1217 W Southern Avenue, Tempe, AZ 85282
$840,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$840,000
Last Modified:
4/24/2025
Description
1217 W Southern Ave is a 4-unit multifamily community located in the West Tempe Submarket of Tempe, AZ. This asset is strategically positioned within close proximity to the ASU Tempe campus, and features 100% two-bedroom, 1 bathroom floorplans averaging approximately 750 sq. ft. The building underwent a significant renovation in 2017 and has a new roof along with on-site laundry and storage. Each unit features fully renovated interiors and a gated patio area, with a current average rent of $1,738/month. This is a unique opportunity to acquire a turn-key asset located in a highly desirable location.
More Information MLS# 6819034
Contract Info
Ownership: Fee Simple
Current Price: $840,000
Sold Price: $840,000
Status: Closed
List Date: 2025-02-11
Location, Tax & Legal
Assessor's Map #: 42
Legal Description (Abbrev): TRACT H WESTWAY PARK MCR 012324
Assessor's Parcel #: 69
Add'l Parcels: No
Tax Municipality: Maricopa - COUNTY
Census Tract: 319705
Taxes: 2533
Legal: TRACT H WESTWAY PARK MCR 012324
Marketing Name: 1217 W Southern Ave
House Number: 1217
Compass: W
Street Name: Southern
St Suffix: Avenue
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85282
Zip4: 4526
County Code: Maricopa
Subdivision: WESTWAY PARK
Assessor Number: 123-42-069
Tax Year: 2023
General Property Description
# of Buildings: 1
Uncvrd Parking Spcs: 4
Lot Size Dimensions: 9250
Total # of Units: 4
High School District: Tempe Union High School District
Year Built: 1970
Zoning: M-M
Legal Info
Range: 4E
Section: 33
Township: 1N
Project Type
Four Plex: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Ceramic Tile: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 1027
Annual Gas Exp: 0
Annual Ins Exp: 2668
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 0
Annual Maint Exp: 420
Annual Mgmt Exp: 0
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 2079
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 830
Operating Exp: 9557
Other Income: 5400
Vacancy Allowance: 0.05
Adjusted Gross Inc: 87210
Pmt & Rate Info
Cap Rate: 6.04
Down Payment: 0
Equity: 949500
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Showing Notification Methods
Showing Service: Aligned Showings
Lockbox Type
None: 1
Community Features
No Pool: 1
Heating
Other: 1
See Remarks: 1
None: 1
Cooling
Electric: 1
Tenant Pays
Electricity: 1
Appliances Included
Dishwasher: 1
Microwave: 1
Refrigerator: 1
Free-Standing Range: 1
Road Surface Type
Dirt: 1
Gravel: 1
Source of Fincl Data
Other (See Remarks): 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
Electric
APS: 1
Gas
Other (See Remarks): 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
New Financing
Conventional: 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
Other (See Remarks): 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
Avg Rent: 0
2 Bedroom Units
# 2 Bedroom Units: 4
Avg Rent: 1000
Avg SqFt: 750
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: FHA
Loan Years: 30
Closing Cost Split: Normal - N
Payment Type: Fixed
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
Remarks Misc
Geo Lat: 33.392543
Geo Lon: -111.957546
Status Change Info
Off Market Date: 2025-03-06
Under Contract Date: 2025-03-05
Close of Escrow Date: 2025-04-21
Sold Price: $840,000
Income Expenses
Gross Annual Sch Inc: 86400
Net Operating Income: 57391
Property Features
Project Type: Four Plex
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Ceramic Tile
Sale Includes: Land & Building
Community Features: No Pool
Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Microwave
Heating: None; Other; See Remarks
Cooling: Electric
Water Source: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: Other (See Remarks)
Parking Features: Carport
Road Surface Type: Gravel; Dirt
Owner Pays: Water; Trash Collection
Tenant Pays: Electricity
Source of Fincl Data: Other (See Remarks)
Lockbox Type: None
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
Environmental: Other (See Remarks)
Listing Office:
Matthews Real Estate Investment Services
Last Updated: April - 24 - 2025
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