Furnished Two-Bedroom Residential Income
For Sale
$479,900
945 E PLAYA DEL NORTE Drive 4009, Tempe, AZ 85281
Waterfront residence with split-bedroom layout, wood flooring, and access to extensive community amenities.
Property Size1,208 SF
Days on Market71
Property Features for 945 E PLAYA DEL NORTE Drive 4009
General Information
Standard status
Active
Size
1,208 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$2,232
Building Details
Building Size
1,208 SF
Year Built
2008
Listing Agency:
eXp Realty
(623) 221-8668
Listed By:
Joshua Zuniga · License #SA645679000
(623) 221-8668
Source:
Alexiabertsatos
Added: Jun 22
Changed: Aug 21
Last Checked: Aug 30 at 9:45PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This residential income property includes 2 bedrooms and 2 baths within a well-maintained residence completed in 2008. The split-bedroom arrangement provides separation between the primary suite and secondary bedroom, while wood flooring and abundant natural light shape the living areas. The primary suite includes a separate tub and shower, and the property is offered fully furnished.
Set along Tempe Town Lake, the residence is near Arizona State University, Mill Avenue, dining, shopping, and entertainment. Loop 202 and Loop 101 provide regional access, while Phoenix Sky Harbor International Airport is approximately 15 minutes away. Community amenities include a fitness center, pool, BBQ areas, gated entry, underground parking, and direct connections to walking and biking trails.
Set along Tempe Town Lake, the residence is near Arizona State University, Mill Avenue, dining, shopping, and entertainment. Loop 202 and Loop 101 provide regional access, while Phoenix Sky Harbor International Airport is approximately 15 minutes away. Community amenities include a fitness center, pool, BBQ areas, gated entry, underground parking, and direct connections to walking and biking trails.
Key Highlights
- 2‑bedroom, 2‑bath residence completed in 2008
- Waterfront setting along Tempe Town Lake
- Fully furnished residence with split‑bedroom floor plan
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
3.41%
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 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.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Waterfront residence with split-bedroom layout, wood flooring, and access to extensive community amenities.
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: 2‑bedroom, 2‑bath residence completed in 2008; Waterfront setting along Tempe Town Lake; Fully furnished residence with split‑bedroom floor plan
