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508 S FARMER Avenue Tempe, AZ 85281
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Key Details
Sold Price $1,400,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Orth Sub
MLS Listing ID 6978065
Sold Date 05/28/26
Year Built 1960
Annual Tax Amount $3,659
Tax Year 2024
Lot Dimensions 167.5 X 100
Source Arizona Regional Multiple Listing Service (ARMLS)
Property Description
PRIME REDEVELOPMENT OPPORTUNITY IN DOWNTOWN TEMPE. SURROUNDED BY A COLLECTION OF HIGH-END COMMERCIAL/OFFICE DEVELOPMENTS, A BOUTIQUE HOTEL, AND TRENDY URBAN MULTI USE CONDOMINIUMS, THIS PROPERTY IS ONE OF THE LAST BEST INFILL LOCATIONS AVAILABLE FOR LONG TERM INVESTMENT GROWTH. THE 2 PARCELS ARE ALSO LOCATED IN TEMPE'S TRANSPORTATION OVERLAY DISTRICT, ALLOWING ADDITIONAL DEVELOPMENT OPTIONS NOT FOUND IN OTHER R3 ZONED CITY NEIGHBORHOODS. IN ADDITION, THE EXISTING 8 RENTAL UNITS ARE 100% OCCUPIED OFFERING IMMEDIATE CASH FLOW DURING THE PLANNING PROCESS.
Location
State AZ
County Maricopa
Community Orth Sub
Area Maricopa
Zoning R3
Direction THE PROPERTY OCCUPIES 2 LOTS ON THE SOUTH WEST CORNER OF 5TH ST & FARMER IN TEMPE.
Interior
Heating Heat Pump
Cooling Ceiling Fan(s), Electric, Heat Pump, Individual
Flooring Other
Appliance Refrigerator, Free-Standing Gas Oven
Exterior
Parking Features Off Street, Detached Carport, Add'l Parking Avail
Community Features No Pool
Roof Type Built-Up
Private Pool No
Building
Sewer Sewer-In & Connected, Public Sewer
Water City Franchise
New Construction No
Schools
School District Tempe Union High School District
Others
Senior Community No
Tax ID 124-33-002-A
Acceptable Financing Owner May Carry
Disclosures None
Listing Terms Owner May Carry
Financing Cash
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Bought with ABI Multifamily
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