Building Details

Year Built 1984

Listing Agency: Keller Williams Legacy One Realty Show Phone

Listed By: The Garcia Group · License #8214994 Show Phone

Source: Beckygarcia

Added: Aug 1 Changed: Oct 6 Last Checked: Oct 5 at 6:19PM

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Investment Insights

Based on property information with market context.

This second-floor corner condominium at Worthington Place Condominiums includes two bedrooms and two bathrooms within a residential income property configuration. The corner placement provides added privacy and natural light, while the unit is positioned near parking for convenient access. The property was built in 1984.

Located at 616 S HARDY Drive in Tempe, the residence is near ASU, Downtown Tempe, the light rail, and local bus stops. Regional connectivity extends to the 101, 202, US-60, and I-10, providing access across the Valley.

Key Highlights

• Two‑bedroom, two‑bathroom condominium unit
• Second‑floor corner placement with added privacy
• Natural light throughout the unit

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$10,558

Cap Rate

4.08%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$211,160 $211.2K

Cap Rate 7%

$150,829 $150.8K

Cap Rate 9%

$117,311 $117.3K

Market Conditions

NOI Build-Up for 779 SF

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 Rate 5%

$211,160

Cap Rate 7%

$150,829

Cap Rate 9%

$117,311

Alternative Uses

Best Use

Apartment 5plus

$150.8K

$132.0K – $176.0K (±1% cap)

NOI $10,558 @ 7.0% cap · market cap 4.08%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$245.0K

$214.4K – $285.8K (±1% cap)

NOI $17,148 @ 7.0% cap · market cap 6.62%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Worthington Place Condominium Complex Golden Ages Advocates Home Health Care Service Building G Apartment Building Discovery Life Coaching Professional Services Shawn's Junk Removal Waste Management Facility

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Veterinary Clinic Pet Grooming Service Tanning Salon Pet Store Pet Store & Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

1,167

Businesses Nearby

Explore this area Business Placement

Demographics for 85281, AZ

69,218

Population

32,475

Households

2.1

Avg Household Size

26

Median Age

49%

College-Educated

91%

High-School Grad

13.3 sq mi

ZIP Area

5,204

Density / Sq Mi

$59,084

Median Household Income

$32,805

Median Earnings

$1,531

Median Rent

$364,200

Median Home Value

Questions? Ask Rey

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What type of property is this? Where is this residential income properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Residential income property - Two-bedroom condominium unit with strong transit connectivity and convenient access to ASU and Downtown Tempe.

Where is this residential income property located?

The property is located at 616 S Hardy Dr #118 Tempe, AZ.

What is the asking price?

The asking price for this property is $259,000.

What are key features of this property?

This property features: Two‑bedroom, two‑bathroom condominium unit; Second‑floor corner placement with added privacy; Natural light throughout the unit