111 E BONITA Way, Tempe, AZ 85281, Tempe, 85281 - 4 bed, 2 bath
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Tempe, AZ 85281
This Updated ASU-Adjacent Residence is a Strategic Value Purchase listed at $725,000—positioned below the $734,282 Fair Market Value by 1%. This valuation provides $9,282 in Instant Equity. Boasting a Move-in Ready Condition Rating, the home features brand-new flooring and fresh paint on an expansive 0.26-acre lot with a detached garage. Located steps from Arizona State University and Broadmor Elementary, the property offers high rental demand and long-term stability. It is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a high-demand urban asset.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 111 E BONITA Way Subject | $674,000* List Price | 4 | 2 | 1,572 | $371 | - |
A 117 E VISTA DEL CERRO Drive Sold | $690,000 | 3 | 2 | 1,548 | $446 | 0.1 mi |
B 114 E 14TH Street Sold | $515,000 List Price | 4 | 2 | 1,471 | 0.4 mi | |
C 538 W 16TH Street Sold | $500,000 | 3 | 2 | 1,612 | $310 | 0.6 mi |
D 1426 S GRANDVIEW Drive Active | $829,677 List Price | 3 | 2 | 1,753 | $473 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
While built in 1951, the home is move-in ready with recent cosmetic updates including brand-new flooring, fresh paint, and modern recessed lighting. The kitchen features updated countertops and painted cabinetry that appear functional and well-maintained, though the cabinet styles and window frames suggest the core renovation is likely within the 5-15 year range rather than a total modern gut-rehab.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 11273, living area = 1572.
Situated just steps from Arizona State University, this property offers exceptional walkability to campus and local amenities, making it a high-demand location for students, faculty, and rental investors.
The rare 0.26-acre lot provides significant space for outdoor living, future home expansion, or the potential addition of an accessory dwelling unit (ADU) in a high-density urban area.
Originally built in 1951, the property may have aging core systems such as plumbing or electrical that could require maintenance despite the recent cosmetic updates.
While the elementary school is well-rated, the assigned high school has a lower rating (3/10), which may impact long-term resale value for families prioritizing public education.
Premier ASU Investment Opportunity! Fully renovated and move-in ready, this rare property sits on an oversized 11,000+ sq. ft. lot just minutes from Arizona State University. Ideal as a high-demand student rental, owner-occupied investment, or long-term hold. The expansive lot offers future value-add potential, including the possibility of an ADU, casita, or other improvements (buyer to verify with the City of Tempe). Conveniently located near ASU, Tempe Marketplace, Downtown Tempe, Loop 202, and Sky Harbor Airport. A unique opportunity to own a turnkey property with immediate rental appeal and long-term upside in one of Tempe's most desirable locations.
No exterior & parking available.
Grades K-5 • 0.3 mi
Grades 6-8 • 2.2 mi
Grades 9-12 • 0.2 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 4.0 | 0.0 |
| Baths | 2.0 | 0.0 |
| Square foot | 1,572 | - |
| Lot Size | 11,273 | - |
| Price | $674.0K | $562.2K |
| Price per sq ft | $429 | $326 |
| Built year | 1951 | 0 |
| HOA | $0 | $0 |
| Days on market | 91 | 2615 |
Jul 21, 2026
$674,000
$692,900
-3% Price Drop
Initial Listing
Jun 11, 2026
$692,900
$700,000
-1% Price Drop
Initial Listing
May 10, 2026
$700,000
$725,000
-3% Price Drop
Initial Listing
Apr 22, 2026
$725,000
Initial Listing