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

1321 W 5th Street, Tempe, AZ 85281

$827,000

Property Type: Multiple Dwellings Bedrooms: 8 Baths: 4 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

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

2 Bedroom Units

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

Structure

Bedrooms Total: 8
Bathrooms Total: 4

Income Expenses

Gross Annual Sch Inc: 4490
Net Operating Income: 53880

Showing Notification Methods

Showing Service: Aligned Showings

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 $/%: $

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

Office Phone: 480-270-5355

Office Email: JosephM@DesertDimensions.co

Last Updated: September - 19 - 2025