Renovated Residential Income
For Sale
$399,000
Pending
945 E Playa Del Norte Dr #1019, Tempe, AZ 85288
Two-bedroom residence with split-bedroom layout, private patio, and dedicated storage.
Property Size1,208 SF
Days on Market9
Property Features for 945 E Playa Del Norte Dr #1019
General Information
Standard status
Pending
Size
1,208 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
heated pool
spa
fob access
private patio
outdoor fireplace
dedicated storage unit
waterfront trail access
Building Details
Year Built
2008
Listing Agency:
The Maricopa Real Estate Company
(602) 359-5170
Listed By:
The Carin Nguyen Real Estate Network
(602) 832-7005
Source:
Azhomesold
Added: Sep 9
Changed: Sep 17
Last Checked: Sep 16 at 6:10PM
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 The Maricopa Real Estate Company
Investment Insights
Based on property information with market context.
This 1,208-square-foot residential income property offers a fully renovated two-bedroom, two-bath layout within Northshore. Improvements include new flooring, updated bathrooms, refinished cabinetry, modern appliances, fresh paint, plantation shutters, and a newer HVAC system. The bedrooms are positioned on opposite sides of the residence, with a full bath serving each one. A private patio with an outdoor fireplace expands the usable space, while balcony storage and a separate lockable storage unit provide additional utility. Two reserved covered parking spaces are included.
Community amenities include a heated lakeside pool and spa with views of Tempe Town Lake, secure fob entry, and direct access to waterfront trails. Association dues cover gas, water, trash, and recycling. The residence is vacant and move-in ready, with proximity to ASU, Mill Avenue, Sky Harbor Airport, Tempe Marketplace, and Old Town Scottsdale.
Community amenities include a heated lakeside pool and spa with views of Tempe Town Lake, secure fob entry, and direct access to waterfront trails. Association dues cover gas, water, trash, and recycling. The residence is vacant and move-in ready, with proximity to ASU, Mill Avenue, Sky Harbor Airport, Tempe Marketplace, and Old Town Scottsdale.
Key Highlights
- 1,208‑square‑foot, fully renovated two‑bedroom, two‑bath residence
- Split‑bedroom plan places each bedroom at opposite ends, with its own full bath
- Private patio with outdoor fireplace, balcony storage, and separate lockable storage unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,373
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.10%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$327,460
$327.5K
Cap Rate 7%
$233,900
$233.9K
Cap Rate 9%
$181,922
$181.9K
Market Conditions
NOI Build-Up for 1,208 SF
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.
Gross rent
$31.6K $26.16/SF
− Vacancy
−$1.8K −$1.52/SF
EGI
$29.8K $24.64/SF
− OpEx
−$13.4K −$11.09/SF
NOI
$16.4K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$327,460
Cap Rate 7%
$233,900
Cap Rate 9%
$181,922
Alternative Uses
Best Use
Apartment 5plus
$233.9K
$204.7K – $272.9K
NOI $16,373 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$379.9K
$332.4K – $443.2K
NOI $26,591 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
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574
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom residence with split-bedroom layout, private patio, and dedicated storage.
Where is this residential income property located?
The property is located at 945 E Playa Del Norte Dr #1019 Tempe, AZ.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,208‑square‑foot, fully renovated two‑bedroom, two‑bath residence; Split‑bedroom plan places each bedroom at opposite ends, with its own full bath; Private patio with outdoor fireplace, balcony storage, and separate lockable storage unit
