$1,675,000
$2M PRICE INCREASE

1218 S Farmer Ave Tempe, AZ 85281

Mitchell Park East Neighborhood

Estimated payment $9,032/month

Total Views 3,920
-- Bed
-- Bath
-- Sq Ft
-- Price per Sq Ft

Highlights

  • Community Playground
  • Central Air
  • Vinyl Flooring
  • Community Barbecue Grill
  • Ceiling Fan
  • Heat Pump System

About This Home

Exceptional investment opportunity in this well-maintained 9-unit multifamily property! Conveniently located in a desirable, high-demand rental area of Tempe, ASU. This 9-plex features 8-1bedroom units and 1- studio with strong rental history and low vacancy. Each unit offers functional layouts, and 15 dedicated parking. All units have been tastefully updated attracting quality long-term tenants. The property sits on a generous lot with potential for future development (buyer to verify). On-site laundry, separate utility meters, This is a turnkey addition to any investor's portfolio. Easy access to transit, ASU, shopping, and major employment centers. Whether you're a seasoned investor or entering the multifamily market, this is a rare chance to acquire a stable, cash-flowing asset.

Listing Agent

Chris Bianco

Civic Center Real Estate License #BR641764000 Listed on: 09/15/2025

Civic Center Real Estate

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $2,668

Year Built

  • Built in 1960

Lot Details

  • Additional Parcels

Home Design

  • Wood Frame Construction
  • Composition Roof
  • Block Exterior

Interior Spaces

  • Ceiling Fan
  • Vinyl Flooring

Parking

  • 6 Open Parking Spaces
  • 16 Parking Spaces
  • Carport

Schools

  • Holdeman Elementary School
  • Geneva Epps Mosley Middle School
  • Tempe High School

Utilities

  • Central Air
  • Heat Pump System

Listing and Financial Details

  • Tax Lot 4
  • Assessor Parcel Number 124-70-026

Community Details

Overview

  • 3 Buildings
  • 9 Units
  • Building Dimensions are 9523
  • State College Homes Lots 41 48 Subdivision

Amenities

  • Community Barbecue Grill

Recreation

  • Community Playground

Building Details

  • Operating Expense $17,601
  • Gross Income $119,700
  • Net Operating Income $108,667

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$2,668

Year Built

Built in 1960

Lot Details

0

Listing Details

  • Cross Street: University & Farmer
  • Legal Info Range: 4E
  • Property Type: Multiple Dwellings
  • Zoning: R-3
  • Number Of Buildings: 3
  • Ownership: Fee Simple
  • Year Built: 1960
  • Tax Year: 2024
  • Road Surface Type: Asphalt, Sidewalk(s)
  • Subdivision Name: STATE COLLEGE HOMES LOTS 41-48
  • Cooling:Ceiling Fan(s): Yes
  • Cooling:Central Air: Yes
  • Roofing:Composition: Yes
  • Construction:Wood Frame: Yes
  • Water Source City Franchise2: Yes
  • Community Features Play Area: Yes
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Flooring: Vinyl
  • Appliances: Disposal, Dishwasher, Refrigerator, Built-In Electric Oven, Microwave
  • Appliances Included:Microwave2: Yes
  • Appliances Included:Refrigerator2: Yes
  • Appliances Included:Dishwasher2: Yes
  • Appliances Included:Disposal2: Yes
  • Community Features:Barbecue: Yes
  • Appliances Included:Built-In Electric Oven: Yes

Exterior Features

  • Disclosures: None
  • Construction Type: Wood Frame, Painted, Block
  • Roof: Composition
  • Construction:Block: Yes

Garage/Parking

  • Total Covered Spaces: 10.0
  • Parking Features: Add'l Parking Avail, 1 Space/Unit, Carport
  • Attached Garage: No
  • Open Parking Spaces: 6.0
  • Total Parking Spaces: 16.0
  • General Property Description:Covered Parking Spcs: 10.0
  • General Property Description:Uncvrd Parking Spcs: 6.0
  • General Property Description:Total Parking Spcs: 16.0
  • Parking Features:Carport: Yes

