2-Bedroom Residential Income
For Sale
$475,000
5200 S Lakeshore Dr #207, Tempe, AZ 85283
Gated Harbour Village residence with updated interiors, entertaining areas, and access to extensive community amenities.
Property Size1,742 SF
Price / SF$272.68
Days on Market16
Property Features for 5200 S Lakeshore Dr #207
General Information
Standard status
Active
Size
1,742 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
lake access
walking paths
heated pools
spa
tennis
pickleball
fitness center
clubhouse
two A/C units
balcony awning
Building Details
Year Built
1983
Listing Agency:
Exp Realty
(623) 986-6650
Listed By:
Jeremy Jennings
(623) 986-6650
Source:
Theazliving
Added: Aug 14
Changed: Aug 28
Last Checked: Aug 28 at 10:15AM
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 1,742-square-foot residential income property was built in 1983 and includes two bedrooms, two bathrooms, and a two-car garage. The interior features LVP flooring, fresh paint, an eat-in kitchen with LG and GE Monogram appliances, a great room, and a separate dining area. Custom cabinetry, designer lighting, a wet bar, buffet, and two fireplaces add functional and decorative detail. French doors open to a tiled balcony extending across the living area, while the primary suite includes a fireplace and oversized walk-in closet. Two A/C units provide climate control.
Located within gated Harbour Village at 5200 S Lakeshore Dr #207 in Tempe, the property offers lake access and walking paths along with heated pools, a spa, tennis and pickleball courts, a fitness center, and clubhouse facilities. A balcony awning extends the outdoor living area and provides additional shade.
Located within gated Harbour Village at 5200 S Lakeshore Dr #207 in Tempe, the property offers lake access and walking paths along with heated pools, a spa, tennis and pickleball courts, a fitness center, and clubhouse facilities. A balcony awning extends the outdoor living area and provides additional shade.
Key Highlights
- 1,742 SF residential property with 2 bedrooms and 2 bathrooms
- Two‑car garage, two A/C units, and a tiled double‑length balcony
- Eat‑in kitchen equipped with LG and GE Monogram appliances
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
$23,610
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
4.97%
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%
$472,200
$472.2K
Cap Rate 7%
$337,286
$337.3K
Cap Rate 9%
$262,333
$262.3K
Market Conditions
NOI Build-Up for 1,742 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
$45.6K $26.16/SF
− Vacancy
−$2.6K −$1.52/SF
EGI
$42.9K $24.64/SF
− OpEx
−$19.3K −$11.09/SF
NOI
$23.6K $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%
$472,200
Cap Rate 7%
$337,286
Cap Rate 9%
$262,333
Alternative Uses
Best Use
Apartment 5plus
$337.3K
$295.1K – $393.5K
NOI $23,610 @ 7.0% cap · market cap 4.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$547.8K
$479.3K – $639.1K
NOI $38,346 @ 7.0% cap · market cap 8.07%
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
1,301
Businesses Nearby
Explore this area
Business Placement
Demographics for 85283, AZ
45,736
Population
20,620
Households
2.2
Avg Household Size
35
Median Age
44%
College-Educated
93%
High-School Grad
8.8 sq mi
ZIP Area
5,197
Density / Sq Mi
$81,073
Median Household Income
$47,213
Median Earnings
$1,669
Median Rent
$409,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Gated Harbour Village residence with updated interiors, entertaining areas, and access to extensive community amenities.
Where is this residential income property located?
The property is located at 5200 S Lakeshore Dr #207 Tempe, AZ.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 1,742 SF residential property with 2 bedrooms and 2 bathrooms; Two‑car garage, two A/C units, and a tiled double‑length balcony; Eat‑in kitchen equipped with LG and GE Monogram appliances
