Two-Bedroom Condo with
For Sale
$274,500
2035 S ELM Street 247, Tempe, AZ 85282
The upstairs residence includes an open-plan layout, vaulted ceilings, and assigned covered parking.
Property Size1,004 SF
Price / SF$273.41
Days on Market70
Property Features for 2035 S ELM Street 247
General Information
Standard status
Active
Size
1,004 SF
Property subtype
Apartment
Site & Location
Neighborhood
Springtree
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,120
Amenities
pool
covered assigned parking
Building Details
Building Size
1,004 SF
Year Built
1983
Listing Agency:
HomeSmart
Listed By:
Stephanie P Vogel · License #BR672459000
(623) 910-6199
Source:
Arizonaproperrealestate
Added: Aug 21
Changed: Oct 26
Last Checked: Oct 26 at 3:42PM
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 HomeSmart
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Investment Insights
Based on property information with market context.
This 1,004-square-foot condo has two bedrooms and two bathrooms, with an open layout and vaulted ceilings. The kitchen features solid stone countertops, light cabinetry, a breakfast bar, and newer appliances. A private balcony overlooks mature trees, and enclosed storage provides additional space. The unit was built in 1983.
Community amenities include a pool and covered assigned parking. The property is in Tempe, near ASU, Tempe Marketplace, shopping, dining, entertainment, and Light Rail; Sky Harbor Airport is 7 miles away.
Community amenities include a pool and covered assigned parking. The property is in Tempe, near ASU, Tempe Marketplace, shopping, dining, entertainment, and Light Rail; Sky Harbor Airport is 7 miles away.
Key Highlights
- 2 bedrooms and 2 bathrooms in 1,004 square feet
- Upstairs unit with an open floor plan and vaulted ceilings
- Kitchen with solid stone countertops, light cabinetry, and breakfast bar
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,608
Cap Rate
4.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$272,160
$272.2K
Cap Rate 7%
$194,400
$194.4K
Cap Rate 9%
$151,200
$151.2K
Market Conditions
NOI Build-Up for 1,004 SF
Gross rent
$26.3K $26.16/SF
− Vacancy
−$1.5K −$1.52/SF
EGI
$24.7K $24.64/SF
− OpEx
−$11.1K −$11.09/SF
NOI
$13.6K $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 Rate 5%
$272,160
Cap Rate 7%
$194,400
Cap Rate 9%
$151,200
Alternative Uses
Best Use
Apartment 5plus
$194.4K
$170.1K – $226.8K
NOI $13,608 @ 7.0% cap · market cap 4.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$315.7K
$276.3K – $368.3K
NOI $22,100 @ 7.0% cap · market cap 8.05%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,298
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
Frequently Asked Questions
What type of property is this?
Residential income property - The upstairs residence includes an open-plan layout, vaulted ceilings, and assigned covered parking.
Where is this residential income property located?
The property is located at 2035 S ELM Street 247 Tempe, AZ.
What is the asking price?
The asking price for this property is $274,500.
What are key features of this property?
This property features: 2 bedrooms and 2 bathrooms in 1,004 square feet; Upstairs unit with an open floor plan and vaulted ceilings; Kitchen with solid stone countertops, light cabinetry, and breakfast bar
