1320-1312 W 5TH Street, Tempe, AZ 85281

$1,025,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $1,025,000 Last Modified: 5/15/2025

Overview

Description

Sold! Per MLS, this represents the highest sold price for a cash/conventional deal EVER (4 units). Prime location just blocks from Hayden-Ferry Landing, Mill/ASU, and a few minutes to Old Town Scottsdale. In an OZ. All 2 bedroom unit mix (822sf/unit). Stabilized at a 6 CAP. Long-term, local owners have pride of ownership. Many recent renovations to some units including plumbing, kitchens/baths, windows, roof, etc. Classic features to value-add further. Excellent rents in place with mostly flexible month-to-month leases. The complex offers more amenities than the competition, including carport parking, fenced front yards with private back patios, individual laundry/storage rooms, gorgeous desert landscaping, and a pretty central courtyard. More like homes than apartments.

Listing Details MLS# 6830355

Location, Tax & Legal

House Number
1320-1312
Compass
W
Street Name
5TH
St Suffix
Street
City/Town Code
Tempe
State/Province
AZ
Zip Code
85281
Zip4
2895
Country
US
County Code
Maricopa
Subdivision
JO-ELLEN HOMES
Assessor Number
124-28-034
Tax Year
2024
Assessor's Map #
28
Legal Description (Abbrev)
LOT 11 JO-ELLEN HOMES MCR 008904
Assessor's Parcel #
34
Add'l Parcels
Yes
Tax Municipality
Tempe
Census Tract
318800
Taxes
1408
Legal
LOT 11 & 12 JO-ELLEN HOMES MCR 008904
Marketing Name
ASU Polished 4

Contract Info

Ownership
Fee Simple

General Property Description

Lot Size Dimensions
.384 acres
Year Built
1961
Uncvrd Parking Spcs
4
Total # of Units
4
# of Buildings
2
Zoning
R-2
High School District
Tempe Union High School District

Remarks Misc

Cross Street
Priest and Rio Salado
Directions
202 to Priest to 5th.

Status Change Info

Off Market Date
2025-05-07
Under Contract Date
2025-04-26
Close of Escrow Date
2025-05-15

Legal Info

Township
1N
Range
4E
Section
16
Lot Number
11

More Information

Income Expenses

Gross Annual Sch Inc
81600
Net Operating Income
66358

Showing Notification Methods

Showing Service
No Showing Service Used
Text
Yes

2 Bedroom Units

# 2 Bedroom Units
4
Avg Rent
1700
Avg SqFt
822
# Baths
Yes

Sold Info

Loan Type
Other
Payment Type
Other
Closing Cost Split
Normal - N
Buyer Concession $/%
$
Seller Concession $/%
$
Buyer Concession to Seller
0
Seller Concession to Buyer
0

Project Type

Four Plex
Yes

Other Type

Packaged Offering
Yes

Construction

Block
Yes

Const - Finish

Painted
Yes

Roofing

Composition
Yes

Floors

Ceramic Tile
Yes
Other
Yes

Sale Includes

Land & Building
Yes
Laundry Equipment
Yes
Other (See Remarks)
Yes

Income & Expenses

Annual Elec Exp
330
Annual Gas Exp
0
Annual Ins Exp
1476
Annual Land Lse Exp
0
Annual Landscape Exp
1240
Annual Legal & Acctg
0
Annual Maint Exp
2360
Annual Mgmt Exp
0
Annual Trash Exp
0
Annual Wtr/Swr Exp
1954
Owner Association
No
Annual Ownr Asoc Fee
0
Annual PAD Fee
0
Annual Rplcmnt Rsrvs
0
Annual Other Expense
1606
Operating Exp
10374
Other Income
400
Vacancy Allowance
0.03
Adjusted Gross Inc
79540
Total Monthly Rental Income
6800

