405 S PRIEST Drive N, Tempe, AZ 85281
$820,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$820,000
Last Modified:
6/28/2025
Description
405 South Priest Drive (North) is a well maintained fourplex built in 1961 and recently renovated, near Arizona State University and major transportation routes, including Loop 202, SR-143, and I-10, as well as proximity to Phoenix Sky Harbor International Airport. The property consists of 100% 1-bedroom / 1-bathroom units, each offering 665 square feet of living space. In 2024, the property underwent extensive renovations, enhancing its appeal and functionality. Upgrades include new flooring, countertops, cabinetry, stainless-steel appliances, updated bathrooms, modern light fixtures, new doors, and fresh paint. The property is individually metered for electricity and features a shared laundry room, as well as separate storage areas for each unit. New roof by Close of Escrow.
More Information MLS# 6740368
Contract Info
Ownership: Fee Simple
Current Price: $820,000
Sold Price: $820,000
Status: Closed
List Date: 2024-08-06
Location, Tax & Legal
Assessor's Map #: 28
Legal Description (Abbrev): JO-ELLEN HOMES MCR89/04 N2 LOT 8 TOG WI N2 TH PT ABAND PRIEST AVE LY ADJ ON W DAF BEG SW COR LOT 8 T
Assessor's Parcel #: 31
Assessor Parcel Ltr: C
Add'l Parcels: No
Tax Municipality: Tempe
Census Tract: 318800
Taxes: 1929
Legal: JO-ELLEN HOMES MCR89/04 N2 LOT 8 TOG WI N2 TH PT ABAND PRIEST AVE LY ADJ ON W DAF BEG SW COR LOT 8 T
Marketing Name: 405 S Priest Dr North
House Number: 405
Compass: S
Street Name: PRIEST
St Suffix: Drive
St Dir Sfx: N
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
County Code: Maricopa
Subdivision: JO-ELLEN HOMES
Assessor Number: 124-28-031-C
Tax Year: 2023
General Property Description
# of Buildings: 1
Uncvrd Parking Spcs: 6
Lot Size Dimensions: 6580 sqft
Total # of Units: 4
High School District: Tempe Union High School District
Year Built: 1961
Zoning: R-4
Project Type
Four Plex: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Vinyl: 1
Sale Includes
Land & Building: 1
Laundry Equipment: 1
Income & Expenses
Annual Ins Exp: 2400
Annual Landscape Exp: 1000
Annual Maint Exp: 1200
Annual Mgmt Exp: 5203
Annual Wtr/Swr Exp: 3200
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual Rplcmnt Rsrvs: 800
Annual Other Expense: 1000
Operating Exp: 16732
Other Income: 0
Vacancy Allowance: 0.04
Adjusted Gross Inc: 68567.04
Pmt & Rate Info
Cap Rate: 6.11
Equity: 849000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Showing Notification Methods
Showing Service: Non-MLS Showing Service - See Private Remarks
Text: 1
Email: 1
Phone Call: 1
Lockbox Type
Combo: 1
Community Features
Other: 1
Heating
Electric: 1
Cooling
Electric: 1
Individual: 1
Exterior Amenities
Desert Landscaping: 1
Partially Fenced: 1
Separate Storage: 1
Interior Features
Other (See Remarks): 1
Tenant Pays
Electricity: 1
Appliances Included
Disposal: 1
Refrigerator: 1
Built-In Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Projected Proforma: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Other: 1
Electric
Individual Meter: 1
Gas
Other (See Remarks): 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
New Financing
Cash: 1
VA: 1
Conventional: 1
FHA: 1
1031 Exchange: 1
Reports/Disclosures
None: 1
Environmental
None: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 4
Avg Rent: 1488
Avg SqFt: 665
# Baths: 1
2 Bedroom Units
Avg Rent: 0
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Closing Cost Split: Normal - N
Payment Type: Other
Buyer Concession to Seller: 0
Buyer Concession $/%: %
Seller Concession to Buyer: 0
Seller Concession $/%: %
Remarks Misc
Cross Street: S Priest Dr & W 4th St
Geo Lat: 33.426271
Geo Lon: -111.960537
Status Change Info
Off Market Date: 2025-06-28
Under Contract Date: 2025-05-16
Close of Escrow Date: 2025-06-27
Sold Price: $820,000
Legal Info
Lot Number: 8
Income Expenses
Gross Annual Sch Inc: 71424
Net Operating Income: 51835
Property Features
Project Type: Four Plex
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Vinyl
Sale Includes: Land & Building; Laundry Equipment
Community Features: Other
Exterior Amenities: Desert Landscaping; Partially Fenced; Separate Storage
Interior Features: Other (See Remarks)
Appliances Included: Built-In Range; Refrigerator; Disposal
Cooling: Electric; Individual
Water Source: City Franchise
Sewer: Sewer - Public
Electric: Individual Meter
Gas: Other (See Remarks)
Parking Features: Other
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electricity
Source of Fincl Data: Owner; Projected Proforma
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: Combo
New Financing: Cash; VA; FHA; Conventional; 1031 Exchange
Environmental: None
Listing Office:
ABI Multifamily
Last Updated: June - 28 - 2025
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