1114 S FARMER Avenue, Tempe, AZ 85281

$517,500
Property Type: Multiple Dwellings Bedrooms: 5 Baths: 3 Status: Closed
Current Price: $517,500 Last Modified: 1/04/2025

Overview

Description

HOT INVESTOR OPPORTUNITY!! One of the most desirable areas in Tempe!! This property is zoned R-3 for multi-family development. There are TWO HOMES on the lot. Main house, 1114 Farmer is updated. 3bed/1 bath 1469 sq/ft and a private yard. Rear house, 1116 Farmer is like NEW!! Built 2016 2bed/2bath 839 sq/ft and private yard. Both houses on separate meters. Both properties have TWO parking spaces. TURN KEY investment. This area is BOOMING with multifamily developments being built up. Both houses currently rented for $1500 a month. INSTANT cash flow! ½ Mile fro ASU and Downtown Tempe. HOME IS CURRENTLY OCCUPIED BY TENANTS. DO NOT DISTURB. LEASE ENDS JULY 31.

Listing Details MLS# 5721545

Location, Tax & Legal

Map Code/Grid
R37
House Number
1114
Compass
S
Street Name
FARMER
St Suffix
Avenue
City/Town Code
Tempe
State/Province
AZ
Zip Code
85281
Zip4
5504
Country
US
County Code
Maricopa
Subdivision
VAL VERDE
Assessor Number
124-70-068
Tax Year
2017

Contract Info

Ownership
Fee Simple

General Property Description

Lot Size Dimensions
50X130
Year Built
1945
Uncvrd Parking Spcs
4
Total # of Units
2
# of Buildings
2
Zoning
RES
Elementary School District
Tempe Elementary School District
High School District
Tempe Union High School District
Elementary School
Holdeman Elementary School
Jr. High School
Geneva Epps Mosley Middle School
High School
Tempe High School

Remarks Misc

Cross Street
Mill & University
Directions
West on University to Farmer. South past 11th, Between 11th and Howe. DO NOT DISTURB TENANTS.

Status Change Info

Off Market Date
2018-06-01
Under Contract Date
2018-05-01
Close of Escrow Date
2018-05-31

Legal Info

Township
1N
Range
4E
Section
21
Lot Number
7

More Information

2 Bedroom Units

# 2 Bedroom Units
Yes
Avg Rent
1500
Avg SqFt
839
# Baths
2

3 Bedrooms Units

# 3 Bedroom Units
Yes
Avg Rent
1500
Avg SqFt
1460
# Baths
Yes

Structure

Bedrooms Total
5
Bathrooms Total
3

Income Expenses

Gross Annual Sch Inc
36000
Net Operating Income
35685

Sold Info

Loan Type
Conventional
Loan Years
30
Payment Type
Fixed
Closing Cost Split
Buyer - B
Buyer Concession $/%
%
Seller Concession $/%
%

Property Features

Project Type: Other (See Remarks) Other Type: House + Rental Units; Other (See Remarks) Construction: Block; Wood Frame Const - Finish: Painted Roofing: Composition; Metal Floors: Concrete; Vinyl; Other Sale Includes: Land & Building Community Features: No Pool Exterior Amenities: Landscape Water System Interior Features: Fire/Smoke Alarm(s); Shutters Appliances Included: Built-In Range; Refrigerator; Dishwasher; Disposal; Microwave; W/D Hookup; Other Heating: Natural Gas; Other; See Remarks Cooling: Electric Water Source: City Franchise; Individual Meter Sewer: Sewer - Public Electric: APS Gas: SW Gas; Individual Meter Parking Features: >1 Space Per Unit; Other Road Access Type: Dedicated Street Road Surface Type: Asphalt Owner Pays: None Tenant Pays: Water; Sewer; Electricity; Gas; Trash Collection; Cable TV; Other (See Remarks) 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: VA; FHA; Conventional Environmental: None
IDX
Listing Office: My Home Group Real Estate
Office Phone: 480-685-2760
Office Email: andrew@myhomegroup.com
Last Updated: January - 04 - 2025
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