Listed by Kidder Mathews
Unpriced
Tempe, AZ
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 5,063
Units 10
NOI $318,049
Occupancy 100%
Class A
Year Built 2020
Lot Size (SqFt) 29,952
Multifamily | 10 Units
Marketing description
The Avana Assis ted Living property was purchased in 2019 and underwent a complete $350k renovation to transform it into the beautiful custom-designed facility it is today. This family-owned business provides stellar care and a lovely home-like environment to just ten residents. Avana is located in a lovely neighborhood in the mature and stable community of Tempe Arizona. Tempe is centrally located in the Phoenix valley and is also home to Arizona State University. The facility sits on a private parcel with gardens and bright outdoor spaces. The home has ten beautifully appointed private bedrooms. Each unit has a private bath and some offer private terraces. There are two large community shower rooms where residents may be safely assisted with showering. In addition to the open living room, dining room and kitchen areas, there is also a large, covered porch over looking the private back yard. The recently renovated facility has all new fire alarm/sprinkler systems, appliances, furnishings and ADA compliant accessories.
This investment opportunity offers a buyer a stabilized and cash flowing business with plenty of room for additional income growth. The Tempe market has seen solid need for assisted living with continued strong demand as the community ages. The facility is currently run with a full-time administrator and a low resident to staff ratio. The full time, salaried manager has been with Avana since opening day and has been the licensed certified manager since 2023.
The city continues to be one of the most thriving economic environments in the country, supported by a young, educated demographic driven largely by the presence of Arizona State University, one of the largest universities in the US. This provides residents with access to a wealth of educational opportunities as well as boosting the local job market. Tempe has established itself as a hub for high-tech firms, top research firms, start-ups, and innovation-focused industries, with major employers such as Honeywell and numerous emerging tech companies fueling job creation. The strong educational and employment base stimulates consistent demand for housing, restaurants, entertainment, and essential services, while ongoing development around Downtown Tempe and Tempe Town Lake continues to enhance the area’s urban appeal.
Investment highlights
- Class A Asset in Turnkey Condition : The property is exceptionally maintained with luxury accommodations, no deferred maintenance, and a modern, high-end buildout. It requires no capital investment from a buyer to continue operations.
- Strong Financial Performance : Over the past several years, Avana has had zero vacancy, with full occupancy and an active waitlist at all times. The home consistently produces strong NOI, and has increased room rates on every turnover, creating a built-in revenue growth mechanism.
- Regulatory Moat (Zoning Advantage) : The property holds a grandfathered 10- bed zoning approval from the City of Tempe. Following a policy change, any new group home in Tempe defaults to just 5 beds, with uncertain approval for expansion to 10. This makes the licensure non-replicable under current zoning.
Listing Contacts
Listed by Kidder Mathews
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$318,049.00
$26,504.08/mo
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