Residential Condo with
For Sale
$235,000
1111 E UNIVERSITY Drive #235, Tempe, AZ 85288
Pool views, private storage, and an assigned detached carport add practical features to this upper-level home.
Property Size631 SF
Price / SF$372.42
Days on Market25
Property Features for 1111 E UNIVERSITY Drive #235
General Information
Standard status
Active
Size
631 SF
Property subtype
Apartment
Building Details
Year Built
1981
Listing Agency:
Berkshire Hathaway Homeservices Arizona Properties
Listed By:
Kathryn Thomas
(480) 505-6300
Source:
Kathrynthomas
Added: Oct 9
Changed: Nov 1
Last Checked: Nov 1 at 3:32AM
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 Berkshire Hathaway Homeservices Arizona Properties
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Investment Insights
Based on property information with market context.
This upper-level, one-bedroom, one-bathroom condo is in the complex’s newest building. The living area connects to a balcony facing the pool, with a separate private storage closet just outside. Inside, the unit has newer flooring, fresh paint, a larger bedroom, and a walk-in closet. An assigned detached carport is included, and residents can also use the community clubhouse.
The property is a short distance from ASU, transit, cafes, and everyday services in Tempe. Built in 1981, the 631-square-foot unit combines a defined bedroom and living area with balcony access and additional storage.
The property is a short distance from ASU, transit, cafes, and everyday services in Tempe. Built in 1981, the 631-square-foot unit combines a defined bedroom and living area with balcony access and additional storage.
Key Highlights
- 631‑square‑foot, upper‑level condo with 1 bedroom and 1 bathroom
- Balcony overlooks the community pool and has a private storage closet
- Larger bedroom includes a walk‑in closet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$8,552
Cap Rate
3.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$171,040
$171.0K
Cap Rate 7%
$122,171
$122.2K
Cap Rate 9%
$95,022
$95.0K
Market Conditions
NOI Build-Up for 631 SF
Gross rent
$16.5K $26.16/SF
− Vacancy
−$957 −$1.52/SF
EGI
$15.5K $24.64/SF
− OpEx
−$7.0K −$11.09/SF
NOI
$8.6K $13.55/SF
Area
Tempe, AZ
Vacancy
5.80%
Lease Rate
$26.16 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$171,040
Cap Rate 7%
$122,171
Cap Rate 9%
$95,022
Alternative Uses
Best Use
Apartment 5plus
$122.2K
$106.9K – $142.5K
NOI $8,552 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$198.4K
$173.6K – $231.5K
NOI $13,890 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
1,259
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Frequently Asked Questions
What type of property is this?
Residential income property - Pool views, private storage, and an assigned detached carport add practical features to this upper-level home.
Where is this residential income property located?
The property is located at 1111 E UNIVERSITY Drive #235 Tempe, AZ.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: 631‑square‑foot, upper‑level condo with 1 bedroom and 1 bathroom; Balcony overlooks the community pool and has a private storage closet; Larger bedroom includes a walk‑in closet
