x
Address
1214 S Farmer Avenue Tempe, AZ
Price
$ 1,150,000
Property Attributes
  • MLS#5806503
  • TypeMulti-Family
  • CountyMARICOPA
  • CityTempe
  • NeighborhoodState College Homes Lots 33-40
  • Zip85281
  • Style
  • Year Built1947
  • Taxes1804
  • Price$ 1,150,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
Listing Provided Courtesy Of:
HomeSmart
Property Description

7 Units walking distance to Mill Ave and Arizona State University. 100% occupied. Recent fully completed unit addition in the ''A'' building from two units to three units, a new separate studio driving a new incremental $7,000 year in NOI. Raised rents 9.5% across all the units since purchase in line with Tempe rental market increases, the ''B'' loft units at $810/month are still below market. Vacancies have ran sub ~3.75% simultaneously. Large documented capital expenditures ($50k+), studio conversion, numerous capital improvements (new water heaters, AC units and plumbing) and interior renovations. Pro forma NOI for the property this year will be $58,800 (full occupancy at listing and leased through Q2'19) at a 5% plus cap rate. Building A was built in 1947, Building B was built in 1958.

Elementary School Middle School High School
Unknown Elementary School Unknown Middle School Unknown High School
Price History
8/14/2018 Listed $1,150,000

General Features

1 Bedroom Units: Avg Rent 0.00
2 Bedroom Units: Avg Rent 0.00
3 Bedrooms Units: Avg Rent 0.00
4 Bedrooms Units: Avg Rent 0.00
Construction Block
Features No Pool
Listing Status Active
Map Code/Grid R36
Net Income 58800.00
New Financing Conventional, 1031 Exchange
Owner Pays Water, Landscaping, Trash, Gas, Sewer
Property Type F
Public Remarks 7 Units walking distance to Mill Ave and Arizona State University. 100% occupied. Recent fully completed unit addition in the ''A'' building from two units to three units
School District 003 - Tempe School District
Special Owner/Agent
Subdivision STATE COLLEGE HOMES LOTS 33-40
Tenant Pays Other (See Remarks)
Type ER
Year Built 1947
Zoning R-3

Interior Features

Appliances Included Refrigerator, Washer/Dryer, Dishwasher
Cooling Electric Refrigeratd
Electric APS, Individual Meter
Floors Carpet, Ceramic Tile
Gas SW Gas
Heating Gas
Interior Features Unfurnished
Total Number of Units 7.00

Exterior Features

Sale Includes Land & Building
Const - Finish Stucco
Covered Parking Spcs 4.00
Lot Size Dimensions 50x190
Parking 1 Space/Unit
Roof Comp Shingle, Foam
Sewer Sewer - Public
Total Parking Spcs 7.00
Water City Franchise

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Pets
  • Master On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Zip Code Average in 85281

Price
AVG $1.77M
$1.15M
Taxes
AVG $10,926
$1,804
Visits
AVG 222
522
Year Built
AVG 1969
1947
Walkscore
AVG 62
65
Data Provided by Walkscore ® not using MLS data

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