1027 W 5TH Street, Tempe, AZ 85281
$1,800,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$1,800,000
Last Modified:
1/02/2025
Description
Hard to find property in Coveted Tempe minutes from ASU. Many new zonings & improvements in area lots of new luxury condos nearby. Three adjacent lots 1.43 Acres must sell together (APN 124-36-013, APN 124-36-014,and APN 124-36-016) currently zoned R-3 up to 28. Currently 15 houses & one duplex. Value is in the land. All improvements Convey as is. Please do not disrupt current tenants. Great opportunity for redevelopment.
More Information MLS# 5715626
Contract Info
Ownership: Fee Simple
Current Price: $1,800,000
Sold Price: $1,800,000
Status: Closed
List Date: 2018-01-27
Location, Tax & Legal
Assessor's Map #: 36
Legal Description (Abbrev): N2 TR 27 EX W 300' & EX E 235' M/L .71 AC
Assessor's Parcel #: 16
Add'l Parcels: Yes
Tax Municipality: Tempe
Census Tract: 318800
Taxes: 4626
Legal: N2 TR 27 EX W 300' & EX E 235' M/L .71 AC
Marketing Name: Hardy Village
Map Code/Grid: R36
House Number: 1027
Compass: W
Street Name: 5TH
St Suffix: Street
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 2508
County Code: Maricopa
Assessor Number: 124-36-016
Tax Year: 2016
General Property Description
# of Buildings: 18
Uncvrd Parking Spcs: 26
Lot Size Dimensions: 1.43 Acres
Total # of Units: 17
Elementary School District: Tempe Elementary School District
Elementary School: Scales Technology Academy
High School: Tempe High School
Year Built: 1955
Zoning: R3
Legal Info
Range: 4E
Section: 16
Township: 1N
Lot Number: 16
Project Type
13 - 24 Units: 1
Construction
Block: 1
Wood Frame: 1
Brick: 1
Const - Finish
Painted: 1
Stucco: 1
Brick Veneer: 1
Siding: 1
Roofing
Composition: 1
Floors
Concrete: 1
Vinyl: 1
Ceramic Tile: 1
Carpet: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 282.13
Annual Gas Exp: 0
Annual Ins Exp: 3635.32
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 164
Annual Maint Exp: 3560.6
Annual Mgmt Exp: 18000
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 7823.82
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 38091.87
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 86539.42
Pmt & Rate Info
Cap Rate: 4
Down Payment: 0
Equity: 2200000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
No Pool: 1
Heating
Wall Furnace: 1
Electric: 1
Natural Gas: 1
Window/Wall Unit(s): 1
Cooling
Ceiling Fan(s): 1
Evaporative Cooling: 1
Central Air: 1
Window/Wall Unit: 1
Tenant Pays
Gas: 1
Electricity: 1
Cable TV: 1
Appliances Included
Refrigerator: 1
Built-In Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
<1 Space Per Unit: 1
Paved: 1
Electric
APS: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
New Financing
Conventional: 1
1031 Exchange: 1
Existing 1st Loan
Treat as Free&Clear: 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Treat as Free&Clear: 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Treat as Free&Clear: 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
None: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 1
Avg Rent: 500
Avg SqFt: 400
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 14
Avg Rent: 574
Avg SqFt: 600
# Baths: 1
3 Bedrooms Units
# 3 Bedroom Units: 3
Avg Rent: 800
Avg SqFt: 800
# Baths: 1
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Cash
Closing Cost Split: Normal - N
Payment Type: Other
Buyer Concession to Seller: 0
Buyer Concession $/%: %
Seller Concession to Buyer: 0
Seller Concession $/%: %
Remarks Misc
Cross Street: 5th St & Hardy
Directions: S On Hardy Rt @ 530 S Drive goes through Properties & exits between 1007 & 1027 W 5th St
Geo Lat: 33.424971
Geo Lon: -111.953305
Status Change Info
Off Market Date: 2019-03-04
Under Contract Date: 2019-03-04
Close of Escrow Date: 2019-04-01
Sold Price: $1,800,000
Income Expenses
Gross Annual Sch Inc: 86539.42
Net Operating Income: 88005
Property Features
Project Type: 13 - 24 Units
Construction: Block; Wood Frame; Brick
Const - Finish: Painted; Stucco; Brick Veneer; Siding
Roofing: Composition
Floors: Concrete; Vinyl; Ceramic Tile; Carpet
Sale Includes: Land & Building
Community Features: No Pool
Appliances Included: Built-In Range; Refrigerator
Heating: Natural Gas; Window/Wall Unit(s); Wall Furnace
Cooling: Ceiling Fan(s); Window/Wall Unit; Evaporative Cooling; Central Air
Water Source: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: SW Gas
Parking Features: <1 Space Per Unit; Paved
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection
Tenant Pays: Electricity; Gas; Cable TV
Source of Fincl Data: Owner
Existing 1st Loan: Treat as Free&Clear
Existing 1st Loan Type: Not Applicable
Existing 1st Loan Terms: Not Applicable
Existing 2nd Loan: Treat as Free&Clear
Existing 2nd Loan Type: Not Applicable
Existing 2nd Loan Terms: Not Applicable
Existing 3rd Loan: Treat as Free&Clear
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional; 1031 Exchange
Environmental: None
Listing Office:
Desert 2 Mountain Realty
Last Updated: January - 02 - 2025
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