508 S Farmer Ave Tempe, AZ 85281
Downtown Tempe NeighborhoodEstimated payment $8,887/month
Highlights
- Cooling Available
- Detached Carport Space
- Heat Pump System
About This Home
PRIME REDEVELOPMENT OPPORTUNITY IN DOWNTOWN TEMPE. SURROUNDED BY A COLLECTION OF HIGH-END COMMERCIAL/OFFICE DEVELOPMENTS, A BOUTIQUE HOTEL, AND TRENDY URBAN MULTI USE CONDOMINIUMS, THIS PROPERTY IS ONE OF THE LAST BEST INFILL LOCATIONS AVAILABLE FOR LONG TERM INVESTMENT GROWTH. THE 2 PARCELS ARE ALSO LOCATED IN TEMPE'S TRANSPORTATION OVERLAY DISTRICT, ALLOWING ADDITIONAL DEVELOPMENT OPTIONS NOT FOUND IN OTHER R3 ZONED CITY NEIGHBORHOODS. IN ADDITION, THE EXISTING 8 RENTAL UNITS ARE 100% OCCUPIED OFFERING IMMEDIATE CASH FLOW DURING THE PLANNING PROCESS.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $3,659
Year Built
- Built in 1960
Lot Details
- Additional Parcels
Home Design
- Built-Up Roof
- Block Exterior
Parking
- 8 Parking Spaces
- Detached Carport Space
Utilities
- Cooling Available
- Heat Pump System
Listing and Financial Details
- Tax Lot 1
- Assessor Parcel Number 124-33-002-A
Community Details
Overview
- 2 Buildings
- 8 Units
- Building Dimensions are 167.5 X 100
- Orth Sub Subdivision
Building Details
- Operating Expense $3,659
- Net Operating Income $70,576
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 | $1,956 | $16,323 | -- | -- |
| 2024 | $1,806 | $15,546 | -- | -- |
| 2023 | $1,806 | $54,470 | $10,890 | $43,580 |
| 2022 | $1,733 | $41,960 | $8,390 | $33,570 |
| 2021 | $1,745 | $34,300 | $6,860 | $27,440 |
| 2020 | $1,692 | $30,130 | $6,020 | $24,110 |
| 2019 | $1,660 | $25,800 | $5,160 | $20,640 |
| 2018 | $1,619 | $19,180 | $3,830 | $15,350 |
| 2017 | $1,570 | $17,850 | $3,570 | $14,280 |
| 2016 | $1,559 | $16,160 | $3,230 | $12,930 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 02/11/2026 02/11/26 | Price Changed | $1,649,500 | -5.7% | -- |
| 02/01/2026 02/01/26 | For Sale | $1,749,500 | -- | -- |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Trustee Deed | $176,000 | None Available | |
| Quit Claim Deed | -- | Fidelity Title |
Source: Arizona Regional Multiple Listing Service (ARMLS)
MLS Number: 6978065
APN: 124-33-002A
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.