Architect-Designed Condo with Garage
For Sale
$316,500
1111 W University Drive #2009, Tempe, AZ 85281
A single-level residence near ASU includes in-unit laundry and access to a community pool, spa, and gym.
Property Size1,160 SF
Days on Market101
Property Features for 1111 W University Drive #2009
General Information
Standard status
Active
Size
1,160 SF
Total Parking Spaces
2
Property subtype
Apartment
Additional Details
Public Transit
Yes
Amenities
pool
spa
gated security
enclosed pool area
gym
laundry in unit
Building Details
Building Size
1,160 SF
Year Built
2005
Stories
3
Listing Agency:
Century 21 Arizona Foothills
Listed By:
Linda Leah Nelson · License #SA537416000
(480) 227-6644
Source:
Karolinakemski.kw
Added: Jul 17
Changed: Oct 19
Last Checked: Oct 24 at 1:45PM
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.
Designed by Will Bruder, this single-level condominium has updated appliances, countertops, and wood-look tile flooring. A refrigerator, washer, and dryer convey, and laundry is located within the unit. The property was built in 2005 and includes two-car parking in an underground garage.
Community amenities include a gated setting, an enclosed pool area with a separate spa, and a gym. The property is near ASU, light rail, and bus service.
HOA coverage includes exterior unit maintenance, roof repair and replacement, blanket insurance, water, sewer, garbage collection, and maintenance of common areas.
Community amenities include a gated setting, an enclosed pool area with a separate spa, and a gym. The property is near ASU, light rail, and bus service.
HOA coverage includes exterior unit maintenance, roof repair and replacement, blanket insurance, water, sewer, garbage collection, and maintenance of common areas.
Key Highlights
- Will Bruder‑designed condominium
- Single‑level unit with in‑unit laundry
- Updated appliances, countertops, and wood‑look tile flooring
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.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,259
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - A single-level residence near ASU includes in-unit laundry and access to a community pool, spa, and gym.
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: Will Bruder‑designed condominium; Single‑level unit with in‑unit laundry; Updated appliances, countertops, and wood‑look tile flooring