Pmt & Rate Info

Cap Rate
6.06
Equity
1095000
Down Payment %
0
Monthly Payments
0
Total Owed
0

Payment Includes

Principal
Yes
Interest
Yes

Lockbox Type

See Private Remarks
Yes

Community Features

No Pool
Yes
Other
Yes
See Remarks
Yes

Heating

Heat Pump
Yes
Electric
Yes

Cooling

Electric
Yes
Heat Pump
Yes

Exterior Amenities

Landscape Water System
Yes
Desert Landscaping
Yes
Fenced
Yes
Partially Fenced
Yes
RV/Boat Parking
Yes
Cable TV Available
Yes
Patio/Balcony
Yes
Security Light(s)
Yes
Other (See Remarks)
Yes

Interior Features

Unfurnished
Yes
Fire/Smoke Alarm(s)
Yes
Mini Blinds
Yes
Drapes
Yes
Other (See Remarks)
Yes

Tenant Pays

Electricity
Yes

Appliances Included

Dishwasher
Yes
Disposal
Yes
Refrigerator
Yes
Free-Standing Range
Yes
Washer/Dryer
Yes
Other
Yes

Road Access Type

Dedicated Street
Yes

Road Surface Type

Asphalt
Yes

Source of Fincl Data

Owner
Yes
Other (See Remarks)
Yes

Water Source

City Franchise
Yes

Sewer

Sewer - Public
Yes

Parking Features

Carport
Yes
Free
Yes
1 Space/Unit
Yes
Add'l Parking Avail
Yes
RV Access/Parking
Yes

Electric

SRP
Yes

Gas

None
Yes

Owner Pays

Water
Yes
Sewer
Yes
Landscaping
Yes

New Financing

Cash
Yes
Conventional
Yes

Existing 1st Loan

Treat as Free&Clear
Yes

Existing 1st Loan Type

Not Applicable
Yes

Existing 1st Loan Terms

Not Applicable
Yes

Existing 2nd Loan

Treat as Free&Clear
Yes

Existing 2nd Loan Type

Not Applicable
Yes

Existing 2nd Loan Terms

Not Applicable
Yes

Existing 3rd Loan

Treat as Free&Clear
Yes

Existing 3rd Loan Type

Not Applicable
Yes

Reports/Disclosures

Seller Prop Disc Stm
Yes

Existing 3rd Loan Terms

Not Applicable
Yes

Environmental

None
Yes

Existing Othr Ln Trm

Not Applicable
Yes

Efficiency Units

Avg Rent
0

1 Bedroom Units

Avg Rent
0

3 Bedrooms Units

Avg Rent
0

4 Bedrooms Units

Avg Rent
0

Property Features

Project Type: Four Plex Other Type: Packaged Offering Construction: Block Const - Finish: Painted Roofing: Composition Floors: Ceramic Tile; Other Sale Includes: Land & Building; Laundry Equipment; Other (See Remarks) Payment Includes: Principal; Interest Community Features: No Pool; Other; See Remarks Exterior Amenities: Landscape Water System; Desert Landscaping; Fenced; Partially Fenced; RV/Boat Parking; Cable TV Available; Patio/Balcony; Security Light(s); Other (See Remarks) Interior Features: Unfurnished; Fire/Smoke Alarm(s); Mini Blinds; Drapes; Other (See Remarks) Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Washer/Dryer; Other Heating: Heat Pump Cooling: Electric; Heat Pump Water Source: City Franchise Sewer: Sewer - Public Electric: SRP Gas: None Parking Features: Carport; 1 Space/Unit; Add'l Parking Avail; RV Access/Parking; Free Road Access Type: Dedicated Street Road Surface Type: Asphalt Owner Pays: Water; Landscaping Tenant Pays: Electricity Source of Fincl Data: Owner; Other (See Remarks) Showing Notification Methods: Text Lockbox Type: See Private Remarks 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: Cash; Conventional Environmental: None
IDX
Listing Office: Better Homes & Gardens Real Estate SJ Fowler
Last Updated: May - 15 - 2025
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