407-419 W 7th Street, Tempe, AZ 85281

$1,650,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $1,650,000 Last Modified: 6/15/2026

Overview

Description

14 on 7th St. consists of 14 spacious 2-bedroom / 2 bath (approx 900 + sf) unit apartments. Interior amenities include washer and dryer, full size appliances. Units have great living down and sleeping up floor plans with full bathrooms on both floors. Easy to manage linoleum living and kitchen with carpet upstairs. All units have private patios with 40% also have balconies. Carports, lighting, individual metered for electricity. 12 out 14 AC Less then 10 years old. New Roof on both buildings 2009. Location can' t be beat with walking to light-rail, restaurants, shops on Mill Ave and Arizona State University. Great Value Add investment with heavy upside on rents that are 30% below market with many long term tenants. All Facts and Figures Approximate Buyer to Verify to Their Satisfaction.

Listing Details MLS# 5454469

Location, Tax & Legal

Map Code/Grid
R36
House Number
407-419
Compass
W
Street Name
7th
St Suffix
Street
City/Town Code
Tempe
State/Province
AZ
Zip Code
85281
Country
US
County Code
Maricopa
Subdivision
State Plat NO 12 AMD
Assessor Number
124-33-041
Tax Year
2015
Assessor's Map #
33
Assessor's Parcel #
41
Add'l Parcels
Yes
Tax Municipality
Tempe
Taxes
9938
Legal
Rental Resid
Marketing Name
14 in Downtown Tempe

Contract Info

Ownership
Fee Simple

General Property Description

Lot Size Dimensions
28357
Year Built
1983
Uncvrd Parking Spcs
14
Total # of Units
14
# of Buildings
2
Zoning
R-3

Remarks Misc

Cross Street
University Dr and Farmer Ave
Directions
North on Farmer, West on 7th St. Property on south side of street.

Status Change Info

Off Market Date
2016-06-20
Under Contract Date
2016-06-20
Close of Escrow Date
2016-08-12

Legal Info

Lot Number
2

More Information

Income Expenses

Gross Annual Sch Inc
121632
Net Operating Income
85988

2 Bedroom Units

# 2 Bedroom Units
14
Avg Rent
724
Avg SqFt
900
# Baths
2

Sold Info

Loan Type
Conventional
Loan Years
10
Payment Type
Fixed
Closing Cost Split
Normal - N
Buyer Concession $/%
$
Seller Concession $/%
$
Buyer Concession to Seller
0
Seller Concession to Buyer
0

Project Type

13 - 24 Units
Yes

Construction

Block
Yes

Const - Finish

Stucco
Yes

Roofing

Composition
Yes

Floors

Vinyl
Yes
Carpet
Yes

Sale Includes

Land & Building
Yes
Laundry Equipment
Yes

Income & Expenses

Annual Elec Exp
465
Annual Gas Exp
0
Annual Ins Exp
4552
Annual Land Lse Exp
0
Annual Landscape Exp
2400
Annual Legal & Acctg
0
Annual Maint Exp
9767
Annual Mgmt Exp
0
Annual Trash Exp
0
Annual Wtr/Swr Exp
6555
Owner Association
No
Annual Ownr Asoc Fee
0
Annual PAD Fee
0
Annual Rplcmnt Rsrvs
0
Annual Other Expense
2039
Operating Exp
35716
Other Income
0
Vacancy Allowance
0
Adjusted Gross Inc
121632

Pmt & Rate Info

Cap Rate
5.12
Down Payment
0
Equity
1680000
Down Payment %
0
Monthly Payments
0
Total Owed
0
Assessment Balance
0

Community Features

Other
Yes
See Remarks
Yes

Heating

Electric
Yes
Individual
Yes

Cooling

Heat Pump
Yes
Individual
Yes

Exterior Amenities

Green Landscaping
Yes
Patio/Balcony
Yes

Interior Features

Other (See Remarks)
Yes

Tenant Pays

Electricity
Yes
Cable TV
Yes

Appliances Included

Refrigerator
Yes
Built-In Range
Yes
Trash Compactor
Yes
Washer/Dryer
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

>1 Space Per Unit
Yes

Electric

APS
Yes

Gas

None
Yes

Owner Pays

Water
Yes
Sewer
Yes
Trash Collection
Yes
Landscaping
Yes

New Financing

Conventional
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

None
Yes

Existing 3rd Loan Terms

Not Applicable
Yes

Environmental

None
Yes

Existing Othr Ln Trm

Not Applicable
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: 13 - 24 Units Construction: Block Const - Finish: Stucco Roofing: Composition Floors: Vinyl; Carpet Sale Includes: Land & Building; Laundry Equipment Community Features: Other; See Remarks Exterior Amenities: Green Landscaping; Patio/Balcony Interior Features: Other (See Remarks) Appliances Included: Built-In Range; Refrigerator; Trash Compactor; Washer/Dryer Heating: Individual Cooling: Heat Pump; Individual Water Source: City Franchise Sewer: Sewer - Public Electric: APS Gas: None Parking Features: >1 Space Per Unit Road Surface Type: Asphalt Owner Pays: Water; Trash Collection; Landscaping Tenant Pays: Electricity; Cable TV Source of Fincl Data: Owner; Projected Proforma 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; 1031 Exchange Environmental: None
IDX
Listing Office: Better Homes & Gardens Real Estate SJ Fowler
Last Updated: June - 15 - 2026
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