1214 S Farmer Ave

Tempe, AZ 85281
  • $1,150,000

    Price
  • 0

    Bed
  • 0

    Bath
  • 0

    SqFt

About the Listing cril01 - vf013

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.

Listing Highlights for 1214 S Farmer Ave

Status Active
Days on Site 157
Property Type Multi-Family
MLS ® 5806503
Year Built 1947
Total Square Footage 0
Lot/Acreage N/A

Interior Details

  • Bedrooms: 0
  • Bathrooms: 0 Full
  • Appliances: Refrigerator,Washer/Dryer,Dishwasher
  • Air Cond: Electric Refrigeratd
  • Heating: Gas
  • Fireplaces:
  • Floor: Carpet,Ceramic Tile
  • Basement:
  • Other: Unfurnished
  • Water: City Franchise

Exterior Details

  • Garage Capacity: N/A
  • Zoning: R-3
  • Roof: Comp Shingle,Foam
  • Others: Block
  • Sewer: Sewer - Public
  • Above Ground Sq Ft:
  • Below Ground Sq Ft:

Financial Details

  • Tax Amount: $1,804
  • Taxes w/Assessments: N/A
  • Tax/Property ID: N/A
  • Tax Year: N/A

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Listing Location

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1214 S Farmer Ave Tempe, AZ 85281

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Listing Courtesy of Vincent Fumusa, HomeSmart

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