1218 S FARMER Avenue, Tempe, AZ 85281 (MLS# 6919748)

1218 S FARMER Avenue, Tempe, AZ 85281

$1,675,000

Property Type: Multiple Dwellings Status: Pending

Current Price: $1,675,000 Last Modified: 6/27/2026

Overview

Description

Exceptional investment opportunity in this well-maintained 9-unit multifamily property! Conveniently located in a desirable, high-demand rental area of Tempe, ASU. This 9-plex features 8-1bedroom units and 1- studio with strong rental history and low vacancy. Each unit offers functional layouts, and 15 dedicated parking. All units have been tastefully updated attracting quality long-term tenants. The property sits on a generous lot with potential for future development (buyer to verify). On-site laundry, separate utility meters, This is a turnkey addition to any investor's portfolio. Easy access to transit, ASU, shopping, and major employment centers. Whether you're a seasoned investor or entering the multifamily market, this is a rare chance to acquire a stable, cash-flowing asset.

Listing Details MLS# 6919748

Location, Tax & Legal

House Number: 1218
Compass: S
Street Name: FARMER
St Suffix: Avenue
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 5500
Country: US
County Code: Maricopa
Subdivision: STATE COLLEGE HOMES LOTS 41-48
Assessor Number: 124-70-026
Tax Year: 2024
Assessor's Map #: 70
Legal Description (Abbrev): LOT 4 STATE COLLEGE HOMES LOTS 41-48 MCR 003620
Assessor's Parcel #: 26
Add'l Parcels: Yes
Tax Municipality: Tempe
Census Tract: 318900
Taxes: 2668
Legal: LOT 4 STATE COLLEGE HOMES LOTS 41-48 MCR 003620
Marketing Name: ASU

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 9523
Year Built: 1960
Uncvrd Parking Spcs: 6
Total # of Units: 9
# of Buildings: 3
Zoning: R-3
Flood Zone: No
Elementary School District: Tempe 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: University & Farmer
Directions: South on Farmer from University to property

Status Change Info

Off Market Date: 2026-06-27
Under Contract Date: 2026-06-01

Legal Info

Township: 1N
Range: 4E
Section: 21
Lot Number: 4

More Information

Income Expenses

Gross Annual Sch Inc: 122400
Net Operating Income: 108667

Showing Notification Methods

Showing Service: Aligned Showings
Text: Yes

Efficiency Units

# Efficiency Units: Yes
Avg Rent: 1000
Avg SqFt: 450
# Baths: Yes

1 Bedroom Units

# 1 Bedroom Units: 8
Avg Rent: 1150
Avg SqFt: 725
# Baths: Yes

Project Type

5 - 12 Units: Yes

Construction

Block: Yes
Wood Frame: Yes

Const - Finish

Painted: Yes

Roofing

Composition: Yes

Floors

Vinyl: Yes

Sale Includes

Laundry Equipment: Yes

Income & Expenses

Annual Elec Exp: 0
Annual Ins Exp: 4000
Annual Landscape Exp: 1200
Annual Legal & Acctg: 4933
Annual Wtr/Swr Exp: 4800
Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 17601
Other Income: 3600
Vacancy Allowance: 0.05
Adjusted Gross Inc: 119700

Pmt & Rate Info

Cap Rate: 6.49
Equity: 1675000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0

Lockbox Type

Other: Yes

Community Features

No Pool: Yes
Play Area: Yes
Barbecue: Yes

Heating

Heat Pump: Yes
Electric: Yes

Cooling

Ceiling Fan(s): Yes
Central Air: Yes
Electric: Yes

Exterior Amenities

Landscape Water System: Yes
Fenced: Yes
Cable TV Available: Yes
Sidewalk(s): Yes
Separate Storage: Yes
Security Light(s): Yes

Interior Features

Unfurnished: Yes
Mini Blinds: Yes

Tenant Pays

Gas: Yes
Electricity: Yes

Appliances Included

Built-In Electric Oven: Yes
Dishwasher: Yes
Disposal: Yes
Microwave: Yes
Refrigerator: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

Carport: Yes
1 Space/Unit: Yes
Add'l Parking Avail: Yes

Electric

APS: Yes

Gas

SW Gas: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes

New Financing

Cash: Yes
Conventional: Yes
Owner May Carry: Yes
1031 Exchange: Yes

Existing 1st Loan

Treat as Free&Clear: Yes

Existing 1st Loan Type

Not Applicable: Yes

Existing 2nd Loan

Treat as Free&Clear: Yes

Existing 2nd Loan Type

Not Applicable: Yes

Existing 3rd Loan

Treat as Free&Clear: Yes

Reports/Disclosures

None: Yes

Existing 3rd Loan Terms

Not Applicable: 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: 5 - 12 Units Construction: Block; Wood Frame Const - Finish: Painted Roofing: Composition Floors: Vinyl Sale Includes: Laundry Equipment Community Features: No Pool; Play Area; Barbecue Exterior Amenities: Landscape Water System; Fenced; Cable TV Available; Sidewalk(s); Separate Storage; Security Light(s) Interior Features: Unfurnished; Mini Blinds Appliances Included: Built-In Electric Oven; Refrigerator; Dishwasher; Disposal; Microwave Heating: Heat Pump Cooling: Ceiling Fan(s); Electric; Central Air Water Source: City Franchise Sewer: Sewer - Public Electric: APS Gas: SW Gas Parking Features: Carport; 1 Space/Unit; Add'l Parking Avail Road Surface Type: Asphalt Owner Pays: Water; Trash Collection Tenant Pays: Electricity; Gas Source of Fincl Data: Owner Showing Notification Methods: Text Lockbox Type: Other Existing 1st Loan: Treat as Free&Clear Existing 1st Loan Type: Not Applicable Existing 2nd Loan: Treat as Free&Clear Existing 2nd Loan Type: Not Applicable Existing 3rd Loan: Treat as Free&Clear Existing 3rd Loan Terms: Not Applicable New Financing: Cash; Conventional; Owner May Carry; 1031 Exchange Environmental: None

Listing Office: Civic Center Real Estate

Last Updated: June - 27 - 2026