Residential Income Property Near
For Sale
$315,000
1215 E Lemon Street Apt 127, Tempe, AZ 85281
The two-bedroom condominium has two private bedroom suites and sits within a gated community with a pool.
Property Size960 SF
Price / SF$328.13
Days on Market148
Property Features for 1215 E Lemon Street Apt 127
General Information
Standard status
Active
Size
960 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,385
Amenities
Community Pool
Building Details
Building Size
960 SF
Year Built
1986
Listing Agency:
HomeSmart
Listed By:
Adam J Reuben
(602) 663-4569
Source:
Inspiredrealestatelife
Added: Jun 3
Changed: Oct 26
Last Checked: Oct 26 at 3:05PM
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 HomeSmart
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Investment Insights
Based on property information with market context.
This 2-bedroom, 2-bathroom condominium is a downstairs unit with no stairs and two primary bedroom suites. Recent interior updates include new paint and carpet. The residence is part of a gated community with a pool and was built in 1986.
Metro light rail and streetcar access are behind the complex. Arizona State University’s Tempe campus and the Fraternity and Sorority Greek Village are a five-minute walk away.
Metro light rail and streetcar access are behind the complex. Arizona State University’s Tempe campus and the Fraternity and Sorority Greek Village are a five-minute walk away.
Key Highlights
- 2‑bedroom, 2‑bathroom condominium
- 960 property size
- Two primary bedroom suites in a downstairs unit with no stairs
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,011
Cap Rate
4.13%
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 4.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$301.9K
$264.2K – $352.2K
NOI $21,132 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,208
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 - The two-bedroom condominium has two private bedroom suites and sits within a gated community with a pool.
Where is this residential income property located?
The property is located at 1215 E Lemon Street Apt 127 Tempe, AZ.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 2‑bedroom, 2‑bathroom condominium; 960 property size; Two primary bedroom suites in a downstairs unit with no stairs
