Residential Income Condo
For Sale
$316,500
1111 W University Drive 2009, Tempe, AZ 85281
One-level condo with updated finishes, in-unit laundry, community pool and spa, and gated access.
Property Size1,160 SF
Days on Market96
Property Features for 1111 W University Drive 2009
General Information
Standard status
Active
Size
1,160 SF
Total Parking Spaces
2
Property subtype
Apartment
Units
Multifamily Units
1
Parking per Unit
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,187
Amenities
pool/spa
gated security
gym
laundry in unit
Building Details
Building Size
1,160 SF
Year Built
2005
Listing Agency:
Century 21 Arizona Foothills
Listed By:
Linda Leah Nelson · License #SA537416000
(480) 227-6644
Source:
Alexiabertsatos
Added: Jul 14
Changed: Oct 12
Last Checked: Oct 16 at 4:49PM
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 Century 21 Arizona Foothills
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Investment Insights
Based on property information with market context.
This one-level condominium was built in 2005 and features updated flooring, appliances, and quartz countertops. Wood-look tile extends through the unit, while the residence also includes a refrigerator, washer, and dryer. Two assigned parking spaces are provided in an underground garage. The unit’s design is credited to architect Will Bruder.
Community amenities include a gated entrance, enclosed pool area, separate spa, and gym. The property is near Arizona State University, light rail, and a bus pickup location. HOA services include exterior unit maintenance, roof repairs and replacement, blanket insurance, water, sewer, garbage collection, and maintenance of common areas.
Community amenities include a gated entrance, enclosed pool area, separate spa, and gym. The property is near Arizona State University, light rail, and a bus pickup location. HOA services include exterior unit maintenance, roof repairs and replacement, blanket insurance, water, sewer, garbage collection, and maintenance of common areas.
Key Highlights
- One‑level condo with updated appliances, quartz countertops, and wood‑look tile flooring
- Two‑car parking spaces in an underground garage
- Refrigerator, washer, and dryer convey with the unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,722
Cap Rate
4.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$314,440
$314.4K
Cap Rate 7%
$224,600
$224.6K
Cap Rate 9%
$174,689
$174.7K
Market Conditions
NOI Build-Up for 1,160 SF
Gross rent
$30.3K $26.16/SF
− Vacancy
−$1.8K −$1.52/SF
EGI
$28.6K $24.64/SF
− OpEx
−$12.9K −$11.09/SF
NOI
$15.7K $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%
$314,440
Cap Rate 7%
$224,600
Cap Rate 9%
$174,689
Alternative Uses
Best Use
Apartment 5plus
$224.6K
$196.5K – $262.0K
NOI $15,722 @ 7.0% cap · market cap 4.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$364.8K
$319.2K – $425.6K
NOI $25,534 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,259
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
Frequently Asked Questions
What type of property is this?
Residential income property - One-level condo with updated finishes, in-unit laundry, community pool and spa, and gated access.
Where is this residential income property located?
The property is located at 1111 W University Drive 2009 Tempe, AZ.
What is the asking price?
The asking price for this property is $316,500.
What are key features of this property?
This property features: One‑level condo with updated appliances, quartz countertops, and wood‑look tile flooring; Two‑car parking spaces in an underground garage; Refrigerator, washer, and dryer convey with the unit
