508 S FARMER Avenue, Tempe, AZ 85281
$1,749,500
Property Type:
Multiple Dwellings
Status:
Active
Current Price:
$1,749,500
Last Modified:
2/02/2026
Description
PRIME OPPORTUNITY TO PARTICIPATE IN TEMPE'S DOWNTOWN RENAISSANCE. 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 BEST LOCATIONS FOR LONG TERM INVESTMENT GROWTH. THE PARCELS ARE ALSO LOCATED IN TEMPE'S TRANSPORTATION OVERLAY DISTRICT WHICH ADDS A WHOLE OTHER LAYER OF DEVELOPMENT POTENTIAL NOT FOUND ELSEWHERE. IN ADDITION, THE EXISTING 8 RENTAL UNITS ARE 100% OCCUPIED OFFERING IMMEDIATE CASH FLOW.
More Information MLS# 6978065
Contract Info
Ownership: Fee Simple
Current Price: $1,749,500
List Price: $1,749,500
Status: Active
List Date: 2026-02-01
Location, Tax & Legal
Assessor's Map #: 33
Legal Description (Abbrev): ORTH SUB S2 LOTS 1 & 2 BLK 1
Assessor's Parcel #: 2
Assessor Parcel Ltr: A
Add'l Parcels: Yes
Tax Municipality: Tempe
Census Tract: 318800
Taxes: 3659
Legal: ORTH SUB S2 LOTS 1 & 2 BLK 1
Marketing Name: 5TH AND FARMER
House Number: 508
Compass: S
Street Name: FARMER
St Suffix: Avenue
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 2770
County Code: Maricopa
Subdivision: ORTH SUB
Assessor Number: 124-33-002-A
Tax Year: 2024
General Property Description
# of Buildings: 2
Uncvrd Parking Spcs: 4
Lot Size Dimensions: 167.5 X 100
Total # of Units: 8
High School District: Tempe Union High School District
Year Built: 1960
Zoning: R3
Legal Info
Range: 4E
Section: 16
Township: 1N
Lot Number: 1
Project Type
Four Plex: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Built-Up: 1
Floors
Other: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 0
Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 3659
Other Income: 0
Vacancy Allowance: 0.02
Adjusted Gross Inc: 0
Pmt & Rate Info
Cap Rate: 4.03
Equity: 1749500
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Showing Notification Methods
Showing Service: No Showing Service Used
Text: 1
Phone Call: 1
Lockbox Type
See Private Remarks: 1
Community Features
No Pool: 1
Heating
Heat Pump: 1
Cooling
Ceiling Fan(s): 1
Electric: 1
Heat Pump: 1
Individual: 1
Exterior Amenities
Cable TV Available: 1
Interior Features
Unfurnished: 1
Mini Blinds: 1
Tenant Pays
Gas: 1
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
Appliances Included
Free-Standing Gas Oven: 1
Refrigerator: 1
Road Surface Type
Concrete: 1
Gravel: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Sewer-In & Connected: 1
Parking Features
Detached Carport: 1
Add'l Parking Avail: 1
Off Street: 1
Electric
APS: 1
Individual Meter: 1
Gas
SW Gas: 1
Individual Meter: 1
Other (See Remarks): 1
Owner Pays
Other: 1
New Financing
Cash: 1
Owner May Carry: 1
Existing 1st Loan
Treat as Free&Clear: 1
Reports/Disclosures
None: 1
Environmental
None: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 8
Avg Rent: 915
Avg SqFt: 550
# Baths: 1
2 Bedroom Units
Avg Rent: 0
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Remarks Misc
Cross Street: 5TH ST AND FARMER
Directions: THE PROPERTY OCCUPIES 2 LOTS ON THE SOUTH WEST CORNER OF 5TH ST & FARMER IN TEMPE.
Geo Lat: 33.425033
Geo Lon: -111.944521
Income Expenses
Net Operating Income: 70576
Property Features
Project Type: Four Plex
Construction: Block
Const - Finish: Painted
Roofing: Built-Up
Floors: Other
Sale Includes: Land & Building
Community Features: No Pool
Exterior Amenities: Cable TV Available
Interior Features: Unfurnished; Mini Blinds
Appliances Included: Free-Standing Gas Oven; Refrigerator
Heating: Heat Pump
Cooling: Ceiling Fan(s); Electric; Heat Pump; Individual
Water Source: City Franchise
Sewer: Sewer - Public; Sewer-In & Connected
Electric: APS; Individual Meter
Gas: SW Gas; Individual Meter; Other (See Remarks)
Parking Features: Detached Carport; Add'l Parking Avail; Off Street
Road Surface Type: Gravel; Concrete
Owner Pays: Other
Tenant Pays: Water; Sewer; Gas; Trash Collection; Landscaping
Source of Fincl Data: Owner
Showing Notification Methods: Text; Phone Call
Lockbox Type: See Private Remarks
Existing 1st Loan: Treat as Free&Clear
New Financing: Cash; Owner May Carry
Environmental: None
CURRENT RENT ROLLS ›
Listing Office:
HomeSmart
Last Updated: February - 02 - 2026
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