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
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.
More Information MLS# 6627699
Contract Info
Ownership: Fee Simple
Current Price: $1,810,000
Sold Price: $1,810,000
Status: Closed
List Date: 2023-11-06
Location, Tax & Legal
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
House Number: 405
Compass: S
Street Name: PRIEST
St Suffix: Drive
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
County Code: Maricopa
Assessor Number: 124-28-031-C
Tax Year: 2022
General Property Description
# of Buildings: 3
Uncvrd Parking Spcs: 12
Lot Size Dimensions: Rectangular
Total # of Units: 10
Elementary School District: Tempe Elementary School District
High School District: Tempe Union High School District
Year Built: 1961
Zoning: MF
Project Type
5 - 12 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Vinyl: 1
Sale Includes
Land & Building: 1
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
Showing Notification Methods
Showing Service: Aligned Showings
Lockbox Type
None: 1
Community Features
No Pool: 1
Heating
Electric: 1
Cooling
Electric: 1
Exterior Amenities
Desert Landscaping: 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
Refrigerator: 1
Free-Standing 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
On Street: 1
1 Space/Unit: 1
Electric
APS: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
New Financing
Conventional: 1
Owner May Carry: 1
1031 Exchange: 1
Existing 1st Loan
Other (See Rmks): 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Other (See Remarks): 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
Seller Prop Disc Stm: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 8
Avg Rent: 800
Avg SqFt: 660
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 2
Avg Rent: 1100
Avg SqFt: 850
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Other
Loan Years: 30
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: 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.
Geo Lat: 33.426192
Geo Lon: -111.960602
Status Change Info
Off Market Date: 2024-03-25
Under Contract Date: 2024-02-05
Close of Escrow Date: 2024-03-25
Sold Price: $1,810,000
Legal Info
Lot Number: 8
Income Expenses
Gross Annual Sch Inc: 103200
Net Operating Income: 80000
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
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