Residential Income Property with Two
For Sale
$269,000
850 S River Dr #2071, Tempe, AZ 85281
Condo residence in a gated community with a tiled patio, in-unit laundry, and pool outlook.
Property Size1,130 SF
Price / SF$238.05
Days on Market62
Property Features for 850 S River Dr #2071
General Information
Standard status
Active
Size
1,130 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Amenities
gated community
community pool
private tiled patio with laundry equipped with washer dryer
stone fireplace
wood plantation shutters
Building Details
Year Built
1983
Listing Agency:
Exp Realty
(602) 758-3123
Listed By:
Jeremy Jennings · License #SA684096000
(623) 986-6650
Source:
Theazliving
Added: Aug 19
Changed: Oct 16
Last Checked: Oct 16 at 9:00AM
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 Exp Realty
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Investment Insights
Based on property information with market context.
Built in 1983, this condominium residence features two master suites arranged for separation and flexible occupancy. Interior details include a stone fireplace and wood plantation shutters. The unit also has a private tiled patio and laundry equipment with a washer and dryer.
Positioned within a gated community, the residence looks toward the community pool and is described as set apart from street noise. The property is near ASU, a bus stop, the 101 freeway, and light rail, providing access to nearby education, roadway, and transit connections.
Positioned within a gated community, the residence looks toward the community pool and is described as set apart from street noise. The property is near ASU, a bus stop, the 101 freeway, and light rail, providing access to nearby education, roadway, and transit connections.
Key Highlights
- Two master suites provide separated bedroom accommodations
- Private tiled patio with washer and dryer
- Stone fireplace and wood plantation shutters
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,315
Cap Rate
5.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$306,300
$306.3K
Cap Rate 7%
$218,786
$218.8K
Cap Rate 9%
$170,167
$170.2K
Market Conditions
NOI Build-Up for 1,130 SF
Gross rent
$29.6K $26.16/SF
− Vacancy
−$1.7K −$1.52/SF
EGI
$27.8K $24.64/SF
− OpEx
−$12.5K −$11.09/SF
NOI
$15.3K $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%
$306,300
Cap Rate 7%
$218,786
Cap Rate 9%
$170,167
Alternative Uses
Best Use
Apartment 5plus
$218.8K
$191.4K – $255.3K
NOI $15,315 @ 7.0% cap · market cap 5.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$355.3K
$310.9K – $414.6K
NOI $24,874 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,530
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 - Condo residence in a gated community with a tiled patio, in-unit laundry, and pool outlook.
Where is this residential income property located?
The property is located at 850 S River Dr #2071 Tempe, AZ.
What is the asking price?
The asking price for this property is $269,000.
What are key features of this property?
This property features: Two master suites provide separated bedroom accommodations; Private tiled patio with washer and dryer; Stone fireplace and wood plantation shutters
