510 W UNIVERSITY Drive 118, Tempe, AZ 85281, Tempe, 85281 - 0 bed, 0 bath
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Tempe, AZ 85281
Analysis of 510 W UNIVERSITY Drive 118, Tempe, AZ 85281 is currently available with a list price of $1,200,000. The property maintains a Fair Condition Rating (50/100), suggesting the property is in acceptable condition with potential for value enhancement through selective updates and improvements. Located in a high-demand neighborhood within the Tempe Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Property is moderate renovation needed.
Built in 1986, the property is functional but significantly outdated. The kitchen and bathrooms feature original or older oak-style cabinetry, laminate countertops, and dated square tile work. While the units appear maintained with ceramic tile flooring and functional HVAC systems, they lack modern renovations and show stylistic obsolescence consistent with a property of this age that has not undergone a recent overhaul.
This bulk sale of eight condominium units offers a rare chance for investors to instantly acquire a significant rental portfolio within a high-demand submarket.
Located in a designated Opportunity Zone, this property provides substantial tax advantages, including potential deferral and reduction of capital gains taxes for long-term holders.
Situated in the 85281 zip code near Arizona State University, the property benefits from a robust rental market and consistent demand from students and young professionals.
The requirement for a bulk purchase with no individual unit sales excludes traditional residential buyers and requires significant upfront capital, limiting the exit strategy.
Constructed in 1986, the buildings may require more intensive maintenance or capital expenditures for upgrades to remain competitive with newer luxury developments in the area.
Bulk sale of 8 condos. No individual unit sales Building A units 101, 103, 201, 203 Building F units 118, 119, 218, 220. 223/mo hoa per unit = $2,676/unit/yr OPPORTUNITY ZONE, tax implications? GEOID 04013318800 DESIGNATED QOZ ARIZONA MARICOPA COUNTY
No exterior & parking available.
Grades K-5 • 0.5 mi
Grades 6-8 • 0.6 mi
Grades 9-12 • 0.9 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 2.0 | 7% |
| Baths | 0.0 | 2.0 | 7% |
| Square foot | 864 | 1,493 | 33% |
| Lot Size | - | 1,208 | 7% |
| Price | $1.20M | $0 | 93% |
| Price per sq ft | $1.4K | $0 | 93% |
| Built year | 1986 | 2002 | 27% |
| HOA | $0 | $371 | 7% |
| Days on market | 96 | 2907 | 7% |
Jan 16, 2026
$1,200,000
Initial Listing