2-Bedroom Residential Income
For Sale
$465,000
5200 S LAKESHORE Drive 116, Tempe, AZ 85283
Remodeled unit with a garage and upgraded interior finishes, near ASU and restaurants within walking distance.
Property Size1,589 SF
Days on Market74
Property Features for 5200 S LAKESHORE Drive 116
General Information
Standard status
Active
Size
1,589 SF
Total Parking Spaces
2
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,569
Building Details
Building Size
1,589 SF
Year Built
1988
Year Renovated
2020
Listing Agency:
Apex Residential
(623) 239-7276
Listed By:
Sean Steimer · License #SA653644000
(623) 239-7276
Source:
Jcluxuryresidential
Added: Jun 10
Changed: Aug 16
Last Checked: Aug 22 at 11:19AM
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 Apex Residential
Investment Insights
Based on property information with market context.
This residential income property is a two-bedroom, two-bathroom unit with a two-car garage and a complete interior remodel completed in 2020. Improvements include new cabinets, countertops, backsplash, appliances, LED lighting, and LVP flooring, creating a substantially updated living environment within a property built in 1988.
The unit is located near ASU, with restaurants positioned directly across the street and accessible on foot. The combination of bedroom and bathroom count, garage capacity, and documented interior improvements provides a clear overview of the property’s configuration and condition.
The unit is located near ASU, with restaurants positioned directly across the street and accessible on foot. The combination of bedroom and bathroom count, garage capacity, and documented interior improvements provides a clear overview of the property’s configuration and condition.
Key Highlights
- Two‑bedroom, two‑bathroom residential unit
- Two‑car garage included
- Complete interior remodel completed in 2020
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
$21,537
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
4.63%
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%
$430,740
$430.7K
Cap Rate 7%
$307,671
$307.7K
Cap Rate 9%
$239,300
$239.3K
Market Conditions
NOI Build-Up for 1,589 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
$41.6K $26.16/SF
− Vacancy
−$2.4K −$1.52/SF
EGI
$39.2K $24.64/SF
− OpEx
−$17.6K −$11.09/SF
NOI
$21.5K $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%
$430,740
Cap Rate 7%
$307,671
Cap Rate 9%
$239,300
Alternative Uses
Best Use
Apartment 5plus
$307.7K
$269.2K – $359.0K
NOI $21,537 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$499.7K
$437.2K – $583.0K
NOI $34,978 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,301
Businesses Nearby
Explore this area
Business Placement
Demographics for 85283, AZ
45,736
Population
20,620
Households
2.2
Avg Household Size
35
Median Age
44%
College-Educated
93%
High-School Grad
8.8 sq mi
ZIP Area
5,197
Density / Sq Mi
$81,073
Median Household Income
$47,213
Median Earnings
$1,669
Median Rent
$409,800
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Remodeled unit with a garage and upgraded interior finishes, near ASU and restaurants within walking distance.
Where is this residential income property located?
The property is located at 5200 S LAKESHORE Drive 116 Tempe, AZ.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bathroom residential unit; Two‑car garage included; Complete interior remodel completed in 2020
