Tenant-Occupied Income
For Sale
$249,900
200 E SOUTHERN Avenue 224, Tempe, AZ 85282
Tenant-occupied condo with split-bedroom layout, inside laundry, and a private shaded balcony.
Days on Market90
Property Features for 200 E SOUTHERN Avenue 224
General Information
Standard status
Active
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Amenities
inside laundry
private shaded balcony
heated pools
hot tubs
Building Details
Building Size
941 SF
Year Built
1986
Tenancy
Single
Listing Agency:
Delex Realty
(480) 788-4016
Listed By:
Liza Rhima
(480) 788-4016
Source:
Gillettegroupaz
Added: May 4
Changed: Jul 31
Last Checked: Aug 1 at 10:47AM
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 Delex Realty
Investment Insights
Based on property information with market context.
Tenant-occupied 2 bed / 2 bath condo built in 1986 and currently stabilized as a long-term rental. The unit offers a split floorplan, spacious living areas, inside laundry, and a private shaded balcony. The property is non-warrantable and requires an all-cash close.
Located at 200 E Southern Avenue in Tempe, the condo is 2.5 miles from ASU and near shopping, dining, major valley employers, and immediate freeway access. The HOA covers exterior maintenance, roofing, blanket insurance, water, sewer, and trash. Residents also have access to 2 heated pools and hot tubs. Active community repair projects are underway, and buyers are responsible for independently verifying property rules.
Located at 200 E Southern Avenue in Tempe, the condo is 2.5 miles from ASU and near shopping, dining, major valley employers, and immediate freeway access. The HOA covers exterior maintenance, roofing, blanket insurance, water, sewer, and trash. Residents also have access to 2 heated pools and hot tubs. Active community repair projects are underway, and buyers are responsible for independently verifying property rules.
Key Highlights
- Tenant‑occupied 2 bed / 2 bath condo
- Split floorplan with spacious living areas
- Inside laundry and private shaded balcony
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 | $24.6k | $26.16 |
| − Vacancy | −$1.4k | −$1.52 |
| EGI | $23.2k | $24.64 |
| − OpEx | −$10.4k | −$11.09 |
| NOI | $12.8k | $13.55 |
941 SF · lease $26.16/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$182.2K
$159.4K – $212.6K
NOI $12,754 @ 7.0% cap · market cap 5.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$295.9K
$258.9K – $345.2K
NOI $20,714 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Single-tenant
Tenancy
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
Market
Properties on Market for Residential income properties in Tempe
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Tenant-occupied condo with split-bedroom layout, inside laundry, and a private shaded balcony.
Where is this residential income property located?
The property is located at 200 E SOUTHERN Avenue 224 Tempe, AZ.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Tenant‑occupied 2 bed / 2 bath condo; Split floorplan with spacious living areas; Inside laundry and private shaded balcony
