1218 S Farmer Ave Tempe, AZ 85281
Mitchell Park East NeighborhoodEstimated payment $9,102/month
Highlights
- Community Playground
- Outdoor Storage
- Ceiling Fan
- Community Barbecue Grill
- Central Air
- Fenced
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.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $2,668
Year Built
- Built in 1960
Lot Details
- Fenced
- Additional Parcels
Home Design
- Wood Frame Construction
- Composition Roof
- Block Exterior
Interior Spaces
- Ceiling Fan
- Blinds
- Security Lights
Parking
- 6 Open Parking Spaces
- 16 Parking Spaces
- Carport
- Parking Available
- Additional Parking
Outdoor Features
- Outdoor Storage
Schools
- Holdeman Elementary School
- Geneva Epps Mosley Middle School
- Tempe High School
Utilities
- Central Air
- Heat Pump System
- Cable TV Available
Listing and Financial Details
- The owner pays for water, sewer, trash collection
- 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
Map
Home Values in the Area
Average Home Value in this Area
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 |
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 |
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 | -- | -- |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $527,100 | Commercial |
Source: Arizona Regional Multiple Listing Service (ARMLS)
MLS Number: 6919748
APN: 124-70-026
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.
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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Ask me questions while you tour the home.