Renovated Residential Income
For Sale
$300,000
Pending
2134 E BROADWAY Road 1061, Tempe, AZ 85282
Updated condo with an attached garage, included appliances, and access to community amenities.
Property Size1,096 SF
Days on Market23
Property Features for 2134 E BROADWAY Road 1061
General Information
Standard status
Pending
Size
1,096 SF
Total Parking Spaces
1
Property subtype
Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,191
Amenities
pool
jacuzzi
fitness center
Building Details
Building Size
1,096 SF
Year Built
1997
Listing Agency:
eXp Realty
(480) 298-5551
Listed By:
Cheri Smith
(480) 298-5551
Source:
Gillettegroupaz
Added: Jul 30
Changed: Aug 10
Last Checked: Aug 9 at 11:55AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This renovated condominium at 2134 E Broadway Road in Tempe offers an open kitchen layout with shaker cabinetry, quartz surfaces, and a Samsung appliance package that includes the refrigerator, washer, and dryer. The attached one-car garage adds dedicated parking and storage. Air conditioning and the water heater were replaced within the last year, while the complex received a full roof replacement within the last two years.
Community amenities include a pool, jacuzzi, and fitness center. Water and sewer are covered by the HOA. The property is near light rail, with access to ASU, Mill Avenue, and Downtown Phoenix sporting events. Drivers can reach the 101, 60, and 202 within minutes, while Tempe Montessori School is across the street. Princess Market, Catalyst Crafted Ales, and Mesa’s Asian District are also nearby.
Community amenities include a pool, jacuzzi, and fitness center. Water and sewer are covered by the HOA. The property is near light rail, with access to ASU, Mill Avenue, and Downtown Phoenix sporting events. Drivers can reach the 101, 60, and 202 within minutes, while Tempe Montessori School is across the street. Princess Market, Catalyst Crafted Ales, and Mesa’s Asian District are also nearby.
Key Highlights
- Renovated condo with open kitchen, shaker cabinets, quartz countertops, and Samsung appliances
- Attached 1‑car garage
- AC and water heater replaced in the last year
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$14,855
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.95%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$297,100
$297.1K
Cap Rate 7%
$212,214
$212.2K
Cap Rate 9%
$165,056
$165.1K
Market Conditions
NOI Build-Up for 1,096 SF
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.
Gross rent
$28.7K $26.16/SF
− Vacancy
−$1.7K −$1.52/SF
EGI
$27.0K $24.64/SF
− OpEx
−$12.2K −$11.09/SF
NOI
$14.9K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$297,100
Cap Rate 7%
$212,214
Cap Rate 9%
$165,056
Alternative Uses
Best Use
Apartment 5plus
$212.2K
$185.7K – $247.6K
NOI $14,855 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$344.7K
$301.6K – $402.1K
NOI $24,126 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,060
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condo with an attached garage, included appliances, and access to community amenities.
Where is this residential income property located?
The property is located at 2134 E BROADWAY Road 1061 Tempe, AZ.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Renovated condo with open kitchen, shaker cabinets, quartz countertops, and Samsung appliances; Attached 1‑car garage; AC and water heater replaced in the last year
