1218-1222 S Farmer Avenue, Tempe, AZ 85281
$1,400,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$1,400,000
Last Modified:
2/02/2026
Description
We are please to announce State College Home Apartments. 9 units walking distance to ASU and Mill Ave. These apartments have nice
updates of new exterior paint and brand new landscaping. Two separate lots with 6 and 3 units. Individually metered for gas and electric.Some have newer
windows floors and bathrooms and most kitchens have been updated. Also there is room in the back lot where you can build 2 to possible 3 more units. Parking in the front and back as well as covered parking. (8) one bedroom and (1) studio. Amazing value add with rents not being raised in over 10 years. Existing washer and dryer onsite coin operated. Most units are large enough to add stack able washer and dryer units. All facts and figures are
approximate buyer verify MLS info Drive by on
More Information MLS# 6008284
Contract Info
Ownership: Fee Simple
Current Price: $1,400,000
Sold Price: $1,400,000
Status: Closed
List Date: 2019-11-23
Location, Tax & Legal
Assessor's Map #: 70
Assessor's Parcel #: 26
Add'l Parcels: Yes
Tax Municipality: Tempe
Taxes: 4367
Legal: LOT 4 STATE COLLEGE HOMES LOTS
33-40 MCR 003620 and LOT 5 STATE
COLLEGE HOMES LOTS 33-40 MCR 003620
Marketing Name: STATE COLLEGE HOMES APTS
Map Code/Grid: R36
House Number: 1218-1222
Compass: S
Street Name: Farmer
St Suffix: Avenue
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
County Code: Maricopa
Subdivision: State College Homes Lots 30-40
Assessor Number: 124-70-026
Tax Year: 2019
General Property Description
# of Buildings: 2
Uncvrd Parking Spcs: 15
Lot Size Dimensions: 19000 sq
Total # of Units: 9
Elementary School District: Tempe Elementary School District
High School District: Tempe Union High School District
Year Built: 1947
Zoning: c-3
Project Type
Tri-Plex: 1
5 - 12 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Vinyl: 1
Carpet: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 600
Annual Gas Exp: 550
Annual Ins Exp: 1800
Annual Land Lse Exp: 0
Annual Landscape Exp: 1110
Annual Legal & Acctg: 0
Annual Maint Exp: 6000
Annual Mgmt Exp: 0
Annual Trash Exp: 1000
Annual Wtr/Swr Exp: 3000
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 4367
Operating Exp: 22794
Other Income: 2200
Vacancy Allowance: 0.02
Adjusted Gross Inc: 105056
Total Monthly Rental Income: 8750
Pmt & Rate Info
Cap Rate: 5.32
Down Payment: 0
Equity: 1485000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Showing Notification Methods
Text: 1
Email: 1
Phone Call: 1
Lockbox Type
None: 1
Community Features
Other: 1
See Remarks: 1
Heating
Individual: 1
Cooling
Electric: 1
Individual: 1
Exterior Amenities
Other (See Remarks): 1
Tenant Pays
Gas: 1
Electricity: 1
Cable TV: 1
Appliances Included
Dishwasher: 1
Microwave: 1
Refrigerator: 1
Built-In Range: 1
Free-Standing Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Projected Proforma: 1
Water Source
City Franchise: 1
Master Meter: 1
Sewer
Sewer - Public: 1
Parking Features
1 Space/Unit: 1
Electric
APS: 1
Individual Meter: 1
Gas
SW Gas: 1
Individual Meter: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
New Financing
Conventional: 1
Existing 1st Loan
Conventional: 1
Other (See Rmks): 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Other (See Remarks): 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
None: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
# Efficiency Units: 1
Avg Rent: 800
Avg SqFt: 320
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 8
Avg Rent: 1015
Avg SqFt: 568
# Baths: 1
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: 0
Seller Concession $/%: $
Remarks Misc
Cross Street: Farmer Ave & 12 St.
Directions: University and Mill. West to Farmer Ave. South to Property
Geo Lat: 33.415337
Geo Lon: -111.944674
Status Change Info
Off Market Date: 2019-12-20
Under Contract Date: 2019-12-01
Close of Escrow Date: 2019-12-20
Sold Price: $1,400,000
Legal Info
Lot Number: 4,5
Income Expenses
Gross Annual Sch Inc: 105000
Net Operating Income: 79046
Property Features
Project Type: Tri-Plex; 5 - 12 Units
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Vinyl; Carpet
Sale Includes: Land & Building
Community Features: Other; See Remarks
Exterior Amenities: Other (See Remarks)
Appliances Included: Built-In Range; Free-Standing Range; Refrigerator; Dishwasher; Microwave
Heating: Individual
Cooling: Electric; Individual
Water Source: City Franchise; Master Meter
Sewer: Sewer - Public
Electric: APS; Individual Meter
Gas: SW Gas; Individual Meter
Parking Features: 1 Space/Unit
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electricity; Gas; Cable TV
Source of Fincl Data: Owner; Projected Proforma
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: None
Existing 1st Loan: Conventional; Other (See Rmks)
Existing 1st Loan Type: Not Applicable
Existing 1st Loan Terms: Not Applicable
Existing 2nd Loan: Other (See Remarks)
Existing 2nd Loan Type: Not Applicable
Existing 2nd Loan Terms: Not Applicable
Existing 3rd Loan: Other (See Remarks)
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional
Environmental: None
Listing Office:
Grace CRE
Last Updated: February - 02 - 2026
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