1214 S FARMER Avenue, Tempe, AZ 85281

$1,100,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $1,100,000 Last Modified: 3/06/2025

Overview

Description

Turn Key Investment, Walking distance to Downtown Tempe and Arizona State University. Apartment sits in the middle of a Classic College Residential Neighborhood. Two Buildings consisting of a loft style fourplex and One Story Triplex. Many Capitol Improvements completed within the last 4 years including All AC Units, Water Heaters, Roof on Fourplex, Plumbing and some Flooring. Attractive Units with open floor plans and natural light. Low Maintenance Desert Landscape. Very Low Vacancy, Leases In Place With Room for Increases. Proforma rents calculated at market. actual rent roll in documents. Buyer to Verify all Facts and Figures to Their Satisfaction.

Listing Details MLS# 6156027

Location, Tax & Legal

Map Code/Grid
R36
House Number
1214
Compass
S
Street Name
FARMER
St Suffix
Avenue
City/Town Code
Tempe
State/Province
AZ
Zip Code
85281
Zip4
5775
Country
US
County Code
Maricopa
Subdivision
STATE COLLEGE HOMES LOTS 33-40
Assessor Number
124-70-025
Tax Year
2020
Assessor's Map #
70
Legal Description (Abbrev)
LOT 3 STATE COLLEGE HOMES LOTS 33-40 MCR 003620
Assessor's Parcel #
25
Add'l Parcels
No
Tax Municipality
Tempe
Census Tract
318900
Taxes
1944
Legal
LOT 3 STATE COLLEGE HOMES LOTS 33-40 MCR 003620
Marketing Name
State College

Contract Info

Ownership
Fee Simple

General Property Description

Lot Size Dimensions
50x190
Year Built
1947
Uncvrd Parking Spcs
3
Total # of Units
7
# of Buildings
2
Zoning
R-3
Elementary School District
Tempe Elementary School District

Remarks Misc

Cross Street
Mill and University
Directions
West on University One block to Farmer Ave. South on Farmer Ave to property on westside of Street. Alley access behind parcel.

Status Change Info

Off Market Date
2020-12-18
Under Contract Date
2020-11-10
Close of Escrow Date
2020-12-18

Legal Info

Township
1N
Range
4E
Section
21
Lot Number
3

More Information

Income Expenses

Gross Annual Sch Inc
83400
Net Operating Income
58945

Efficiency Units

# Efficiency Units
Yes
Avg Rent
725
Avg SqFt
150

1 Bedroom Units

# 1 Bedroom Units
6
Avg Rent
1037
Avg SqFt
687

Sold Info

Loan Type
Other
Payment Type
Other
Closing Cost Split
Normal - N
Buyer Concession $/%
$
Seller Concession to Buyer
25000
Seller Concession $/%
$
Buyer Concession to Seller
0

Project Type

Tri-Plex
Yes
Four Plex
Yes
5 - 12 Units
Yes

Construction

Block
Yes

Const - Finish

Stucco
Yes

Roofing

Composition
Yes
Foam
Yes

Floors

Vinyl
Yes
Ceramic Tile
Yes
Carpet
Yes
Other
Yes

Sale Includes

Land & Building
Yes
Laundry Equipment
Yes

Income & Expenses

Annual Elec Exp
1446
Annual Gas Exp
379
Annual Ins Exp
1300
Annual Land Lse Exp
0
Annual Landscape Exp
600
Annual Legal & Acctg
0
Annual Maint Exp
2000
Annual Mgmt Exp
8340
Annual Trash Exp
0
Annual Wtr/Swr Exp
4000
Owner Association
No
Annual Ownr Asoc Fee
0
Annual Rplcmnt Rsrvs
0
Operating Exp
20009
Other Income
0
Vacancy Allowance
0.03
Adjusted Gross Inc
80898

Pmt & Rate Info

Cap Rate
5.02
Equity
1175000
Down Payment %
0
Monthly Payments
0
Total Owed
0

Showing Notification Methods

Phone Call
Yes

Lockbox Type

None
Yes

Community Features

Other
Yes
See Remarks
Yes

Heating

Natural Gas
Yes

Cooling

Electric
Yes

Exterior Amenities

Desert Landscaping
Yes
Other (See Remarks)
Yes

Interior Features

Fire/Smoke Alarm(s)
Yes
Other (See Remarks)
Yes

Tenant Pays

Electricity
Yes

Appliances Included

Dishwasher
Yes
Refrigerator
Yes
Washer/Dryer
Yes

Road Access Type

Alley
Yes

Road Surface Type

Asphalt
Yes

Source of Fincl Data

Owner
Yes
Projected Proforma
Yes
Other (See Remarks)
Yes

Water Source

City Franchise
Yes

Sewer

Sewer - Public
Yes

Parking Features

1 Space/Unit
Yes

Electric

APS
Yes
Individual Meter
Yes

Gas

SW Gas
Yes

Owner Pays

Water
Yes
Sewer
Yes
Gas
Yes
Trash Collection
Yes
Landscaping
Yes

New Financing

Conventional
Yes
1031 Exchange
Yes

Reports/Disclosures

None
Yes

Environmental

None
Yes

2 Bedroom Units

Avg Rent
0

3 Bedrooms Units

Avg Rent
0

4 Bedrooms Units

Avg Rent
0

Property Features

Project Type: Tri-Plex; Four Plex; 5 - 12 Units Construction: Block Const - Finish: Stucco Roofing: Composition; Foam Floors: Vinyl; Ceramic Tile; Carpet; Other Sale Includes: Land & Building; Laundry Equipment Community Features: Other; See Remarks Exterior Amenities: Desert Landscaping; Other (See Remarks) Interior Features: Fire/Smoke Alarm(s); Other (See Remarks) Appliances Included: Refrigerator; Dishwasher; Washer/Dryer Heating: Natural Gas Cooling: Electric Water Source: City Franchise Sewer: Sewer - Public Electric: APS; Individual Meter Gas: SW Gas Parking Features: 1 Space/Unit Road Access Type: Alley Road Surface Type: Asphalt Owner Pays: Water; Gas; Trash Collection; Landscaping Tenant Pays: Electricity Source of Fincl Data: Owner; Projected Proforma; Other (See Remarks) Showing Notification Methods: Phone Call Lockbox Type: None New Financing: Conventional; 1031 Exchange Environmental: None

Documents

View Document Property Disclosure - Res. Seller ›
IDX
Listing Office: Better Homes & Gardens Real Estate SJ Fowler
Last Updated: March - 06 - 2025
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