Remodeled
For Sale
$699,000
Pending
105 South Hardy Drive, Tempe, AZ 85281
Updated interiors, dedicated parking, and a walkable Tempe setting support residential rental use.
Property Size1,927 SF
Days on Market235
Property Features for 105 South Hardy Drive
General Information
Standard status
Pending
Size
1,927 SF
Total Parking Spaces
6
Property subtype
Multiple Dwellings
Zoning
Multi
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$1,748
Amenities
washer/dryer hookups
ceiling fans
coaxial wiring
Electric
Yes
0.0
Rolled/Hot Mop
No Pool
1
4
Painted, Stucco, Block
Building Details
Year Built
1969
Year Renovated
2012
Buildings
1
Stories
1
Construction
masonry block
Listing Agency:
Home Brokers Realty, Inc.
(480) 940-8222
Listed By:
Darci Place · License #SA641746000
(480) 940-8222
Source:
Compass
Added: Jan 8
Changed: Aug 30
Last Checked: Aug 30 at 8:53PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Home Brokers Realty, Inc.
Investment Insights
Based on property information with market context.
Located at 105 South Hardy Drive in Tempe, this four-unit property contains 1,927 square feet within a masonry block building finished with synthetic stucco. Each residence offers one bedroom, one full bathroom, and a combined kitchen and living area. The two north units also have washer and dryer hookups.
A 2012 renovation introduced porcelain tile flooring, granite kitchen counters, European-style melamine cabinets, black appliances, updated lighting, ceiling fans, double-pane aluminum windows, electrical panels, doors, trim, and bathroom finishes. The property includes a six-space concrete parking lot and no pool. Zoning is Multi.
The property is within walking distance of the Tempe Center for the Arts and Tempe Town Lake, with Arizona State University approximately one mile away. A conceptual plan has also been prepared for a second-floor addition, with related narratives and site plans available.
A 2012 renovation introduced porcelain tile flooring, granite kitchen counters, European-style melamine cabinets, black appliances, updated lighting, ceiling fans, double-pane aluminum windows, electrical panels, doors, trim, and bathroom finishes. The property includes a six-space concrete parking lot and no pool. Zoning is Multi.
The property is within walking distance of the Tempe Center for the Arts and Tempe Town Lake, with Arizona State University approximately one mile away. A conceptual plan has also been prepared for a second-floor addition, with related narratives and site plans available.
Key Highlights
- Four‑unit property with 1,927 square feet
- Each unit includes 1 bedroom, 1 full bath, and a kitchen‑living room combination
- 2012 complete remodel with granite counters, updated cabinetry, tile, lighting, and windows
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$28,388
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.06%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$567,760
$567.8K
Cap Rate 7%
$405,543
$405.5K
Cap Rate 9%
$315,422
$315.4K
Market Conditions
NOI Build-Up for 1,927 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$42.8K $22.20/SF
− Vacancy
−$2.2K −$1.15/SF
EGI
$40.6K $21.05/SF
− OpEx
−$12.2K −$6.31/SF
NOI
$28.4K $14.73/SF
Area
Tempe, AZ
Vacancy
5.20%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$567,760
Cap Rate 7%
$405,543
Cap Rate 9%
$315,422
Alternative Uses
Best Use
Multifamily LT 5
$405.5K
$354.9K – $473.1K
NOI $28,388 @ 7.0% cap · market cap 4.06%
Second Best
Apartment 5plus
$373.1K
$326.5K – $435.3K
NOI $26,118 @ 7.0% cap · market cap 3.74%
Theoretical Best
Office A
$606.0K
$530.2K – $707.0K
NOI $42,418 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
989
Businesses Nearby
Explore this area
Business Placement
Demographics for 85281, AZ
69,218
Population
32,475
Households
2.1
Avg Household Size
26
Median Age
49%
College-Educated
91%
High-School Grad
13.3 sq mi
ZIP Area
5,204
Density / Sq Mi
$59,084
Median Household Income
$32,805
Median Earnings
$1,531
Median Rent
$364,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Updated interiors, dedicated parking, and a walkable Tempe setting support residential rental use.
Where is this quadplex located?
The property is located at 105 South Hardy Drive Tempe, AZ.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Four‑unit property with 1,927 square feet; Each unit includes 1 bedroom, 1 full bath, and a kitchen‑living room combination; 2012 complete remodel with granite counters, updated cabinetry, tile, lighting, and windows
