1885 E DRAKE Drive, Tempe, AZ 85283, Tempe, 85283 - 3 bed, 2 bath
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Tempe, AZ 85283
This lakefront residence is a High-Potential Investment Opportunity, with a List Price of $549,000—positioned well below the $696,203 Fair Market Value by 21%. This valuation gap provides $147,203 in Instant Equity for buyers. While maintaining a Condition Rating of 4, the home features a granite kitchen, private pool, and a rare direct lakefront view in the Oasis at Anozira. With a 2021 roof update and proximity to a 7-rated elementary school, it balances immediate lifestyle perks with significant appreciation potential. This is an ideal acquisition for Owner-Occupants or Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1885 E DRAKE Drive Subject | $549,000* List Price | 3 | 2 | 1,758 | $396 | - |
A 1527 E BELL DE MAR Drive Sold | $560,000 | 3 | 2 | 1,839 | $305 | 0.5 mi |
B 1878 E DRAKE Drive Sold | $510,000 | 3 | 2 | 1,758 | $290 | 0.0 mi |
C 1704 E BELL DE MAR Drive Sold | $468,320 | 3 | 2 | 1,832 | $256 | 0.4 mi |
D 1978 E STEPHENS Drive Sold | $629,000 | 3 | 2 | 2,175 | $289 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
The property, built in 1994, is well-maintained but reflects its 30-year age. While the kitchen has been partially updated with granite countertops and stainless steel appliances, it retains the original honey oak cabinetry. The flooring and bathroom configurations are functional but dated in style. Although the roof underlayment was replaced in 2021, the home lacks a comprehensive modern renovation, placing it in the fair category for its age and aesthetic.
The roof underlayment was replaced in October 2021, providing significant value and peace of mind regarding one of the home's most critical structural components.
The kitchen is equipped with granite countertops and stainless steel appliances, offering a contemporary aesthetic that is move-in ready for modern buyers.
The primary suite features vaulted ceilings, private backyard access, and a full ensuite with dual vanities and a separate tub and shower, creating a true retreat.
While the elementary school is highly rated, the assigned middle and high schools have lower ratings of 3 and 5, which may be a drawback for education-focused families.
Given the 1994 construction, original components such as the HVAC system or windows may be approaching the end of their functional lifespan if they have not been recently updated.
Beautiful 3 bed 2 bath home in prime Tempe location! Spacious floorpan with over 1,700 sqft in living space. The entry opens to large formal living area and formal dinning area. The flooring is comprised of large neutral tile through out. Kitchen overlooking additional dinning space, has granite counters, stainless steel appliances and a breakfast bar. Large Primary suite with large area, vaulted ceilings and its own access to the spacious south facing backyard. The Primary bath has has separate shower and tub and dual vanities. Pride of ownership. Roof underlayment replaced in 10/2021.
No exterior & parking available.
Grades PK-5 • 0.6 mi
Grades 6-8 • 1.2 mi
Grades 9-12 • 1.0 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,758 | 2,044 | 39% |
| Lot Size | 6,194 | 7,941 | 16% |
| Price | $549.0K | $360.0K | 72% |
| Price per sq ft | $312 | $254 | 82% |
| Built year | 1994 | 1978 | 86% |
| HOA | $90 | $0 | 76% |
| Days on market | 16 | 2104 | 1% |
Apr 6, 2026
$549,000
Initial Listing