1301 W 3RD Street, Tempe, AZ 85281
$800,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$800,000
Last Modified:
10/06/2025
Description
Prime Tempe 4-Plex - Great investment opportunity in a highly sought-after Tempe location! The property features two spacious 2-bedroom/1-bath units and two 1-bedroom/1-bath units, each with its own front patio. The one-bedroom units also enjoy private enclosed yards, perfect for added tenant appeal. Shared amenities include an on-site laundry room and rear parking. Nestled on a quiet, well-kept street with numerous remodeled homes, this property is just minutes from ASU campus, Carvana Headquarters, Phoenix Sky Harbor International Airport, the 202 freeway. With some long-term tenants already in place, there's significant upside potential for upgrades and market rent increases. Exceptional Value-Add Potential. Please do not disturb residents!
More Information MLS# 6905604
Contract Info
Ownership: Fee Simple
Current Price: $800,000
Sold Price: $800,000
Status: Closed
List Date: 2025-08-13
Location, Tax & Legal
Assessor's Map #: 28
Legal Description (Abbrev): LOT 1 GRIFFITH ESTATES MCR 009913
Assessor's Parcel #: 38
Add'l Parcels: No
Tax Municipality: Tempe
Census Tract: 318800
Taxes: 2092
Legal: LOT 1 GRIFFITH ESTATES MCR 009913
Marketing Name: GRIFFITH ESTATES
House Number: 1301
Compass: W
Street Name: 3RD
St Suffix: Street
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 2466
County Code: Maricopa
Subdivision: GRIFFITH ESTATES
Assessor Number: 124-28-038
Tax Year: 2024
General Property Description
# of Buildings: 1
Uncvrd Parking Spcs: 6
Lot Size Dimensions: 8359
Flood Zone: No
Total # of Units: 4
Elementary School District: Tempe School District
High School District: Tempe Union High School District
Elementary School: Scales Technology Academy
Jr. High School: Geneva Epps Mosley Middle School
High School: Tempe High School
Year Built: 1979
Zoning: R3
Legal Info
Range: 4E
Section: 16
Township: 1N
Lot Number: 1
Project Type
Four Plex: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Other: 1
Floors
Vinyl: 1
Ceramic Tile: 1
Carpet: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 540
Annual Gas Exp: 0
Annual Ins Exp: 2460
Annual Land Lse Exp: 0
Annual Landscape Exp: 1200
Annual Legal & Acctg: 0
Annual Maint Exp: 0
Annual Mgmt Exp: 0
Annual Trash Exp: 580
Annual Wtr/Swr Exp: 2000
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 8872
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 44700
Pmt & Rate Info
Cap Rate: 4.67
Down Payment: 0
Equity: 825000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Showing Notification Methods
Showing Service: Aligned Showings
Text: 1
Phone Call: 1
Lockbox Type
Supra: 1
Community Features
No Pool: 1
Heating
Electric: 1
Cooling
Ceiling Fan(s): 1
Central Air: 1
Electric: 1
Exterior Amenities
Fenced: 1
Separate Storage: 1
Interior Features
Unfurnished: 1
Tenant Pays
Electricity: 1
Appliances Included
Refrigerator: 1
Washer/Dryer: 1
Other: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Projected Proforma: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Paved: 1
Electric
SRP: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 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
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
Other (See Remarks): 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 2
Avg Rent: 1050
Avg SqFt: 650
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 2
Avg Rent: 1400
Avg SqFt: 750
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
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
Cross Street: PRIEST & UNIVERSITY
Directions: from 202 exit to Priest, South of Rio Salado Pkwy to 3rd Street, East to property on the right.
Geo Lat: 33.427056
Geo Lon: -111.958969
Status Change Info
Off Market Date: 2025-09-16
Under Contract Date: 2025-08-19
Close of Escrow Date: 2025-09-30
Sold Price: $800,000
Income Expenses
Gross Annual Sch Inc: 44700
Net Operating Income: 38520
Property Features
Project Type: Four Plex
Construction: Block
Const - Finish: Painted
Roofing: Other
Floors: Vinyl; Ceramic Tile; Carpet
Sale Includes: Land & Building
Community Features: No Pool
Exterior Amenities: Fenced; Separate Storage
Interior Features: Unfurnished
Appliances Included: Refrigerator; Washer/Dryer; Other
Cooling: Ceiling Fan(s); Electric; Central Air
Water Source: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: None
Parking Features: Paved
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electricity
Source of Fincl Data: Projected Proforma
Showing Notification Methods: Text; Phone Call
Lockbox Type: Supra
Existing 1st Loan: Treat as Free&Clear
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: Other (See Remarks)
Listing Office:
Real Broker
Last Updated: October - 06 - 2025
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