Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1986 University Dr Tempe, AZ 85288
    Property profile & analytics

    1986 University Dr Tempe, AZ 85288

    View on Map
    • Retail properties & Spaces
    • 1,278 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 1986 University Dr

    Year built
    1946
    Property size
    1,278 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Restaurants

    Description

    This unique Tempe property presents a rare investment opportunity, encompassing 1,278 square feet on a 1-story, 1946-built building situated on an irrigated lot. Currently zoned agricultural, this versatile property offers a multitude of potential uses, including multi-family development, apartments, retail space, or restaurant establishment. Located at 1986 E University Dr, Tempe, AZ 85288, this infill land boasts a prime location near Arizona State University's Tempe campus and less than half a mile from Loop 101, placing it within a high-demand retail trade area. The property's proximity to Tempe Marketplace and ASU further enhances its desirability. The sale includes the land and a currently occupied 1,278 sq ft adobe home. Buyers are responsible for verifying all details, measurements, and information. Please note that the property is currently occupied, and occupants should not be disturbed. The asking price is $1,350,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Tempe
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.956
    Latitude
    33.4487

    Comparable in this City

    • Value Estimation by Request
      26,000 SF

      Scottsdale Rd & Rio Salado Pkwy

      Individual retail properties • 26,000 SF
      0 Scottsdale Rd & Rio Salado Pkwy, Tempe, AZ 85288
      View Details
    • Value Estimation by Request

      1106 Weber Dr

      Multifamily properties
      1106 Weber Dr, Tempe, AZ 85288
      View Details
    • Value Estimation by Request

      1126 Scottsdale Rd

      APARTMENT HOUSE (100+ UNITS)
      1126 Scottsdale Rd, Tempe, AZ 85288
      View Details
    • Value Estimation by Request
      590,000 SF

      Swc Loop 202 & Scottsdale Rd

      Retail properties & Spaces • 590,000 SF
      0 Swc Loop 202 & Scottsdale Rd, Tempe, AZ 85288
      View Details
    • Value Estimation by Request
      0.13 Acres

      2340 University Dr

      MOBILE HOME PARK, TRAILER PARK • 0.13 Acres
      2340 University Dr, Tempe, AZ 85288-4726
      View Details
    • Value Estimation by Request
      0.00 Acres

      2340 University Dr

      MOBILE HOME PARK, TRAILER PARK • 0.00 Acres
      2340 University Dr, Tempe, AZ 85288-4726
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,380 SF

      Tempe Duplex For Sale

      Tempe duplex with 1380 square feet of space.
      1021 N Harold St, Tempe, AZ 85288
      View Details
    • $59,000
      896 SF

      Tempe Home in Family Community

      Two-bedroom home in Tempe family community with amenities.
      2340 E University Dr, Tempe, AZ 85288
      View Details
    • $950,000

      Renovated Income Property in Tempe

      Three-unit income property with extensive renovations in Tempe, Arizona.
      1244 N Rose St, Tempe, AZ 85288
      View Details
    • $605,000

      Tempe Duplex with Large Yards

      Tempe duplex featuring 3-bedroom units and large backyards.
      1021 N Harold St, Tempe, AZ 85288
      View Details
    • $700,000

      Renovated Duplex in Central Tempe

      Turnkey duplex with strong rental appeal in central Tempe.
      1248 E Harry St, Tempe, AZ 85288
      View Details
    • Contact for pricing
      2,500 SF

      Turnkey Ramen Restaurant in Tempe

      Fully built-out restaurant in high-demand Tempe location.
      1857 N Scottsdale Rd, Tempe, AZ 85288
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Waterfront Retail and Restaurant Space

      Luxury retail and restaurant spaces in new waterfront community.
      E/SEC Scottsdale Rd & Rio Salado Pkwy, Tempe, AZ 85288
      View Details
    • Contact for pricing

      Commercial Kitchens for Food Operators

      Private commercial kitchens suitable for catering and food preparation businesses.
      1900 E 5Th St, Tempe, AZ 85288
      View Details
    • Contact for pricing

      Retail Space For Lease

      Retail spaces available for lease.
      904 North Scottsdale Rd, Tempe, AZ 85288
      View Details
    • Contact for pricing
      7,000 SF

      Retail Space with Patio Available

      First-generation retail space with patio overlooking Tempe Town Lake.
      1001 E Playa Del Norte Dr, Tempe, AZ 85288
      View Details
    • Contact for pricing
      1,475 SF

      Retail Space Near Public Park

      Retail space adjacent to a new public park and waterfront.
      1306 E Vista Del Lago Dr, Tempe, AZ 85288
      View Details
    • Contact for pricing

      Commercial Property for Lease

      Commercial property available for lease in Tempe, Arizona.
      316 S Price Rd, Tempe, AZ 85288
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1986 University Dr
    Tempe, AZ 85288
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1986 University Dr, Tempe, AZ, 85288
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!