111 E BONITA Way, Tempe, AZ 85281

$850,000

Property Type: Multiple Dwellings Bedrooms: 5 Baths: 3 Status: Active

Current Price: $850,000 Last Modified: 8/15/2026

Overview

Description

Premier ASU Investment Opportunity -- renovated main house + detached ADU in process! Rare 11,000+ sqft lot minutes from Arizona State University. Ideal as a high-demand student rental, owner-occupied investment, or long-term hold. Move-in-ready 4BD/2BA main house w/ fresh paint & new flooring. New detached 1BD/1BA guest house--private entrance, full kitchen, stacked laundry--currently in process. Upgraded primary bath also underway. Projected combined rents $4,850-$5,450/mo; plans, timeline & rent analysis available on request. No HOA, detached garage + 6 spaces. Renderings depict completed construction. Cash & renovation-friendly financing welcome.

Listing Details MLS# 7067136

Location, Tax & Legal

House Number: 111
Compass: E
Street Name: BONITA
St Suffix: Way
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 6656
Country: US
County Code: Maricopa
Subdivision: UNIVERSITY ESTATES
Assessor Number: 133-16-104
Tax Year: 2025
Assessor's Map #: 16
Legal Description (Abbrev): LOT 25 4 UNIVERSITY ESTATES MCR 004605
Assessor's Parcel #: 104
Add'l Parcels: No
Tax Municipality: Tempe
Census Tract: 319000
Taxes: 1683
Legal: LOT 25 4 UNIVERSITY ESTATES MCR 004605
Marketing Name: N/A

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: Irregular
Year Built: 1951
Total # of Units: Yes
# of Buildings: Yes
Zoning: Residential
Flood Zone: No
Elementary School District: Tempe School District
High School District: Tempe Union High School District
Elementary School: Broadmor Elementary School
Jr. High School: Connolly Middle School
High School: Tempe High School
Uncvrd Parking Spcs: 0

Remarks Misc

Cross Street: S Mill Ave and Broadway Rd
Directions: Head toward S Mill Ave. Turn left onto E Broadway Rd. Turn left onto S Encanto Dr. Turn right onto E Bonita Way. Home will be on the right.

Legal Info

Township: 1N
Range: 4E
Section: 22
Lot Number: 25 4

Efficiency Units

# Efficiency Units: Yes
Avg Rent: 1250
Avg SqFt: 600
# Baths: Yes

More Information

4 Bedrooms Units

# 4 Bedroom Units: Yes
Avg Rent: 3600
Avg SqFt: 1572
# Baths: 2

Structure

Bedrooms Total: 5
Bathrooms Total: 3

Income Expenses

Gross Annual Sch Inc: 58200
Net Operating Income: 55290

Showing Notification Methods

Showing Service: Aligned Showings

Project Type

Other (See Remarks): Yes

1 Bedroom Units

Avg Rent: 0

2 Bedroom Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

Other Type

House + Rental Units: Yes

Construction

Slump Block: Yes

Const - Finish

Painted: Yes

Roofing

Composition: Yes

Floors

Vinyl: Yes
Carpet: Yes

Sale Includes

Building(s) Only: Yes

Income & Expenses

Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 1683
Other Income: 0
Vacancy Allowance: 0.05
Adjusted Gross Inc: 55290

Pmt & Rate Info

Cap Rate: 6.5
Equity: 850000
Down Payment %: 20
Monthly Payments: 4588
Total Owed: 0

Lockbox Type

Combo: Yes

Community Features

No Pool: Yes

Heating

Electric: Yes

Cooling

Central Air: Yes

Exterior Amenities

Patio/Balcony: Yes

Tenant Pays

Gas: Yes
Water: Yes
Sewer: Yes
Electricity: Yes
Trash Collection: Yes
Landscaping: Yes

Appliances Included

Built-In Electric Oven: Yes
Disposal: Yes
Refrigerator: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Projected Proforma: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

Detached Garage: Yes

Electric

SRP: Yes

Gas

SW Gas: Yes

Owner Pays

None: Yes

New Financing

Cash: Yes
VA: Yes
Conventional: Yes

Existing 1st Loan

Treat as Free&Clear: Yes

Reports/Disclosures

None: Yes

Environmental

None: Yes

Property Features

Project Type: Other (See Remarks) Other Type: House + Rental Units Construction: Slump Block Const - Finish: Painted Roofing: Composition Floors: Vinyl; Carpet Sale Includes: Building(s) Only Community Features: No Pool Exterior Amenities: Patio/Balcony Appliances Included: Built-In Electric Oven; Refrigerator; Disposal Cooling: Central Air Water Source: City Franchise Sewer: Sewer - Public Electric: SRP Gas: SW Gas Parking Features: Detached Garage Road Surface Type: Asphalt Owner Pays: None Tenant Pays: Water; Sewer; Electricity; Gas; Trash Collection; Landscaping Source of Fincl Data: Projected Proforma Lockbox Type: Combo Existing 1st Loan: Treat as Free&Clear New Financing: Cash; VA; Conventional Environmental: None

Listing Office: eXp Realty

Last Updated: August - 15 - 2026