Condominium with Attached
New
For Sale
$300,000
2134 E Broadway Road #1061, Tempe, AZ 85282
Updated kitchen with shaker cabinetry, quartz counters, and included Samsung appliances adds practical everyday convenience.
Property Size1,096 SF
Price / SF$273.72
Days on Market2
Property Features for 2134 E Broadway Road #1061
General Information
Standard status
Active
Size
1,096 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$1,191
Building Details
Building Size
1,096 SF
Year Built
1997
Stories
2
Listing Agency:
eXp Realty
(480) 298-5551
Listed By:
Cheri Smith
(480) 298-5551
Source:
Aznewhorizonrealty
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 5:56AM
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 1,096-square-foot condominium includes an attached 1-car garage and a renovated interior. The kitchen has been reconfigured for a more open layout with shaker cabinets, quartz countertops, and a full Samsung appliance package, including the refrigerator, washer, and dryer. The AC and water heater were replaced within the last year, and the complex received a full roof replacement within the last two years.
Residents have access to a pool, jacuzzi, and fitness center. Water and sewer are covered by the HOA. Nearby light rail provides access toward ASU, Mill Avenue, and Downtown Phoenix sporting events, while the 101, 60, and 202 are minutes away by car. Tempe Montessori School is directly across the street, with Princess Market, Catalyst Crafted Ales, and Mesa’s Asian District nearby.
Residents have access to a pool, jacuzzi, and fitness center. Water and sewer are covered by the HOA. Nearby light rail provides access toward ASU, Mill Avenue, and Downtown Phoenix sporting events, while the 101, 60, and 202 are minutes away by car. Tempe Montessori School is directly across the street, with Princess Market, Catalyst Crafted Ales, and Mesa’s Asian District nearby.
Key Highlights
- 1,096‑square‑foot condominium with attached 1‑car garage
- Open kitchen with shaker cabinets and quartz countertops
- Full Samsung appliance package includes refrigerator, washer, and dryer
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
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 kitchen with shaker cabinetry, quartz counters, and included Samsung appliances adds practical everyday convenience.
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: 1,096‑square‑foot condominium with attached 1‑car garage; Open kitchen with shaker cabinets and quartz countertops; Full Samsung appliance package includes refrigerator, washer, and dryer
