Five-Unit Apartment
New
For Sale
$1,500,000
2214 South Granada Drive, Tempe, AZ 85282
Individually metered apartments offer private patios and washer-dryer setups in every residence.
Property Size3,250 SF
Price / SF$461.54
Days on Market3
Property Features for 2214 South Granada Drive
General Information
Standard status
Active
Size
3,250 SF
Property subtype
MultiFamily Apartments
Units
Unit Mix
5 x Two-Bedroom
Multifamily Units
5
Amenities
washer/dryer in each unit
private patio
individually metered
Building Details
Building Size
3,250 SF
Year Built
1958
Buildings
1
Construction
block
Listing Agency:
SVN | Desert Commercial Advisors
(602) 284-6067
Listed By:
Danny Lee
(602) 284-6067
Source:
Thebrokerlist
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 2:25AM
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 SVN | Desert Commercial Advisors
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 = 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
$44,049
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
2.94%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,378
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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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
