616 S HARDY Drive 112, Tempe, AZ 85281, Tempe, 85281 - 0 bed, 0 bath
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Tempe, AZ 85281
This bulk sale of 7 units presents a High-Potential Investment Opportunity with a List Price of $1,375,000—positioned above the $1,287,083 Fair Market Value. While the price reflects a premium, the asset offers immediate cash flow from 6 occupied units and significant value-add potential through rent adjustments in 2026. Featuring a Condition Rating of 4, these units provide a stable, turnkey rental foundation. Located in a high-demand Tempe submarket near ASU, this is a strategic acquisition for Buy-and-Hold Investors or Portfolio Managers seeking immediate scale.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 616 S HARDY Drive 112 Subject | $1,375,000* List Price | 0 | 0 | 779 | $1,652 | - |
A 510 W UNIVERSITY Drive 118 Active Under Contract | $1,200,000 List Price | 0 | 0 | 864 | $1,389 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1984, the units are well-maintained but feature dated aesthetics typical of their original construction era, including oak-style cabinetry, older white appliances, and fluorescent box lighting. While functional and move-in ready for tenants, the property lacks recent modern renovations to the kitchen and bathrooms, placing it firmly in the fair category.
This bulk sale includes six units already occupied by solid tenants, providing the buyer with immediate rental income and a turnkey investment from day one.
The property offers a clear path for appreciation and increased ROI, as current rents are positioned below market value with scheduled increases possible in 2026.
Located in a high-demand Tempe submarket near Arizona State University, the property benefits from a robust rental pool and proximity to highly-rated elementary education.
Built in 1984, the units may require higher ongoing maintenance costs or capital expenditures for modernization to stay competitive with newer area developments.
The bulk sale structure and $1.575M price point create a higher barrier to entry, requiring significant liquidity and sophisticated multi-unit management experience.
This listing is a bulk sale for 7 identical condos at this property - Units 112, 115, 128, 138, 141, 207, 231. Each unit is rented with good solid tenants except unit 115 we left vacant for buyers to see the floor plan. There is still value ad for these 7 units as the rents can and should be increased in 2026. This is a great opportunity to purchase 7 units at the same located and have immediate cash flow from day one! Don't let this opportunity pass you by. Bring us an offer and lets Talk!
No exterior & parking available.
Grades K-5 • 0.1 mi
Grades 6-8 • 0.5 mi
Grades 9-12 • 1.2 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 0.0 |
| Baths | 0.0 | 0.0 |
| Square foot | 779 | - |
| Lot Size | - | - |
| Price | $1.38M | $266.9K |
| Price per sq ft | $1.8K | $292 |
| Built year | 1984 | 0 |
| HOA | $0 | $0 |
| Days on market | 106 | 1895 |
Jun 11, 2026
$1,375,000
$1,549,900
-11% Price Drop
Initial Listing
May 20, 2026
$1,549,900
$1,575,000
-2% Price Drop
Initial Listing
Apr 7, 2026
$1,575,000
Initial Listing