Residential Income Property with
For Sale
$169,900
200 E SOUTHERN Avenue E 303, Tempe, AZ 85282
The one-bedroom condominium includes updated kitchen and bath finishes, a wood-burning fireplace, and access to shared recreation amenities.
Property Size693 SF
Price / SF$245.17
Days on Market195
Property Features for 200 E SOUTHERN Avenue E 303
General Information
Standard status
Active
Size
693 SF
Property subtype
Apartment
Site & Location
Neighborhood
Chesapeake
Public Transit
Yes
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$788
Amenities
private deck
in-unit washer & dryer
wood-burning fireplace
community pool
spa
clubhouse
BBQ areas
Building Details
Building Size
693 SF
Year Built
1986
Listing Agency:
Compass
Listed By:
Eric Hunter
(602) 738-2871
Source:
Inspiredrealestatelife
Added: Apr 22
Changed: Oct 26
Last Checked: Oct 30 at 1:36AM
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 Compass
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Investment Insights
Based on property information with market context.
This 693-square-foot condominium has one bedroom and one bathroom, with no residence above it. Interior improvements include a kitchen with granite counters and stainless steel appliances, a renovated bathroom, and a wood-burning fireplace. The private deck faces the community grounds. The unit also includes a washer and dryer, added attic insulation, and air conditioning installed in 2023. The building dates to 1986.
Residents have access to two pools, a spa, clubhouse, barbecue areas, and landscaped grounds. The property is 2 miles from Arizona State University and is on Tempe Orbit’s free bus route. Tempe Town Lake, Mill Avenue, light rail, shopping, dining, fitness facilities, Sky Harbor Airport, and major freeways are also identified as nearby destinations.
Residents have access to two pools, a spa, clubhouse, barbecue areas, and landscaped grounds. The property is 2 miles from Arizona State University and is on Tempe Orbit’s free bus route. Tempe Town Lake, Mill Avenue, light rail, shopping, dining, fitness facilities, Sky Harbor Airport, and major freeways are also identified as nearby destinations.
Key Highlights
- 693‑square‑foot, one‑bedroom, one‑bathroom condominium
- Private deck overlooking the community grounds; no residence above
- Air conditioning installed in 2023 and additional attic insulation
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,393
Cap Rate
5.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$187,860
$187.9K
Cap Rate 7%
$134,186
$134.2K
Cap Rate 9%
$104,367
$104.4K
Market Conditions
NOI Build-Up for 693 SF
Gross rent
$18.1K $26.16/SF
− Vacancy
−$1.1K −$1.52/SF
EGI
$17.1K $24.64/SF
− OpEx
−$7.7K −$11.09/SF
NOI
$9.4K $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%
$187,860
Cap Rate 7%
$134,186
Cap Rate 9%
$104,367
Alternative Uses
Best Use
Apartment 5plus
$134.2K
$117.4K – $156.6K
NOI $9,393 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$217.9K
$190.7K – $254.3K
NOI $15,255 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,252
Businesses Nearby
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Business Placement
Demographics for 85282, AZ
52,351
Population
25,667
Households
2
Avg Household Size
33
Median Age
44%
College-Educated
94%
High-School Grad
11.1 sq mi
ZIP Area
4,716
Density / Sq Mi
$79,084
Median Household Income
$43,863
Median Earnings
$1,627
Median Rent
$370,000
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The one-bedroom condominium includes updated kitchen and bath finishes, a wood-burning fireplace, and access to shared recreation amenities.
Where is this residential income property located?
The property is located at 200 E SOUTHERN Avenue E 303 Tempe, AZ.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: 693‑square‑foot, one‑bedroom, one‑bathroom condominium; Private deck overlooking the community grounds; no residence above; Air conditioning installed in 2023 and additional attic insulation
