Updated Ground-Level Residential
For Sale
$310,000
1215 E LEMON Street 107, Tempe, AZ 85281
Renovated unit with stainless appliances, granite countertops, in-unit laundry, covered patio, and access to a community pool.
Property Size960 SF
Days on Market53
Property Features for 1215 E LEMON Street 107
General Information
Standard status
Active
Size
960 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,381
Amenities
pool
covered patio
washer and dryer
Building Details
Building Size
960 SF
Year Built
1986
Listing Agency:
West USA Realty
Listed By:
Shuyan Zhou-Harden
(480) 824-8485
Source:
Alexiabertsatos
Added: Aug 24
Changed: Oct 12
Last Checked: Oct 15 at 7:17AM
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 West USA Realty
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This ground-level residential unit, built in 1986, has been refreshed with tile flooring, ceiling fans, and updated interior finishes. The living and dining areas connect in an open configuration, while the kitchen includes ample cabinetry, stainless steel appliances, and granite countertops. The primary bedroom offers a walk-in closet and private bathroom, and a washer and dryer are included.
Outdoor features include a covered patio and access to the community pool. The property is located within the Commons on Lemon Community in Tempe, Arizona.
Outdoor features include a covered patio and access to the community pool. The property is located within the Commons on Lemon Community in Tempe, Arizona.
Key Highlights
- Ground‑level unit in the Commons on Lemon Community
- Updated kitchen with cabinetry, stainless steel appliances, and granite countertops
- Primary bedroom with walk‑in closet and private bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,011
Cap Rate
4.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$260,220
$260.2K
Cap Rate 7%
$185,871
$185.9K
Cap Rate 9%
$144,567
$144.6K
Market Conditions
NOI Build-Up for 960 SF
Gross rent
$25.1K $26.16/SF
− Vacancy
−$1.5K −$1.52/SF
EGI
$23.7K $24.64/SF
− OpEx
−$10.6K −$11.09/SF
NOI
$13.0K $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%
$260,220
Cap Rate 7%
$185,871
Cap Rate 9%
$144,567
Alternative Uses
Best Use
Apartment 5plus
$185.9K
$162.6K – $216.9K
NOI $13,011 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$301.9K
$264.2K – $352.2K
NOI $21,132 @ 7.0% cap · market cap 6.82%
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
1,208
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 - Renovated unit with stainless appliances, granite countertops, in-unit laundry, covered patio, and access to a community pool.
Where is this residential income property located?
The property is located at 1215 E LEMON Street 107 Tempe, AZ.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: Ground‑level unit in the Commons on Lemon Community; Updated kitchen with cabinetry, stainless steel appliances, and granite countertops; Primary bedroom with walk‑in closet and private bathroom
