Second-Floor Corner
For Sale
$249,000
616 S Hardy Drive #201, Tempe, AZ 85281
Second-floor corner condo with a 2-bed, 2-bath layout and close access to parking.
Days on Market27
Property Features for 616 S Hardy Drive #201
General Information
Standard status
Active
Property subtype
Apartment
Additional Details
Highway Access
Yes
Building Details
Building Size
779 SF
Year Built
1984
Listing Agency:
HomeSmart
(480) 455-2797
Listed By:
Thomas Birkner
(480) 455-2797
Source:
Sunhaven-realestate
Added: Jul 6
Changed: Jul 26
Last Checked: Aug 1 at 12:45PM
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.
Located in Worthington Place Condominiums at 616 S Hardy Drive #201, this second-floor corner unit offers a 2-bedroom, 2-bathroom layout designed with added privacy. The interior benefits from excellent natural light, and the unit provides convenient, close proximity to parking for easier day-to-day access.
The property is positioned for quick reach to Arizona State University campus, Downtown Tempe, and the light rail, with nearby local bus stops as well. Rapid transit access is also highlighted for major valley freeways, including the 101, 202, US-60, and I-10.
For tenants or buyers seeking a well-positioned condo configuration in Tempe with a practical parking location and strong access to transit and major routes, this unit’s corner positioning and 2/2 layout are key features.
The property is positioned for quick reach to Arizona State University campus, Downtown Tempe, and the light rail, with nearby local bus stops as well. Rapid transit access is also highlighted for major valley freeways, including the 101, 202, US-60, and I-10.
For tenants or buyers seeking a well-positioned condo configuration in Tempe with a practical parking location and strong access to transit and major routes, this unit’s corner positioning and 2/2 layout are key features.
Key Highlights
- Worthington Place Condominiums, year built 1984
- Second‑floor corner unit with a 2‑bedroom, 2‑bath layout
- Close access to parking
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
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 - Second-floor corner condo with a 2-bed, 2-bath layout and close access to parking.
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: Worthington Place Condominiums, year built 1984; Second‑floor corner unit with a 2‑bedroom, 2‑bath layout; Close access to parking
