200 E SOUTHERN Avenue 224, Tempe, AZ 85282, Tempe, 85282 - 2 bed, 2 bath
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Tempe, AZ 85282
This Income-Generating Condominium is an established asset with a List Price of $255,000, aligning closely with its $256,210 Fair Market Value. Currently tenant-occupied through November 2026, the property offers immediate cash flow stability in a high-demand Tempe corridor. Despite a Condition Rating of 4, the unit features a functional split floor plan, a private deck, and access to a community pool. Proximity to Broadmor Elementary and Connolly Middle School ensures long-term rental desirability. This cash-only acquisition is ideal for Buy-and-Hold Investors or Seasoned Portfolio Managers.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 200 E SOUTHERN Avenue 224 Subject | $255,000* List Price | 2 | 2 | 941 | $272 | - |
A 34 W CONCORDA Drive 102 Sold | $209,900 List Price | 3 | 2 | 1,040 | 0.7 mi | |
B 4541 S MILL Avenue Sold | $285,000 List Price | 2 | 2 | 1,119 | 0.6 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1986 (38 years old), the property is dated and fits the criteria for minor repairs and updates. While the kitchen has received a mid-life update with granite countertops, the cabinetry appears original, and the carpeting shows significant wear. The 'cash-only' requirement and 'investor opportunity' branding further suggest that while functional and tenant-occupied, the unit requires repositioning and modernization of systems and finishes.
The property is currently tenant-occupied with a lease secured through November 2026, offering investors guaranteed cash flow and long-term stability from the date of purchase.
Situated in the heart of Tempe near major employment centers, shopping, and freeway access, the property benefits from high rental demand and excellent proximity to local amenities.
The 941 sqft unit features a desirable split-bedroom layout and private outdoor space, which maximizes privacy for tenants and enhances the property's marketability.
This is a cash-only opportunity due to specific community and financing considerations, which significantly limits the pool of potential buyers to seasoned investors.
The monthly association fee of $445 is relatively high for a unit of this size, which may impact the net cap rate and overall monthly profitability for the owner.
Coming Soon - Investor Opportunity: Located in the heart of Tempe, this 2-beds, 2-bath condominium offers a compelling opportunity for investors seeking immediate rental income with long-term upside. Currently tenant-occupied with a lease in place through November 2026, this property provides stable in-place income and future potential for repositioning. - The unit features approx. 941 sqft with a split layout, including spacious living areas and private outdoor space. Situated within a well-located community near major employment centers, shopping, dining, bus stop and freeway access, the property benefits from strong rental demand in the area. - This is a cash-only opportunity due to community and financing considerations, making it ideal for seasoned investors adding to their portfolio.
No exterior & parking available.
Grades K-5 • 0.8 mi
Grades 6-8 • 2.2 mi
Grades 9-12 • 1.2 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 2.0 | 50% |
| Baths | 2.0 | 1.5 | 50% |
| Square foot | 941 | 876.5 | 50% |
| Lot Size | 1,202 | 676 | 80% |
| Price | $255.0K | $0 | 70% |
| Price per sq ft | $271 | $0 | 60% |
| Built year | 1986 | 1984 | 70% |
| HOA | $445 | $212 | 90% |
| Days on market | 64 | 1257 | 10% |
Apr 4, 2026
$255,000
Initial Listing