MLS® ID: 5806503

1214 S FARMER Avenue

Tempe, Arizona, 85281

$1,150,000 Active
  • - SQFT
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.
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Listing courtesy of HomeSmart

Amenities

  • Zip
    85281
  • Office name
    HomeSmart
  • Subdivision
    STATE COLLEGE HOMES LOTS 33-40
  • Property type
    Multiple Dwellings
  • Zoning type
    R-3
  • School district
    003 - Tempe School District
  • Year built
    1947
  • Lot size
    50x190
  • Sewer
    Sewer - Public
  • Heating
    Gas
  • Tax year
    0
  • Agent name
    Vincent Fumusa
  • Tax amount
    $ 1804.0
  • Purchase Type
    Active
  • HOA fees
    $ 0.00
  • Price Range
    $1m-$1.25m
  • Area
    Tempe
  • Year Built Range
    1989 (and earlier)
  • Office ID
    cril01
  • Agent ID
    vf013

Location

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