405 S PRIEST Drive, Tempe, AZ 85281 (MLS# 6627699)

405 S PRIEST Drive, Tempe, AZ 85281

$1,810,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $1,810,000 Last Modified: 5/12/2025

Overview

Description

Seller financing available! This well-maintained, value-add 10-unit property consists of three contiguous parcels, two addressed 405 S Priest Dr (APNs 124-28-031-C and 124-28-031-B) as well as 1325 W 4th St (APN 124-28-030), offering multiple exit strategies for a buyer. Electric has been redone and plumbing lines have been partially redone since current ownership. The property features a healthy unit mix of (8) one-bed / one-bath units and (2) two-bed / one-bath units. On-site parking is available for the tenants. There is a small courtyard area between the 4-plexes and a sizable backyard behind the duplex. All leases are month-to-month or ending soon, so great opportunity for immediate value-add in both interior and exterior renovations. Less than two miles from downtown Tempe and ASU.

Listing Details MLS# 6627699

Location, Tax & Legal

House Number: 405
Compass: S
Street Name: PRIEST
St Suffix: Drive
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Country: US
County Code: Maricopa
Assessor Number: 124-28-031-C
Tax Year: 2022
Assessor's Map #: 28
Assessor's Parcel #: 31
Assessor Parcel Ltr: C
Add'l Parcels: Yes
Tax Municipality: Tempe
Taxes: 5289
Legal: To be completed by Escrow company.
Marketing Name: NA

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: Rectangular
Year Built: 1961
Uncvrd Parking Spcs: 12
Total # of Units: 10
# of Buildings: 3
Zoning: MF
Elementary School District: Tempe Elementary School District
High School District: Tempe Union High School District

Remarks Misc

Cross Street: Priest Drive and University
Directions: Loop 202 freeway to Priest Dr exit, heading southward. Property on SE corner of 4th St & Priest Dr. Also included is 1325 W 4th St.

Status Change Info

Off Market Date: 2024-03-25
Under Contract Date: 2024-02-05
Close of Escrow Date: 2024-03-25

Legal Info

Lot Number: 8

More Information

Income Expenses

Gross Annual Sch Inc: 103200
Net Operating Income: 80000

Showing Notification Methods

Showing Service: Aligned Showings

1 Bedroom Units

# 1 Bedroom Units: 8
Avg Rent: 800
Avg SqFt: 660
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: 2
Avg Rent: 1100
Avg SqFt: 850
# Baths: Yes

Sold Info

Loan Type: Other
Loan Years: 30
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession $/%: %
Seller Concession $/%: %
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

5 - 12 Units: Yes

Construction

Block: Yes

Const - Finish

Painted: Yes

Roofing

Composition: Yes

Floors

Vinyl: Yes

Sale Includes

Land & Building: Yes

Income & Expenses

Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 4000
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 0
Annual Maint Exp: 3500
Annual Mgmt Exp: 0
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 8000
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 20789
Other Income: 0
Vacancy Allowance: 0.05
Adjusted Gross Inc: 98040

Pmt & Rate Info

Cap Rate: 3.35
Equity: 2390000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Lockbox Type

None: Yes

Community Features

No Pool: Yes

Heating

Electric: Yes

Cooling

Electric: Yes

Exterior Amenities

Desert Landscaping: Yes

Tenant Pays

Electricity: Yes
Cable TV: Yes

Appliances Included

Refrigerator: Yes
Free-Standing Range: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes
Projected Proforma: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

On Street: Yes
1 Space/Unit: Yes

Electric

APS: Yes

Gas

None: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes

New Financing

Conventional: Yes
Owner May Carry: Yes
1031 Exchange: Yes

Existing 1st Loan

Other (See Rmks): Yes

Existing 1st Loan Type

Not Applicable: Yes

Existing 1st Loan Terms

Not Applicable: Yes

Existing 2nd Loan

Other (See Remarks): Yes

Existing 2nd Loan Type

Not Applicable: Yes

Existing 2nd Loan Terms

Not Applicable: Yes

Existing 3rd Loan

Other (See Remarks): 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

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 5 - 12 Units Construction: Block Const - Finish: Painted Roofing: Composition Floors: Vinyl Sale Includes: Land & Building Community Features: No Pool Exterior Amenities: Desert Landscaping Appliances Included: Free-Standing Range; Refrigerator Cooling: Electric Water Source: City Franchise Sewer: Sewer - Public Electric: APS Gas: None Parking Features: On Street; 1 Space/Unit Road Surface Type: Asphalt Owner Pays: Water; Trash Collection Tenant Pays: Electricity; Cable TV Source of Fincl Data: Owner; Projected Proforma Lockbox Type: None Existing 1st Loan: Other (See Rmks) 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; Owner May Carry; 1031 Exchange Environmental: None

Listing Office: ABI Multifamily

Last Updated: May - 12 - 2025