Updated Residential Income
For Sale
$237,900
200 E SOUTHERN Avenue 223, Tempe, AZ 85282
Second-floor condo with pool views, refreshed interior finishes, and an updated kitchen.
Property Size941 SF
Price / SF$252.82
Days on Market146
Property Features for 200 E SOUTHERN Avenue 223
General Information
Standard status
Active
Size
941 SF
Property subtype
Apartment
Site & Location
Neighborhood
Chesapeake
Highway Access
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,040
Amenities
pool
Building Details
Building Size
941 SF
Year Built
1986
Listing Agency:
Long Realty Unlimited
Listed By:
Tara Esling
(816) 304-2309
Source:
Inspiredrealestatelife
Added: Jun 10
Changed: Nov 1
Last Checked: Oct 31 at 7:08PM
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 Long Realty Unlimited
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Investment Insights
Based on property information with market context.
This 941-square-foot, second-floor condo was built in 1986 and has views of the community pool. Updates include a new HVAC system and water heater, luxury vinyl flooring, interior paint, lighting, and hardware. The kitchen has a new induction range, sink, and faucet. Both bedrooms have walk-in closets, and the primary bathroom includes built-in storage.
The property is near Mill Avenue and Southern, with Arizona State University, shopping, dining, and freeway access described as a short distance away.
The property is near Mill Avenue and Southern, with Arizona State University, shopping, dining, and freeway access described as a short distance away.
Key Highlights
- 941‑square‑foot second‑floor condo
- Pool views from the unit
- New HVAC system and water heater
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,754
Cap Rate
5.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$255,080
$255.1K
Cap Rate 7%
$182,200
$182.2K
Cap Rate 9%
$141,711
$141.7K
Market Conditions
NOI Build-Up for 941 SF
Gross rent
$24.6K $26.16/SF
− Vacancy
−$1.4K −$1.52/SF
EGI
$23.2K $24.64/SF
− OpEx
−$10.4K −$11.09/SF
NOI
$12.8K $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%
$255,080
Cap Rate 7%
$182,200
Cap Rate 9%
$141,711
Alternative Uses
Best Use
Apartment 5plus
$182.2K
$159.4K – $212.6K
NOI $12,754 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$295.9K
$258.9K – $345.2K
NOI $20,714 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,252
Businesses Nearby
Explore this area
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 - Second-floor condo with pool views, refreshed interior finishes, and an updated kitchen.
Where is this residential income property located?
The property is located at 200 E SOUTHERN Avenue 223 Tempe, AZ.
What is the asking price?
The asking price for this property is $237,900.
What are key features of this property?
This property features: 941‑square‑foot second‑floor condo; Pool views from the unit; New HVAC system and water heater
