Two-Bedroom Condominium
For Sale
$295,000
616 S HARDY Drive 124, Tempe, AZ 85281
A second-floor corner residence at Worthington Place Condominiums offers convenient access to nearby parking.
Property Size779 SF
Price / SF$378.69
Days on Market170
Property Features for 616 S HARDY Drive 124
General Information
Standard status
Active
Size
779 SF
Property subtype
Apartment
Site & Location
Neighborhood
Worthington Place
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:
Grigg's Group Powered by The Altman Brothers
Listed By:
Jennifer Wandoloski
(480) 528-4767
Source:
Bvoluxury
Added: May 12
Changed: Oct 26
Last Checked: Oct 26 at 11:26AM
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 Grigg's Group Powered by The Altman Brothers
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Investment Insights
Based on property information with market context.
This 779-square-foot condominium at Worthington Place has two bedrooms and two bathrooms. The unit sits on the second floor in a corner position and was built in 1984.
The property is near Arizona State University, Downtown Tempe, light rail service, and local bus stops. The location also provides access to the 101, 202, US-60, and I-10.
The property is near Arizona State University, Downtown Tempe, light rail service, and local bus stops. The location also provides access to the 101, 202, US-60, and I-10.
Key Highlights
- 779‑square‑foot, two‑bedroom, two‑bathroom condominium
- Second‑floor corner unit at Worthington Place Condominiums
- Built in 1984
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,558
Cap Rate
3.58%
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 3.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$245.0K
$214.4K – $285.8K
NOI $17,148 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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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 - A second-floor corner residence at Worthington Place Condominiums offers convenient access to nearby parking.
Where is this residential income property located?
The property is located at 616 S HARDY Drive 124 Tempe, AZ.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 779‑square‑foot, two‑bedroom, two‑bathroom condominium; Second‑floor corner unit at Worthington Place Condominiums; Built in 1984
