508 S FARMER Avenue, Tempe, AZ 85281
$1,649,500
Property Type:
Multiple Dwellings
Status:
Active
Current Price:
$1,649,500
Last Modified:
2/15/2026
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.
More Information MLS# 6978065
Contract Info
Ownership: Fee Simple
Current Price: $1,649,500
List Price: $1,649,500
Status: Active
List Date: 2026-02-01
Location, Tax & Legal
Assessor's Map #: 33
Legal Description (Abbrev): ORTH SUB S2 LOTS 1 & 2 BLK 1
Assessor's Parcel #: 2
Assessor Parcel Ltr: A
Add'l Parcels: Yes
Tax Municipality: Tempe
Census Tract: 318800
Taxes: 3659
Legal: ORTH SUB S2 LOTS 1 & 2 BLK 1
Marketing Name: 5TH AND FARMER
House Number: 508
Compass: S
Street Name: FARMER
St Suffix: Avenue
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 2770
County Code: Maricopa
Subdivision: ORTH SUB
Assessor Number: 124-33-002-A
Tax Year: 2024
General Property Description
# of Buildings: 2
Uncvrd Parking Spcs: 4
Lot Size Dimensions: 167.5 X 100
Total # of Units: 8
High School District: Tempe Union High School District
Year Built: 1960
Zoning: R3
Legal Info
Range: 4E
Section: 16
Township: 1N
Lot Number: 1
Project Type
Four Plex: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Built-Up: 1
Floors
Other: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 0
Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 3659
Other Income: 0
Vacancy Allowance: 0.02
Adjusted Gross Inc: 0
Pmt & Rate Info
Cap Rate: 4.28
Equity: 1649500
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Showing Notification Methods
Showing Service: No Showing Service Used
Text: 1
Phone Call: 1
Lockbox Type
See Private Remarks: 1
Community Features
No Pool: 1
Heating
Heat Pump: 1
Cooling
Ceiling Fan(s): 1
Electric: 1
Heat Pump: 1
Individual: 1
Exterior Amenities
Cable TV Available: 1
Interior Features
Unfurnished: 1
Mini Blinds: 1
Tenant Pays
Gas: 1
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
Appliances Included
Free-Standing Gas Oven: 1
Refrigerator: 1
Road Surface Type
Concrete: 1
Gravel: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Sewer-In & Connected: 1
Parking Features
Detached Carport: 1
Add'l Parking Avail: 1
Off Street: 1
Electric
APS: 1
Individual Meter: 1
Gas
SW Gas: 1
Individual Meter: 1
Other (See Remarks): 1
Owner Pays
Other: 1
New Financing
Cash: 1
Owner May Carry: 1
Existing 1st Loan
Treat as Free&Clear: 1
Reports/Disclosures
None: 1
Environmental
None: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 8
Avg Rent: 915
Avg SqFt: 550
# Baths: 1
2 Bedroom Units
Avg Rent: 0
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
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.
Geo Lat: 33.425033
Geo Lon: -111.944521
Income Expenses
Net Operating Income: 70576
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
CURRENT RENT ROLLS ›
Listing Office:
HomeSmart
Last Updated: February - 15 - 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.