Residential Income Property with
For Sale
$299,999
1111 W University Drive #2020, Tempe, AZ 85281
Condominium unit with an open living area, updated kitchen finishes, and a private bedroom suite.
Property Size864 SF
Price / SF$347.22
Days on Market64
Property Features for 1111 W University Drive #2020
General Information
Standard status
Active
Size
864 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,402
Building Details
Building Size
864 SF
Year Built
2005
Stories
2
Listing Agency:
eXp Realty
(888) 897-7821
Listed By:
Kristine N Zimny · License #BR654495000
(480) 399-7121
Source:
Aznewhorizonrealty
Added: Jul 2
Changed: Aug 31
Last Checked: Aug 31 at 5:12PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 864-square-foot condominium unit at Vale Condominiums was built in 2005 and features an open interior arrangement with vaulted ceilings and wood-look flooring. The kitchen includes flat-panel cabinetry, pendant lighting, stainless steel appliances, a pantry, and a two-tier peninsula with a breakfast bar. The bedroom has a walk-in closet and its own bathroom, while a balcony adds outdoor space.
The property is located at 1111 W University Drive #2020 in Tempe, Arizona, near ASU. The combination of a defined bedroom suite, practical kitchen storage, and proximity to the university supports residential income use.
The property is located at 1111 W University Drive #2020 in Tempe, Arizona, near ASU. The combination of a defined bedroom suite, practical kitchen storage, and proximity to the university supports residential income use.
Key Highlights
- 864‑square‑foot condominium unit at Vale Condominiums
- Built in 2005
- Open layout with vaulted ceilings and wood‑look flooring
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
$11,710
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
3.90%
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%
$234,200
$234.2K
Cap Rate 7%
$167,286
$167.3K
Cap Rate 9%
$130,111
$130.1K
Market Conditions
NOI Build-Up for 864 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
$22.6K $26.16/SF
− Vacancy
−$1.3K −$1.52/SF
EGI
$21.3K $24.64/SF
− OpEx
−$9.6K −$11.09/SF
NOI
$11.7K $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 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%
$234,200
Cap Rate 7%
$167,286
Cap Rate 9%
$130,111
Alternative Uses
Best Use
Apartment 5plus
$167.3K
$146.4K – $195.2K
NOI $11,710 @ 7.0% cap · market cap 3.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$271.7K
$237.7K – $317.0K
NOI $19,019 @ 7.0% cap · market cap 6.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium unit with an open living area, updated kitchen finishes, and a private bedroom suite.
Where is this residential income property located?
The property is located at 1111 W University Drive #2020 Tempe, AZ.
What is the asking price?
The asking price for this property is $299,999.
What are key features of this property?
This property features: 864‑square‑foot condominium unit at Vale Condominiums; Built in 2005; Open layout with vaulted ceilings and wood‑look flooring
