1321 W 5th Street, Tempe, AZ 85281 (MLS# 6885871)

1321 W 5th Street, Tempe, AZ 85281

$827,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $827,000 Last Modified: 9/19/2025

Overview

Description

Incredible Tempe investment opportunity! This fully leased, single story 4-plex features long-term, reliable tenants & has been professionally managed for years. All tenants are current on rent, some under market. Major updates, including roof and all AC units, were completed in 2018. Ideally located minutes from ASU, downtown Tempe, Tempe Town Lake, major freeways (Loop 202, 101 & I-10) and multiple bus lines. Quick access to top area employers like State Farm, ADP, Amazon, and Wells Fargo. Covered and uncovered parking at rear of property and shared laundry facility on site. Plus, room to add Tenant value with some interior and exterior cosmetic updates, reflected in list price. This property offers strong value in one of the Valley's most sought-after rental markets.

Listing Details MLS# 6885871

Location, Tax & Legal

House Number: 1321
Compass: W
Street Name: 5th
St Suffix: Street
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Country: US
County Code: Maricopa
Assessor Number: 124-37-004-F
Tax Year: 2024
Assessor's Map #: 37
Assessor's Parcel #: 4
Assessor Parcel Ltr: F
Add'l Parcels: No
Tax Municipality: Tempe
Taxes: 2641
Legal: State Plat no 12 AMD Lot 38 TH W 70' OF TH E 419' EX S 115' .26 AC C
Marketing Name: Incredible location!

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 11326
Year Built: 1970
Uncvrd Parking Spcs: 4
Total # of Units: 4
# of Buildings: Yes
Zoning: Multi-Family
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

Remarks Misc

Cross Street: Priest Dr & Rio Salado Parkway
Directions: S on Priest to 5th St. E on 5th to (3rd) 4plex on Right- 1321. Follow around to alley in rear for parking.

Status Change Info

Off Market Date: 2025-08-20
Under Contract Date: 2025-08-20
Close of Escrow Date: 2025-09-19

Legal Info

Lot Number: 38

More Information

Income Expenses

Gross Annual Sch Inc: 4490
Net Operating Income: 53880

Showing Notification Methods

Showing Service: Aligned Showings

2 Bedroom Units

# 2 Bedroom Units: 4
Avg Rent: 1122
Avg SqFt: 700
# Baths: Yes

Contact Info

List Agent Home Phn: 602-418-2473

Sold Info

Loan Type: Cash
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

Construction

Block: Yes

Const - Finish

Painted: Yes
Stucco: Yes

Roofing

Built-Up: Yes
Rolled: Yes

Floors

Vinyl: Yes
Ceramic Tile: Yes

Sale Includes

Land & Building: Yes
Laundry Equipment: Yes

Income & Expenses

Annual Elec Exp: 350
Annual Gas Exp: 320
Annual Ins Exp: 2500
Annual Landscape Exp: 2400
Annual Mgmt Exp: 4300
Annual Wtr/Swr Exp: 2700
Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 15211
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 4490

Pmt & Rate Info

Cap Rate: 5.99
Equity: 899000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0

Lockbox Type

Supra: Yes

Community Features

No Pool: Yes

Heating

Natural Gas: Yes

Cooling

Ceiling Fan(s): Yes
Electric: Yes

Exterior Amenities

Landscape Water System: Yes
Desert Landscaping: Yes
Partially Fenced: Yes

Interior Features

Unfurnished: Yes

Tenant Pays

Gas: Yes
Electricity: Yes

Appliances Included

Free-Standing Electric Oven: Yes
Refrigerator: Yes

Road Access Type

Alley: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

>1 Space Per Unit: Yes
Assigned: Yes

Electric

SRP: Yes

Gas

SW Gas: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes
Landscaping: Yes

New Financing

Cash: Yes
VA: Yes
Conventional: Yes
FHA: Yes
No Carry: Yes

Existing 1st Loan

Treat as Free&Clear: Yes

Reports/Disclosures

Seller Prop Disc Stm: Yes

Environmental

None: 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 Construction: Block Const - Finish: Painted; Stucco Roofing: Built-Up; Rolled Floors: Vinyl; Ceramic Tile Sale Includes: Land & Building; Laundry Equipment Community Features: No Pool Exterior Amenities: Landscape Water System; Desert Landscaping; Partially Fenced Interior Features: Unfurnished Appliances Included: Free-Standing Electric Oven; Refrigerator Heating: Natural Gas Cooling: Ceiling Fan(s); Electric Water Source: City Franchise Sewer: Sewer - Public Electric: SRP Gas: SW Gas Parking Features: >1 Space Per Unit; Assigned Road Access Type: Alley Road Surface Type: Asphalt Owner Pays: Water; Trash Collection; Landscaping Tenant Pays: Electricity; Gas Source of Fincl Data: Owner Lockbox Type: Supra Existing 1st Loan: Treat as Free&Clear New Financing: Cash; VA; FHA; Conventional; No Carry Environmental: None

Listing Office: Desert Dimensions Properties

Last Updated: September - 19 - 2025