Fifth-Floor Live-Work
For Sale
$449,000
21 E 6TH Street 518, Tempe, AZ 85281
Flexible condo layout with hardwood floors, high windows, secure parking, and mountain and architectural views.
Days on Market82
Property Features for 21 E 6TH Street 518
General Information
Standard status
Active
Total Parking Spaces
2
Property subtype
Apartment
Additional Details
Multifamily Units
1
Building Details
Building Size
1,203 SF
Year Built
2002
Listing Agency:
Coldwell Banker Realty
(602) 738-5500
Listed By:
Susan Polakof
(602) 738-5500
Source:
Gillettegroupaz
Added: May 12
Changed: Jul 31
Last Checked: Aug 1 at 10:55AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This fifth-floor condo at The Lofts at Orchidhouse offers a live/work configuration with two bedrooms and two bathrooms, currently arranged as a one-bedroom layout. The unit can be converted back to two bedrooms and features soaring ceilings, hardwood floors, and expansive high windows that provide natural light. North-facing views include mountains and architecturally distinctive buildings.
The property includes two parking spaces in a secure, underground, gated parking garage. Built in 2002 and zoned for live/work use, the condo is located near ASU and supports a business-at-home setup. The surrounding Tempe setting is described as bike-friendly, with active community amenities and events.
The property includes two parking spaces in a secure, underground, gated parking garage. Built in 2002 and zoned for live/work use, the condo is located near ASU and supports a business-at-home setup. The surrounding Tempe setting is described as bike-friendly, with active community amenities and events.
Key Highlights
- Two‑bedroom, two‑bath condo currently configured as a one‑bedroom layout
- Can be converted back to a two‑bedroom configuration
- Fifth‑floor, north‑facing unit with mountain and architectural views
Financial Insights For Office B
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 | $36.5k | $30.36 |
| − Vacancy | −$7.9k | −$6.53 |
| EGI | $28.7k | $23.83 |
| − OpEx | −$7.2k | −$5.96 |
| NOI | $21.5k | $17.87 |
1,203 SF · lease $30.36/SF/yr · vacancy 21.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$307.2K
$268.8K – $358.4K
NOI $21,503 @ 7.0% cap · market cap 4.79%
Second Best
Mixed Use
$237.2K
$207.5K – $276.7K
NOI $16,601 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$378.3K
$331.0K – $441.4K
NOI $26,481 @ 7.0% cap · market cap 5.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,482
Businesses Nearby
Explore this area
Business Placement
Demographics for 85281, AZ
69,218
Population
32,475
Households
2.1
Avg Household Size
26
Median Age
49%
College-Educated
91%
High-School Grad
13.3 sq mi
ZIP Area
5,204
Density / Sq Mi
$59,084
Median Household Income
$32,805
Median Earnings
$1,531
Median Rent
$364,200
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Flexible condo layout with hardwood floors, high windows, secure parking, and mountain and architectural views.
Where is this live-work space located?
The property is located at 21 E 6TH Street 518 Tempe, AZ.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condo currently configured as a one‑bedroom layout; Can be converted back to a two‑bedroom configuration; Fifth‑floor, north‑facing unit with mountain and architectural views
