700 W University Drive 241, Tempe, AZ 85281, Tempe, 85281 - 1 bed, 1 bath
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Tempe, AZ 85281
This top-floor corner condominium represents a High-Potential Investment Opportunity with a List Price of $199,000—positioned well below the $231,951 Fair Market Value by 14%. This valuation gap provides $32,951 in Instant Equity for buyers ready to modernize the interior. Currently holding a Condition Rating of 4, the unit features original 1983 finishes but offers significant upside through cosmetic updates. Located minutes from ASU and downtown Tempe, it benefits from high rental demand and proximity to the light rail. This is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a value-add asset.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 700 W University Drive 241 Subject | $199,000* List Price | 1 | 1 | 595 | $390 | - |
A 1077 W 1ST Street 205 Sold | $227,000 | 2 | 2 | 779 | $291 | 0.6 mi |
B 330 S Beck Avenue 209 Sold | $200,000 List Price | 1 | 1 | 552 | 0.6 mi | |
C 1077 W 1ST Street 205 Sold | $227,000 | 2 | 2 | 779 | $291 | 0.6 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
The property, built in 1983, is in fair condition as it remains largely in its original state with some minor updates. While the flooring has been upgraded to a modern wood-look laminate, the kitchen and bathroom features are dated, including original-style wood cabinetry, laminate countertops with wood edging, and older white appliances. The presence of popcorn ceilings and fluorescent box lighting further reflects the age of the unit. It is well-maintained and move-in ready but requires modernization to meet current market standards.
Situated minutes from ASU and downtown Tempe, this property is ideally located for students and professionals, offering easy access to the light rail, shopping, and dining.
As a top-level corner unit, the property provides enhanced privacy with no neighbors above and fewer shared walls, a highly sought-after feature in condominium living.
The monthly HOA fee covers essential utilities including water, trash, and sewer, while providing access to a community pool, making it an excellent 'lock-and-leave' or investment option.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =605, other record lot size in square feet = 64.
With only 595 square feet of living space, the unit may feel restrictive for those requiring more room for storage or a dedicated home office.
Built in 1983, the property may require updates to its interior finishes or mechanical systems to compete with the modern luxury developments prevalent in the Tempe area.
PERFECT for an ASU Student or hey Mom and Dad....buy it and visit your child at ASU! Minutes from ASU and downtown Tempe! Wonderful 1 bedroom, 1 bathroom top-level corner unit. Security door, walk-in closet and community pool. Close to shopping, light rail and restaurants! HOA dues covers Water, Trash, Sewer. Community Pool too!....Hurry on this one!
No exterior & parking available.
Grades K-5 • 0.4 mi
Grades 6-8 • 0.5 mi
Grades 9-12 • 1.0 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 1.0 | 2.0 | 20% |
| Baths | 1.0 | 2.0 | 20% |
| Square foot | 595 | 1,493 | 13% |
| Lot Size | 605 | 1,208 | 33% |
| Price | $199.0K | $0 | 53% |
| Price per sq ft | $334 | $0 | 73% |
| Built year | 1983 | 2002 | 27% |
| HOA | $215 | $371 | 13% |
| Days on market | 70 | 2907 | 7% |
Feb 11, 2026
$199,000
Initial Listing