cash to Loan; 1031 Exchange; Other (See Remarks) Showing Notification Methods: Text; Phone Call Lockbox Type: None Source of Fincl Data: Other (See Remarks) Use Restrictions: Other (See Remarks) Environmental: Other (See Remarks)
Listing Office: ABI Multifamily
IDX
Last Updated: February - 16 - 2024
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