Ground-Level Apartment
For Sale
$279,990
1905 E University Drive #132, Tempe, AZ 85288
Apartment features include a private patio, quartz kitchen counters, and access to a community pool and spa.
Property Size934 SF
Days on Market23
Property Features for 1905 E University Drive #132
General Information
Standard status
Active
Size
934 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,229
Amenities
pool
spa
Building Details
Building Size
934 SF
Year Built
1984
Stories
2
Listing Agency:
Barrett Real Estate
(480) 489-2957
Listed By:
Carson Sundem
(480) 489-2957
Source:
Sunhaven-realestate
Added: Jul 30
Changed: Aug 8
Last Checked: Aug 20 at 1:15PM
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 Barrett Real Estate
Investment Insights
Based on property information with market context.
This ground-level apartment unit features an inviting patio, a living room with blinds and durable tile flooring, and a kitchen with quartz counters, white cabinetry, stainless steel appliances, and a peninsula with breakfast bar. The primary bedroom includes a private bathroom.
Built in 1984, the unit is located within Papago Park Village, which offers a community pool, spa, and maintained common areas. The property is at 1905 E University Drive in Tempe, near bus stops, restaurants, and shopping.
Built in 1984, the unit is located within Papago Park Village, which offers a community pool, spa, and maintained common areas. The property is at 1905 E University Drive in Tempe, near bus stops, restaurants, and shopping.
Key Highlights
- Ground‑level apartment unit in Papago Park Village
- Inviting private patio for outdoor dining or morning coffee
- Kitchen with quartz counters, white cabinetry, stainless steel appliances, and breakfast bar
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
$12,659
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
4.52%
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%
$253,180
$253.2K
Cap Rate 7%
$180,843
$180.8K
Cap Rate 9%
$140,656
$140.7K
Market Conditions
NOI Build-Up for 934 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
$24.4K $26.16/SF
− Vacancy
−$1.4K −$1.52/SF
EGI
$23.0K $24.64/SF
− OpEx
−$10.4K −$11.09/SF
NOI
$12.7K $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%
$253,180
Cap Rate 7%
$180,843
Cap Rate 9%
$140,656
Alternative Uses
Best Use
Apartment 5plus
$180.8K
$158.2K – $211.0K
NOI $12,659 @ 7.0% cap · market cap 4.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$293.7K
$257.0K – $342.7K
NOI $20,560 @ 7.0% cap · market cap 7.34%
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
1,627
Businesses Nearby
Explore this area
Business Placement
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Apartment features include a private patio, quartz kitchen counters, and access to a community pool and spa.
Where is this residential income property located?
The property is located at 1905 E University Drive #132 Tempe, AZ.
What is the asking price?
The asking price for this property is $279,990.
What are key features of this property?
This property features: Ground‑level apartment unit in Papago Park Village; Inviting private patio for outdoor dining or morning coffee; Kitchen with quartz counters, white cabinetry, stainless steel appliances, and breakfast bar
