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    1248 E Harry Street Tempe, AZ 85288

    View on Map
    For Sale
    $700,000

    MULTI_FAMILY - Tempe, AZ

    Added:
    Jan 26, 2026
    Days on Market:
    64
    Last Refresh:
    Mar 31 at 10:06 pm

    Property Features for 1248 E Harry Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R-2
    Parking features
    Off Street
    Appliances
    Refrigerator, Built-In Gas Oven, Microwave, Washer/Dryer
    Standard status
    Active
    APN
    132-13-050

    Taxes and HOA fees

    TaxYear
    2025
    TaxDescription
    LOT 201 NORTH TEMPE 2 MCR
    TaxAnnualAmount
    1583

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1969
    Number of units
    2
    Flooring type
    Laminate
    Building materials
    Painted, Stucco, Block
    Roof type
    Rolled Hot Mop

    We can help!

    Listing Contact
    Brett Borinstein

    Listing agent Brett Borinstein

    Listing office Gentry Real Estate 3303 E Baseline Rd, Mesa, AZ

    Listing date Jan 26, 2026

    MLS# 6974899 Listing URL

    Copyright © 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Renovated Duplex in Central Tempe

    This turnkey duplex is offered as part of a five-unit residential compound situated across two adjacent parcels in central Tempe. The duplex includes two 2-bedroom/1-bath units, each featuring functional layouts and strong long-term rental appeal. The property has undergone a complete renovation, including new HVAC, a new roof, new electrical panels, and new windows. The interiors have also been updated throughout. This renovation ensures stable operations and minimizes near-term capital needs. The property is located directly adjacent to 1244 N Rose St, which includes three additional units. Together, the parcels operate as a single five-unit investment opportunity. The seller strongly prefers a concurrent sale of both parcels, although the parcels are listed separately. The site may offer future development upside. Buyers should independently verify zoning, density, and development feasibility. The property is located in Tempe, Arizona, with the postal code 85288, and is situated in Maricopa County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tempe
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.921343
    Latitude
    33.443366

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    FAQs

    What type of property is this?
    Duplex - Turnkey duplex with strong rental appeal in central Tempe.
    Where is this duplex located?
    The property is located at 1248 E Harry Street Tempe, AZ.
    What is the asking price?
    The asking price for this property is $700,000.
    What are key features of this property?
    This property features: Turnkey duplex featuring two 2‑bedroom/1‑bath units, fully renovated including new HVAC, roof, electrical panels, and windows.; Strong long‑term rental appeal due to functional layouts and updated interiors.; Minimal near‑term capital needs due to recent renovations, ensuring stable operations.
    (480) 455-7611
    We can help!
    Listing Contact
    Brett Borinstein
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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