Short-Term Rental Property with Balcony

For Sale

$290,000

1111 W UNIVERSITY Drive 2012, Tempe, AZ 85281

Furnished residence with in-unit laundry and access to a pool, spa, gym, and gated underground parking.

Property Size896 SF

Days on Market58

Property Features for 1111 W UNIVERSITY Drive 2012

General Information

Standard status Active

Size 896 SF

Property subtype Apartment

Additional Details

Furnished Yes

Average Monthly Rent $2,500

Highway Access Yes

Multifamily Units 1

Taxes and HOA fees

Annual Taxes $1,669

Amenities

pool

spa

BBQ

private gym

gated underground parking

pedestrian entry

in-unit laundry

balcony

Building Details

Building Size 896 SF

Year Built 2005

Tenancy Single

Listing Agency: Weichert, Realtors - Courtney Valleywide

Listed By: Nicole Courtney Kowal

Source: Alexiabertsatos

Added: Aug 11 Changed: Oct 5 Last Checked: Oct 5 at 10:12PM

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 Weichert, Realtors - Courtney Valleywide

Investment Insights

Based on property information with market context.

This furnished short-term rental property is tenant occupied through 7/31/27 and includes all furniture in the sale. The residence features a modern kitchen with a stainless steel refrigerator and dark gray cabinetry, a primary bedroom with a walk-in closet, a private balcony, and an interior laundry room. A new water heater was installed in 2025.

Community amenities include a pool and spa, barbecue area, private gym, gated underground parking, pedestrian entry, and a gated storage unit in the parking garage. The HOA allows short-term rentals and includes water, sewer, and trash. The property is near ASU Tempe Campus, Mill Avenue dining and entertainment, Whole Foods, Sky Harbor Airport, and freeways 202, 143, and I-10.

Key Highlights

Tenant occupied through 7/31/27
All furniture included in the sale
New water heater installed in 2025

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$12,144

Cap Rate

4.19%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$242,880 $242.9K

Cap Rate 7%

$173,486 $173.5K

Cap Rate 9%

$134,933 $134.9K

Market Conditions

NOI Build-Up for 896 SF

Gross rent

$23.4K $26.16/SF

− Vacancy

−$1.4K −$1.52/SF

EGI

$22.1K $24.64/SF

− OpEx

−$9.9K −$11.09/SF

NOI

$12.1K $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%

$242,880

Cap Rate 7%

$173,486

Cap Rate 9%

$134,933

Alternative Uses

Best Use

Apartment 5plus

$173.5K

$151.8K – $202.4K (±1% cap)

NOI $12,144 @ 7.0% cap · market cap 4.19%

Second Best

—

no second resolved use

Theoretical Best

Office A

$281.8K

$246.5K – $328.7K (±1% cap)

NOI $19,723 @ 7.0% cap · market cap 6.80%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Design By Theory ... Advertising Agency Metro Realty Real Estate Agency Rincon Ventures Property Management Company Coin Maze Campaign Charitable Organization ExerPlay, Inc. Building Supply