Remodeled 2-Bedroom Residential Income
For Sale
$285,000
616 S HARDY Drive 114, Tempe, AZ 85281
The residence has an updated kitchen, renovated bathrooms, and new flooring, lighting, hardware, and fixtures.
Property Size779 SF
Days on Market20
Property Features for 616 S HARDY Drive 114
General Information
Standard status
Active
Size
779 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$868
Building Details
Building Size
779 SF
Year Built
1984
Listing Agency:
DeLex Realty
Listed By:
Marshall Hancock
(480) 707-2991
Source:
Alexiabertsatos
Added: Sep 18
Changed: Sep 26
Last Checked: Oct 5 at 10:20PM
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
Investment Insights
Based on property information with market context.
Built in 1984, this two-bedroom, two-bathroom residence has been remodeled throughout. The kitchen features European-style cabinetry, slab countertops, and stainless steel appliances. Both bathrooms have new vanities and tiled showers, while new flooring, lighting, hardware, and fixtures carry through the home.
The property is in Tempe, minutes from Arizona State University and Mill Avenue, with shopping, dining, entertainment, and freeway access nearby.
The property is in Tempe, minutes from Arizona State University and Mill Avenue, with shopping, dining, entertainment, and freeway access 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.
Property Analytics
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - The residence has an updated kitchen, renovated bathrooms, and new flooring, lighting, hardware, and fixtures.
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
