Five-Unit Apartment
2214 South Granada Drive, Tempe, AZ 85282
For Sale
$1,500,000
Individually metered apartments offer private patios and washer-dryer setups in every residence.
Property Size3,250 SF
Price / SF$461.54
Days on Market95
Property Features for 2214 South Granada Drive
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Amenities
washer/dryer in each unit
private patio
individually metered
Building Details
Building Size
Year Built
Buildings
Construction
Listed By:
Danny Lee · License AZ SA523262000
(480) 425-5522
Source:
Svn
Added: Aug 8
Changed: Oct 26
Last Checked: Nov 8 at 3:51AM
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 Danny Lee
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Investment Insights
Based on property information with market context.
This Tempe apartment property contains 3,250 SF across five two-bedroom residences. Each unit includes a washer and dryer, along with a private patio. Individual utility metering serves the units, and the building features block construction dating to 1958.
The property is located near Arizona State University, with access to the Mill Avenue District, Tempe Town Lake, dining, entertainment, and major employment centers. Its low-rise configuration and five-unit scale provide a focused multifamily asset in Tempe.
The property is located near Arizona State University, with access to the Mill Avenue District, Tempe Town Lake, dining, entertainment, and major employment centers. Its low-rise configuration and five-unit scale provide a focused multifamily asset in Tempe.
Key Highlights
- Five two‑bedroom apartment units within a 3,250 SF building
- Washer and dryer provided in every unit
- Private patio included with each residence
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,049
Cap Rate
2.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$880,980
$881.0K
Cap Rate 7%
$629,271
$629.3K
Cap Rate 9%
$489,433
$489.4K
Market Conditions
NOI Build-Up for 3,250 SF
Gross rent
$85.0K $26.16/SF
− Vacancy
−$4.9K −$1.52/SF
EGI
$80.1K $24.64/SF
− OpEx
−$36.0K −$11.09/SF
NOI
$44.0K $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%
$880,980
Cap Rate 7%
$629,271
Cap Rate 9%
$489,433
Alternative Uses
Best Use
Apartment 5plus
$629.3K
$550.6K – $734.2K
NOI $44,049 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$894.3K – $1.19M
NOI $71,540 @ 7.0% cap · market cap 4.77%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
938
Businesses Nearby
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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
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Market
Properties on Market for Apartment buildings in Maricopa County
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Individually metered apartments offer private patios and washer-dryer setups in every residence.
Where is this apartment building located?
The property is located at 2214 South Granada Drive Tempe, AZ.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Five two‑bedroom apartment units within a 3,250 SF building; Washer and dryer provided in every unit; Private patio included with each residence
