425 W RIO SALADO Parkway 101, Tempe, AZ 85281, Tempe, 85281 - 2 bed, 2 bath
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Tempe, AZ 85281
This Lakeside Condominium is a Strong Value Opportunity, listed at $509,900—positioned well below the $536,006 Fair Market Value by 4%. This valuation gap provides $26,106 in Instant Equity for the incoming buyer. Boasting a Condition Rating of 3, the interior features granite countertops, crown molding, and unobstructed views of Tempe Town Lake. Located steps from ASU and Mill Avenue, the property offers a premium lifestyle with resort-style amenities and high rental demand. It is an ideal acquisition for Owner-Occupants seeking a turnkey residence or Buy-and-Hold Investors targeting a stable, high-performing asset.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 425 W RIO SALADO Parkway 101 Subject | $499,900* List Price | 2 | 2 | 1,048 | $477 | - |
A 425 W RIO SALADO Parkway 112 Active | $514,900 List Price | 2 | 2 | 904 | $570 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
The property is move-in ready and appears very well-maintained. Although built in 2002, it features several desirable updates including granite countertops and backsplash in the kitchen, crown molding, and modern wood-look flooring in the bedrooms. The living areas feature clean tile and neutral paint, and while the bathroom fixtures are somewhat dated in style, they are functional and in good condition. The overall presentation suggests minimal wear and tear and no immediate need for renovation.
Situated within walking distance to ASU, Mill Avenue, and Tempe Town Lake, the property offers unparalleled access to top-tier dining, entertainment, and major employment hubs.
The private balcony provides premium, unobstructed views of Tempe Town Lake and the surrounding mountains, significantly increasing the unit's desirability and long-term value.
Featuring granite countertops, tall ceilings, and crown molding, the condo offers a sophisticated and move-in-ready aesthetic that appeals to both urban professionals and high-end renters.
The assigned middle and high schools carry lower ratings (3/10), which may limit the property's appeal to families prioritizing high-quality public education.
With an association fee of $400 per month, the recurring overhead is relatively high, which could impact the net cash flow for potential real estate investors.
Welcome to Tempe—where lifestyle meets location.This light-filled condo serves up an open, airy layout with tall ceilings, clean tile flooring, crown molding, and a vibe that's equal parts chill and functional.The kitchen keeps it sleek with granite counters and backsplash, matching appliances, and plenty of cabinet space. The primary suite features a spacious ensuite with dual vanities and walk-in closet. Private balcony has premium views of Tempe Town Lake and the surrounding mountains—morning coffee and sunset drinks just hit different here.The gated community includes pool, spa, and fitness center. Let's talk location: walk to Mill Ave, Tempe Town Lake, and ASU, with with restaurants, nightlife, trails, and entertainment around the corner. Prime investor opportunity close to ASU!
No exterior & parking available.
Grades K-5 • 0.7 mi
Grades 6-8 • 1.1 mi
Grades 9-12 • 1.5 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 2.0 | 50% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,048 | 1,493 | 33% |
| Lot Size | 1,387 | 1,387 | 50% |
| Price | $499.9K | $0 | 80% |
| Price per sq ft | $477 | $0 | 93% |
| Built year | 2002 | 2002 | 50% |
| HOA | $400 | $375 | 53% |
| Days on market | 72 | 2907 | 7% |
Apr 16, 2026
$499,900
$509,900
-2% Price Drop
Initial Listing
Feb 9, 2026
$509,900
Initial Listing