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
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.
More Information MLS# 6156027
Contract Info
Ownership: Fee Simple
Current Price: $1,100,000
Sold Price: $1,100,000
Status: Closed
List Date: 2020-11-04
Location, Tax & Legal
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
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
County Code: Maricopa
Subdivision: STATE COLLEGE HOMES LOTS 33-40
Assessor Number: 124-70-025
Tax Year: 2020
General Property Description
# of Buildings: 2
Uncvrd Parking Spcs: 3
Lot Size Dimensions: 50x190
Total # of Units: 7
Elementary School District: Tempe Elementary School District
Year Built: 1947
Zoning: R-3
Legal Info
Range: 4E
Section: 21
Township: 1N
Lot Number: 3
Project Type
Tri-Plex: 1
Four Plex: 1
5 - 12 Units: 1
Construction
Block: 1
Const - Finish
Stucco: 1
Roofing
Composition: 1
Foam: 1
Floors
Vinyl: 1
Ceramic Tile: 1
Carpet: 1
Other: 1
Sale Includes
Land & Building: 1
Laundry Equipment: 1
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: 1
Lockbox Type
None: 1
Community Features
Other: 1
See Remarks: 1
Heating
Natural Gas: 1
Cooling
Electric: 1
Exterior Amenities
Desert Landscaping: 1
Other (See Remarks): 1
Interior Features
Fire/Smoke Alarm(s): 1
Other (See Remarks): 1
Tenant Pays
Electricity: 1
Appliances Included
Dishwasher: 1
Refrigerator: 1
Washer/Dryer: 1
Road Access Type
Alley: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Projected Proforma: 1
Other (See Remarks): 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
1 Space/Unit: 1
Electric
APS: 1
Individual Meter: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Sewer: 1
Gas: 1
Trash Collection: 1
Landscaping: 1
New Financing
Conventional: 1
1031 Exchange: 1
Reports/Disclosures
None: 1
Environmental
None: 1
Efficiency Units
# Efficiency Units: 1
Avg Rent: 725
Avg SqFt: 150
1 Bedroom Units
# 1 Bedroom Units: 6
Avg Rent: 1037
Avg SqFt: 687
2 Bedroom Units
Avg Rent: 0
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Other
Closing Cost Split: Normal - N
Payment Type: Other
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 25000
Seller Concession $/%: $
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.
Geo Lat: 33.415469
Geo Lon: -111.944652
Status Change Info
Off Market Date: 2020-12-18
Under Contract Date: 2020-11-10
Close of Escrow Date: 2020-12-18
Sold Price: $1,100,000
Income Expenses
Gross Annual Sch Inc: 83400
Net Operating Income: 58945
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
Property Disclosure - Res. Seller ›
Listing Office:
Better Homes & Gardens Real Estate SJ Fowler
Last Updated: March - 06 - 2025
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