2-Bedroom Condominium with
For Sale
$272,500
616 S Hardy Drive #131, Tempe, AZ 85281
Well-maintained 2-bedroom, 2-bath condo with a private patio and access to community pool, spa, and BBQ areas.
Days on Market8
Property Features for 616 S Hardy Drive #131
General Information
Standard status
Active
Property subtype
Apartment
Amenities
pool
spa
BBQ areas
Building Details
Building Size
779 SF
Year Built
1984
Listing Agency:
Urman
(602) 509-5087
Listed By:
Karen Urman
(602) 509-5087
Source:
Sunhaven-realestate
Added: Jul 25
Changed: Jul 26
Last Checked: Aug 1 at 12:09PM
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 Urman
Investment Insights
Based on property information with market context.
This well-maintained condominium offers two bedrooms and two bathrooms with an open, functional layout that connects spacious living and dining areas. Natural light fills the interior, and the home includes a well-appointed kitchen with ample cabinetry and workspace. The primary suite provides a private bath, and a private patio offers an outdoor space for relaxing or entertaining.
Located in the Worthington Place community in Tempe, residents can enjoy shared amenities including a pool, spa, and BBQ areas, along with beautifully maintained grounds.
For those seeking a manageable, low-maintenance residence within a community setting, this home’s configuration and in-place outdoor patio make everyday living straightforward while supporting a comfortable routine year-round.
Located in the Worthington Place community in Tempe, residents can enjoy shared amenities including a pool, spa, and BBQ areas, along with beautifully maintained grounds.
For those seeking a manageable, low-maintenance residence within a community setting, this home’s configuration and in-place outdoor patio make everyday living straightforward while supporting a comfortable routine year-round.
Key Highlights
- 2‑bedroom, 2‑bath condominium built in 1984 in the Worthington Place community
- Open living and dining areas with abundant natural light
- Kitchen with ample cabinetry and workspace
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $20.4k | $26.16 |
| − Vacancy | −$1.2k | −$1.52 |
| EGI | $19.2k | $24.64 |
| − OpEx | −$8.6k | −$11.09 |
| NOI | $10.6k | $13.55 |
779 SF · lease $26.16/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$150.8K
$132.0K – $176.0K
NOI $10,558 @ 7.0% cap · market cap 3.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$245.0K
$214.4K – $285.8K
NOI $17,148 @ 7.0% cap · market cap 6.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,167
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
Market
Properties on Market for Residential income properties in Tempe
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Well-maintained 2-bedroom, 2-bath condo with a private patio and access to community pool, spa, and BBQ areas.
Where is this residential income property located?
The property is located at 616 S Hardy Drive #131 Tempe, AZ.
What is the asking price?
The asking price for this property is $272,500.
What are key features of this property?
This property features: 2‑bedroom, 2‑bath condominium built in 1984 in the Worthington Place community; Open living and dining areas with abundant natural light; Kitchen with ample cabinetry and workspace
