Updated Residential Income
For Sale
$220,000
2673 E OAKLEAF Drive, Tempe, AZ 85288
Two-bedroom residential income property with refreshed interiors, a private patio, and convenient access to nearby destinations.
Property Size780 SF
Days on Market306
Property Features for 2673 E OAKLEAF Drive
General Information
Standard status
Active
Size
780 SF
Property subtype
Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$393
Building Details
Building Size
780 SF
Year Built
1973
Listing Agency:
Compass
(480) 212-6689
Listed By:
Cameron Martz
(480) 212-6689
Source:
Alexiabertsatos
Added: Oct 30, 2025
Changed: Aug 22
Last Checked: Aug 30 at 9:54PM
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 Compass
Investment Insights
Based on property information with market context.
Built in 1973, this residential income property offers a two-bedroom, one-bath configuration with an open interior plan and a bright living area. The kitchen has been updated with quartz countertops, newer cabinets, and stainless-steel appliances. A private patio extends the usable living space and provides an outdoor area for everyday enjoyment or entertaining.
The property is located near Arizona State University, Tempe Marketplace, and major freeways. Its combination of updated finishes, practical room dimensions, and outdoor space provides a straightforward residential income asset in Tempe.
The property is located near Arizona State University, Tempe Marketplace, and major freeways. Its combination of updated finishes, practical room dimensions, and outdoor space provides a straightforward residential income asset in Tempe.
Key Highlights
- Two‑bedroom, one‑bath residential income property
- Built in 1973
- Updated kitchen with quartz countertops and newer cabinets
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
$10,572
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
4.81%
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%
$211,440
$211.4K
Cap Rate 7%
$151,029
$151.0K
Cap Rate 9%
$117,467
$117.5K
Market Conditions
NOI Build-Up for 780 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
$20.4K $26.16/SF
− Vacancy
−$1.2K −$1.52/SF
EGI
$19.2K $24.64/SF
− OpEx
−$8.6K −$11.09/SF
NOI
$10.6K $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%
$211,440
Cap Rate 7%
$151,029
Cap Rate 9%
$117,467
Alternative Uses
Best Use
Apartment 5plus
$151.0K
$132.2K – $176.2K
NOI $10,572 @ 7.0% cap · market cap 4.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$245.3K
$214.6K – $286.2K
NOI $17,170 @ 7.0% cap · market cap 7.80%
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
828
Businesses Nearby
Explore this area
Business Placement
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom residential income property with refreshed interiors, a private patio, and convenient access to nearby destinations.
Where is this residential income property located?
The property is located at 2673 E OAKLEAF Drive Tempe, AZ.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bath residential income property; Built in 1973; Updated kitchen with quartz countertops and newer cabinets
