NOT LISTED FOR SALE

1027 W 5th St Tempe, AZ 85281

Downtown Tempe Neighborhood
-- Bed
-- Bath
1,800 Sq Ft
0.71 Acres

Last Sold April 01, 2019

Last sale price $1,800,000 $1,000 Per Sq Ft

401 Days on Market

Highlights

  • Evaporated cooling system
  • Ceiling Fan
  • 3-minute walk to Jaycee Park
  • Ceramic Tile Flooring
  • Floor Furnace

About This Home

As of April 2019

Hard to find property in Coveted Tempe minutes from ASU. Many new zonings & improvements in area lots of new luxury condos nearby. Three adjacent lots 1.43 Acres must sell together (APN 124-36-013, APN 124-36-014,and APN 124-36-016) currently zoned R-3 up to 28. Currently 15 houses & one duplex. Value is in the land. All improvements Convey as is. Please do not disrupt current tenants. Great opportunity for redevelopment.

Last Agent to Sell the Property

Robert Burk

Desert 2 Mountain Realty License #SA556084000 Listed on: 01/27/2018

Last Buyer's Agent

Alexander Shea

RE/MAX Fine Properties License #BR672657000

RE/MAX Fine Properties

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $4,626

Year Built

  • Built in 1955

Lot Details

  • 0.71

Home Design

  • Brick Exterior Construction
  • Wood Frame Construction
  • Composition Roof
  • Block Exterior
  • Siding
  • Stucco

Flooring

  • Carpet
  • Concrete
  • Ceramic Tile
  • Vinyl

Parking

  • 26 Open Parking Spaces
  • 29 Parking Spaces
  • 3 Covered Spaces
  • Paved Parking

Schools

  • Scales Technology Academy Elementary School
  • Tempe High School

Utilities

  • Evaporated cooling system
  • Cooling System Mounted To A Wall/Window
  • Central Air
  • Floor Furnace
  • Heating System Uses Natural Gas
  • Wall Furnace
  • Window Unit Heating System

Additional Features

  • Ceiling Fan
  • Additional Parcels

Listing and Financial Details

  • Tenant pays for gas, electricity, cable TV
  • The owner pays for trash collection, water, sewer
  • Tax Lot 16
  • Assessor Parcel Number 124-36-016

Community Details

Overview

  • 18 Buildings
  • 17 Units
  • Building Dimensions are 1.43 Acres

Building Details

  • Operating Expense $38,092
  • Gross Income $86,539
  • Net Operating Income $88,005

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$4,626

Year Built

Built in 1955

Lot Details

0

Listing Details

  • Cross Street: 5th St & Hardy
  • Legal Info Range: 4E
  • Property Type: Multiple Dwellings
  • Zoning: R3
  • Number Of Buildings: 18
  • Ownership: Fee Simple
  • Year Built: 1955
  • Tax Year: 2016
  • Road Surface Type: Asphalt
  • Professional Management Expense: 18000.0
  • Cooling:Ceiling Fan(s): Yes
  • Construction Brick: Yes
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Flooring: Carpet, Ceramic Tile, Vinyl, Concrete
  • Appliances: BI Oven/Range
  • Appliances Included:BI OvenRange: Yes
  • Appliances Included:Refrigerator2: Yes

Exterior Features

  • Disclosures: None
  • Construction Type: Siding, Brick Veneer, Painted, Stucco, Block, Brick, Frame - Wood
  • Roof: Composition
  • Construction:Frame - Wood: Yes
  • Construction:Block: Yes

Garage/Parking

  • Total Covered Spaces: 3.0
  • Parking Features: Paved Parking, <1 Space Per Unit
  • Attached Garage: No
  • Open Parking Spaces: 26.0
  • Total Parking Spaces: 29.0
  • General Property Description:Covered Parking Spcs: 3.0
  • General Property Description:Uncvrd Parking Spcs: 26.0
  • General Property Description:Total Parking Spcs: 29.0
  • Parking:Paved Parking: Yes
  • Parking:_less_1 Space Per Unit: Yes

Utilities

  • Electric: APS
  • Cooling: Ceiling Fan(s), Evaporative Cooling, Window/Wall Unit, Central A/C
  • Heating: Window/Wall Unit(s), Electric, Natural Gas, Floor Furnace, Wall Furnace
  • Cooling Y N: Yes
  • Heating Yn: Yes
  • Water Source: City Franchise
  • Heating:Natural Gas: Yes
  • Heating:Electric: Yes
  • Heating:WindowWall Unit(s): Yes
  • Heating:Wall Furnace: Yes