Utilities

  • Electric: APS
  • Cooling: Central Air, Ceiling Fan(s), Electric
  • Heating: Heat Pump, Electric
  • Cooling Y N: Yes
  • Heating Yn: Yes
  • Water Source: City Franchise
  • Heating:Electric: Yes
  • Heating:Heat Pump2: Yes

Condo/Co-op/Association

  • Community Features: Barbecue, Play Area, No Pool

Association/Amenities

  • Exterior Amenities:Landscape Wtr System: Yes
  • Exterior Amenities:Fenced3: Yes
  • Exterior Amenities:Cable TV Available: Yes
  • Exterior Amenities:Security Light(s)3: Yes
  • Interior Amenities:Mini Blinds: Yes
  • Exterior Amenities:Separate Storage: Yes
  • Interior Amenities:Unfurnished: Yes

Fee Information

  • Annual Water Sewer Expense: 4800.0

Schools

  • Elementary School: Holdeman Elementary School
  • High School: Tempe High School
  • Junior High Dist: Tempe Union High School District
  • Middle Or Junior School: Geneva Epps Mosley Middle School

Lot Info

  • Lot Size: 9523
  • Additional Parcels: Yes
  • Parcel #: 124-70-026

Multi Family

  • Owner Pays: Trash Collection, Water, Sewer
  • Number Of Units Total: 9
  • Annual Gross Income: 119700.0
  • Insurance Expense: 4000.0
  • Property Net Operating Income: 108667.0
  • Annual Operating Expense: 17601.0
  • Vacancy Allowance Rate: 0.05

Tax Info

  • Tax Annual Amount: 2668.0
  • Tax Book Number: 124.00
  • Tax Lot: 4

Map

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

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
2025 $2,855 $23,817 -- --
2024 $2,636 $22,682 -- --
2023 $2,636 $81,700 $16,340 $65,360
2022 $2,528 $65,330 $13,060 $52,270
2021 $2,546 $55,480 $11,090 $44,390
2020 $2,468 $49,450 $9,890 $39,560
2019 $2,422 $39,650 $7,930 $31,720
2018 $2,362 $32,850 $6,570 $26,280
2017 $2,291 $27,100 $5,420 $21,680
2016 $2,275 $24,680 $4,930 $19,750
2015 $2,185 $24,810 $4,960 $19,850
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
09/15/2025 09/15/25 For Sale $167,500 -88.0% --
12/20/2019 12/20/19 Sold $1,400,000 -5.7% $1,577 / Sq Ft View Prior Sale
11/23/2019 11/23/19 For Sale $1,485,000 +98.5% $1,672 / Sq Ft
10/24/2015 10/24/15 Sold $748,000 -3.5% $842 / Sq Ft View Prior Sale
08/24/2015 08/24/15 Pending -- -- --
07/28/2015 07/28/15 For Sale $775,000 -- $873 / Sq Ft
Source: Arizona Regional Multiple Listing Service (ARMLS)

Purchase History

Date Type Sale Price Title Company
Warranty Deed $1,400,000 Great American Title Agency
Warranty Deed $1,200,000 Chicago Title Agency Inc
Special Warranty Deed $748,000 North American Title Company
Interfamily Deed Transfer -- --
Source: Public Records

Mortgage History

Date Status Loan Amount Loan Type
Previous Owner $527,100 Commercial
Source: Public Records

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 6919748

Arizona Regional Multiple Listing Service (ARMLS)

APN: 124-70-026

Arizona Maricopa County Tempe 85281 Mitchell Park East

1218 S Farmer Ave, Tempe, AZ

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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Chris Bianco
Listing Agent
Chris Bianco
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Civic Center Real Estate
(602) 560-4177