508 S FARMER Avenue, Tempe, AZ 85281

$1,400,000
Property Type: Multiple Dwellings Bedrooms: 8 Baths: 8 Status: Closed
Current Price: $1,400,000 Last Modified: 5/29/2026

Overview

Description

PRIME REDEVELOPMENT OPPORTUNITY IN DOWNTOWN TEMPE. SURROUNDED BY A COLLECTION OF HIGH-END COMMERCIAL/OFFICE DEVELOPMENTS, A BOUTIQUE HOTEL, AND TRENDY URBAN MULTI USE CONDOMINIUMS, THIS PROPERTY IS ONE OF THE LAST BEST INFILL LOCATIONS AVAILABLE FOR LONG TERM INVESTMENT GROWTH. THE 2 PARCELS ARE ALSO LOCATED IN TEMPE'S TRANSPORTATION OVERLAY DISTRICT, ALLOWING ADDITIONAL DEVELOPMENT OPTIONS NOT FOUND IN OTHER R3 ZONED CITY NEIGHBORHOODS. IN ADDITION, THE EXISTING 8 RENTAL UNITS ARE 100% OCCUPIED OFFERING IMMEDIATE CASH FLOW DURING THE PLANNING PROCESS.

Listing Details MLS# 6978065

Location, Tax & Legal

House Number
508
Compass
S
Street Name
FARMER
St Suffix
Avenue
City/Town Code
Tempe
State/Province
AZ
Zip Code
85281
Zip4
2770
Country
US
County Code
Maricopa
Subdivision
ORTH SUB
Assessor Number
124-33-002-A
Tax Year
2024

Contract Info

Ownership
Fee Simple

General Property Description

Lot Size Dimensions
167.5 X 100
Year Built
1960
Uncvrd Parking Spcs
4
Total # of Units
8
# of Buildings
2
Zoning
R3
High School District
Tempe Union High School District

Remarks Misc

Cross Street
5TH ST AND FARMER
Directions
THE PROPERTY OCCUPIES 2 LOTS ON THE SOUTH WEST CORNER OF 5TH ST & FARMER IN TEMPE.

Status Change Info

Off Market Date
2026-04-06
Under Contract Date
2026-03-30
Close of Escrow Date
2026-05-28

Legal Info

Township
1N
Range
4E
Section
16
Lot Number
Yes

More Information

1 Bedroom Units

# 1 Bedroom Units
8
Avg Rent
915
Avg SqFt
550
# Baths
Yes

Structure

Bedrooms Total
8
Bathrooms Total
8

Income Expenses

Net Operating Income
70576

Showing Notification Methods

Showing Service
No Showing Service Used

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 Roofing: Built-Up Floors: Other Sale Includes: Land & Building Community Features: No Pool Exterior Amenities: Cable TV Available Interior Features: Unfurnished; Mini Blinds Appliances Included: Free-Standing Gas Oven; Refrigerator Heating: Heat Pump Cooling: Ceiling Fan(s); Electric; Heat Pump; Individual Water Source: City Franchise Sewer: Sewer - Public; Sewer-In & Connected Electric: APS; Individual Meter Gas: SW Gas; Individual Meter; Other (See Remarks) Parking Features: Detached Carport; Add'l Parking Avail; Off Street Road Surface Type: Gravel; Concrete Owner Pays: Other Tenant Pays: Water; Sewer; Gas; Trash Collection; Landscaping Source of Fincl Data: Owner Showing Notification Methods: Text; Phone Call Lockbox Type: See Private Remarks Existing 1st Loan: Treat as Free&Clear New Financing: Cash; Owner May Carry Environmental: None
IDX
Listing Office: HomeSmart
Office Phone: 480-443-7400
Office Email: rlarue@hsmove.com
Last Updated: May - 29 - 2026
Copyright 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.