Fifth-Floor Residential Income
For Sale
$479,900
945 E PLAYA DEL NORTE Drive 4009, Tempe, AZ 85281
Waterfront condominium with two bedrooms, resort amenities, private balconies, and dedicated garage parking.
Property Size1,208 SF
Days on Market126
Property Features for 945 E PLAYA DEL NORTE Drive 4009
General Information
Standard status
Active
Size
1,208 SF
Total Parking Spaces
2
Property subtype
Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,232
Amenities
pool
spa
fitness center
secure access
private balconies
full-size laundry
additional storage
Building Details
Building Size
1,208 SF
Year Built
2008
Listing Agency:
eXp Realty
Listed By:
Joshua Zuniga · License #SA645679000
(623) 221-8668
Source:
Alexiabertsatos
Added: Jun 22
Changed: Oct 10
Last Checked: Oct 24 at 10:16PM
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.
This 2008 residential income property is a fifth-floor condominium at Tempe Town Lake with a bright, open split-bedroom layout. The home includes 2 bedrooms, 2 full baths, walk-in closets, and two private balconies oriented toward lake and city views. Its upgraded kitchen features granite countertops, dark wood cabinetry, stainless-steel appliances, and a gas cooktop. Full-size laundry, additional storage, and 2 dedicated garage spaces add practical functionality.
Community amenities include a resort-style pool, spa, fitness center, and secure access. The property is minutes from ASU, Downtown Tempe, dining, shopping, entertainment, recreation, and major freeways. Lease option and lease purchase terms are available.
Community amenities include a resort-style pool, spa, fitness center, and secure access. The property is minutes from ASU, Downtown Tempe, dining, shopping, entertainment, recreation, and major freeways. Lease option and lease purchase terms are available.
Key Highlights
- Fifth‑floor condominium at Tempe Town Lake with lake and city views
- 2 bedrooms, 2 full baths, walk‑in closets, and a split floor plan
- Upgraded kitchen with granite countertops, stainless‑steel appliances, and gas cooktop
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,373
Cap Rate
3.41%
Suggested Prices Based on Cap Rates
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
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 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 3.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$379.9K
$332.4K – $443.2K
NOI $26,591 @ 7.0% cap · market cap 5.54%
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
574
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 - Waterfront condominium with two bedrooms, resort amenities, private balconies, and dedicated garage parking.
Where is this residential income property located?
The property is located at 945 E PLAYA DEL NORTE Drive 4009 Tempe, AZ.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Fifth‑floor condominium at Tempe Town Lake with lake and city views; 2 bedrooms, 2 full baths, walk‑in closets, and a split floor plan; Upgraded kitchen with granite countertops, stainless‑steel appliances, and gas cooktop
