Remodeled Two-Bedroom Residential
For Sale
$285,000
616 S HARDY Drive #114, Tempe, AZ 85281
Updated kitchen and bathrooms feature contemporary cabinetry, tiled showers, and coordinated finishes.
Property Size779 SF
Price / SF$365.85
Days on Market46
Property Features for 616 S HARDY Drive #114
General Information
Standard status
Active
Size
779 SF
Property subtype
Apartment
Site & Location
Neighborhood
Worthington Place
Building Details
Year Built
1984
Listing Agency:
DeLex Realty
(602) 910-3002
Listed By:
Marshall Hancock · License #SA554584000
(480) 707-2991
Source:
Kathrynthomas
Added: Sep 18
Changed: Nov 1
Last Checked: Nov 1 at 3:31AM
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 DeLex Realty
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Investment Insights
Based on property information with market context.
This two-bedroom, two-bathroom residence was built in 1984 and has been remodeled throughout. The kitchen includes European-style cabinetry, slab countertops, and stainless steel appliances. New flooring, lighting, hardware, and fixtures carry through the interior, while both bathrooms have updated vanities and tiled showers.
The property is at 616 S Hardy Drive #114 in Tempe, minutes from Arizona State University and Mill Avenue. Shopping, dining, entertainment, and major freeway access are also nearby.
The property is at 616 S Hardy Drive #114 in Tempe, minutes from Arizona State University and Mill Avenue. Shopping, dining, entertainment, and major freeway access are also nearby.
Key Highlights
- Two bedrooms and two bathrooms
- Built in 1984
- Remodeled kitchen with European‑style cabinetry, slab countertops, and stainless steel appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,558
Cap Rate
3.70%
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
NOI $10,558 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$245.0K
$214.4K – $285.8K
NOI $17,148 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated kitchen and bathrooms feature contemporary cabinetry, tiled showers, and coordinated finishes.
Where is this residential income property located?
The property is located at 616 S HARDY Drive #114 Tempe, AZ.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Two bedrooms and two bathrooms; Built in 1984; Remodeled kitchen with European‑style cabinetry, slab countertops, and stainless steel appliances
