1039 E SPENCE Avenue, Tempe, AZ 85281
$714,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$714,000
Last Modified:
2/02/2026
Description
We are pleased to announce a turn key remodeled Tempe 4 plex walking distance to ASU. This is amazing Tempe location near the light rail, malls, shopping, restaurants & freeways. This building has been updated with major capital improvements. Kitchens, granite counter tops, washer and dryers added to all units. New electrical panels, floors, bathrooms, tank less water heaters, new parking lot, new yards, new lighting, new yards, new roof and much more. Also this complex is fully rented with 2 year leases in place two at $1,500 (2) bedroom 1 bath units. One 1 bed $1,300 and one at $1,250. They are leased to tenants who run as short term rentals. Amazing return for the next two years with these leases in place. Self Manged. All facts & figures are approximate buyer verify MLS information
More Information MLS# 5927124
Contract Info
Ownership: Fee Simple
Current Price: $714,000
Sold Price: $714,000
Status: Closed
List Date: 2019-05-16
Location, Tax & Legal
Assessor's Map #: 10
Legal Description (Abbrev): JEN TILLY TERRACE PT LOT 28 N 100' EX E 15'
Assessor's Parcel #: 48
Add'l Parcels: No
Tax Municipality: Tempe
Census Tract: 319104
Taxes: 2075
Legal: JEN TILLY TERRACE PT LOT 28 N 100' EX E 15'
Marketing Name: Jen Tilly Terrace Apts
Map Code/Grid: R37
House Number: 1039
Compass: E
Street Name: SPENCE
St Suffix: Avenue
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 5847
County Code: Maricopa
Subdivision: JEN TILLY TERRACE LOTS 19-29 /TR A/
Assessor Number: 133-10-048
Tax Year: 2018
General Property Description
# of Buildings: 1
Uncvrd Parking Spcs: 4
Lot Size Dimensions: 8,500
Total # of Units: 4
Elementary School District: Tempe Elementary School District
Year Built: 1964
Zoning: R-4
Legal Info
Range: 4E
Section: 23
Township: 1N
Lot Number: 28
Project Type
Four Plex: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Concrete: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 1400
Annual Land Lse Exp: 0
Annual Landscape Exp: 600
Annual Legal & Acctg: 0
Annual Maint Exp: 2650
Annual Mgmt Exp: 0
Annual Trash Exp: 1000
Annual Wtr/Swr Exp: 2000
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 1500
Annual Other Expense: 2075
Operating Exp: 13300
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 66600
Total Monthly Rental Income: 5500
Pmt & Rate Info
Cap Rate: 7.3
Down Payment: 0
Equity: 729900
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
No Pool: 1
Heating
Electric: 1
Individual: 1
Cooling
Electric: 1
Individual: 1
Exterior Amenities
Desert Landscaping: 1
Partially Fenced: 1
Cable TV Available: 1
Separate Storage: 1
Interior Features
Unfurnished: 1
Fire/Smoke Alarm(s): 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
Refrigerator: 1
Built-In Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Projected Proforma: 1
Water Source
City Franchise: 1
Master Meter: 1
Sewer
Sewer - Public: 1
Sewer-In & Connected: 1
Parking Features
Free: 1
On Street: 1
1 Space/Unit: 1
Add'l Parking Avail: 1
Electric
APS: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
New Financing
VA: 1
Conventional: 1
Special
Incorporated Area: 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
Seller Prop Disc Stm: 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: 2
Avg Rent: 1275
Avg SqFt: 650
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 2
Avg Rent: 1500
Avg SqFt: 829
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Loan Years: 30
Closing Cost Split: Seller Assist - A
Payment Type: Fixed
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 15000
Seller Concession $/%: $
Remarks Misc
Cross Street: Rural Rd & Broadway Rd
Directions: North on Rural. East on Spence Ave.
Geo Lat: 33.41264
Geo Lon: -111.922769
Status Change Info
Off Market Date: 2019-07-14
Under Contract Date: 2019-06-18
Close of Escrow Date: 2019-07-17
Sold Price: $714,000
Income Expenses
Gross Annual Sch Inc: 66600
Net Operating Income: 53300
Property Features
Project Type: Four Plex
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Concrete
Sale Includes: Land & Building
Community Features: No Pool
Exterior Amenities: Desert Landscaping; Partially Fenced; Cable TV Available; Separate Storage
Interior Features: Unfurnished; Fire/Smoke Alarm(s)
Appliances Included: Built-In Range; Refrigerator
Heating: Individual
Cooling: Electric; Individual
Water Source: City Franchise; Master Meter
Sewer: Sewer - Public; Sewer-In & Connected
Electric: APS
Gas: None
Parking Features: On Street; 1 Space/Unit; Add'l Parking Avail; Free
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Projected Proforma
Special: Incorporated Area
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: VA; Conventional
Environmental: None
Listing Office:
Grace CRE
Last Updated: February - 02 - 2026
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