Second-Floor Corner Income
For Sale
$249,000
616 S HARDY Drive 201, Tempe, AZ 85281
Two-bedroom condominium unit with strong transit connectivity and convenient access to ASU and Downtown Tempe.
Days on Market28
Property Features for 616 S HARDY Drive 201
General Information
Standard status
Active
Property subtype
Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$868
Building Details
Building Size
779 SF
Year Built
1984
Listing Agency:
HomeSmart
(480) 455-2797
Listed By:
Thomas Birkner
(480) 455-2797
Source:
Gillettegroupaz
Added: Jul 6
Changed: Aug 2
Last Checked: Aug 2 at 11:44AM
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 HomeSmart
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.
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $20.4k | $26.16 |
| − Vacancy | −$1.2k | −$1.52 |
| EGI | $19.2k | $24.64 |
| − OpEx | −$8.6k | −$11.09 |
| NOI | $10.6k | $13.55 |
779 SF · lease $26.16/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$150.8K
$132.0K – $176.0K
NOI $10,558 @ 7.0% cap · market cap 4.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$245.0K
$214.4K – $285.8K
NOI $17,148 @ 7.0% cap · market cap 6.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Market
Properties on Market for Residential income properties in Tempe
Questions? Ask Rey
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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 Drive 201 Tempe, AZ.
What is the asking price?
The asking price for this property is $249,000.
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