Condo/Co-op/Association

  • Community Features: No Pool

Association/Amenities

  • Community Amenities:No Pool: Yes

Fee Information

  • Annual Water Sewer Expense: 7823.82

Schools

  • Elementary School: Scales Technology Academy
  • High School: Tempe High School

Lot Info

  • Lot Size: 1.43 Acres
  • Additional Parcels: Yes
  • Parcel #: 124-36-016

Multi Family

  • Owner Pays: Trash Collection, Water, Sewer
  • Tenant Pays: Gas, Electricity, Cable TV
  • Number Of Units Total: 17
  • Electric Expense: 282.13
  • Annual Gross Income: 86539.42
  • Insurance Expense: 3635.32
  • Maintenance Expense: 3560.6
  • Property Net Operating Income: 88005.0
  • Annual Operating Expense: 38091.87

Tax Info

  • Tax Annual Amount: 4626.0
  • Tax Book Number: 124.00
  • Tax Lot: 16

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Jan 27, 2018
Closed on
Apr 1, 2019
Sold by
Hardy Village Llc
Bought by
Shea Opportunity Zone Fund Llc
Seller's Agent
Robert Burk
Desert 2 Mountain Realty
Buyer's Agent
Alexander Shea
RE/MAX Fine Properties
List Price
$2,200,000
Sold Price
$1,800,000
Premium/Discount to List
-$400,000
-18.18%

Purchase Details

Closed on
Mar 22, 2002
Sold by
Burk Dennis Ray and Burk Betty L
Bought by
Hardy Village Llc

Purchase Details

Closed on
Nov 23, 1999
Sold by
Burk Dennis Ray and Burk Betty L
Bought by
Burk Dennis Ray and Burk Betty L

Purchase Details

Closed on
Feb 22, 1984
Sold by
Beltic Enterprises
Bought by
Burk Dennis Ray and Burk Betty L
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Shea Opportunity Zone Fund Llc $1,800,000 Security Title Agency Inc
Hardy Village Llc -- --
Burk Dennis Ray -- --
Burk Dennis Ray -- Stewart Title & Trust
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
04/01/2019 04/01/19 Sold $1,800,000 -10.0% $1,000 / Sq Ft
03/04/2019 03/04/19 Pending -- -- --
01/31/2019 01/31/19 Price Changed $2,000,000 -9.1% $1,111 / Sq Ft
01/13/2019 01/13/19 For Sale $2,200,000 +22.2% $1,222 / Sq Ft
01/07/2019 01/07/19 Off Market $1,800,000 -- --
10/03/2018 10/03/18 Pending -- -- --
09/26/2018 09/26/18 For Sale $2,200,000 0.0% $1,222 / Sq Ft
08/16/2018 08/16/18 Pending -- -- --
08/13/2018 08/13/18 For Sale $2,200,000 0.0% $1,222 / Sq Ft
04/13/2018 04/13/18 Pending -- -- --
01/27/2018 01/27/18 For Sale $2,200,000 -- $1,222 / Sq Ft
Source: Arizona Regional Multiple Listing Service (ARMLS)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2022 $2,741 $74,210 $13,880 $60,330
2021 $2,192 $62,440 $11,680 $50,760
2020 $2,126 $30,000 $6,000 $24,000
2019 $2,085 $15,304 $3,061 $12,243
2018 $2,135 $40,000 $8,000 $32,000
2017 $2,228 $15,677 $3,124 $12,553
2016 $2,323 $15,677 $3,124 $12,553
2015 $2,361 $15,800 $3,160 $12,640
Source: Public Records

Agents Affiliated with this Home

  • R

    Seller's Agent in 2019

    Robert Burk

    Desert 2 Mountain Realty

    (480) 654-6900

    Robert Burk
    Section Image
  • Alexander Shea

    Buyer's Agent in 2019

    Alexander Shea

    RE/MAX

    (480) 495-7729

    21 Total Sales

    Alexander Shea
    Section Image
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Map

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 5715626

Arizona Regional Multiple Listing Service (ARMLS)

APN: 124-36-016

Arizona Maricopa County Tempe 85281 Downtown Tempe

1027 W 5th St, Tempe, AZ

Not Listed for Sale

MultiFamily

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Arizona Regional Multiple Listing Service (ARMLS) All information should be verified by the recipient and none is guaranteed as accurate by ARMLS

Listing Information presented by local MLS brokerage: Ten-X, local REALTOR®- Arlene Richardson - (888)-952-6393

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