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Status: Active

421 W 5th St 
Tempe, AZ 85281

$795,000

------/mo*
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Calling all investors and builders/developers!! This is a VERY RARE opportunity to own a property just a few blocks away from Mill Ave!! Located on one of the best streets - 5th St! Great R3 zoning! Large 8,300+ sf lot! New construction abounds! Urban infill at its best! - there is a new 50m+ upscale mid-rise project directly across the street that is just being completed! And less than 100 yards to the east is Farmer Ave, where hundreds of millions have been spent on a variety of commercial, multifamily, and mixed used developments, including the new Westin Vib hotel! Only a block to the Tempe Streetcar, which connects to the Light Rail, which is less than 2 min away! Walk to ASU, Mill Ave, Tempe Town Lake and more! This is a GREAT AREA R-3 ZONING, large/deep lot!! Perfect location for new condos/townhomes to build and sell. This is also a Great location to build luxury townhome rentals for students! There are models with 4 bed/5 bath that builders are constructing with huge cash flow and they are much further away from ASU and Mill Ave etc. Zoning should allow for 3 units but check with city as owner/agent makes no guarantees. Imagine the views from the 3rd floor rooftop balconies of the West 5 towers and the Tempe skyline, plus the mountain views!! At 900k that's just 300k per unit land cost (if you build 3 units)! The home on this property was updated in 2021 when the current buyer purchased it, and it's currently rented for 2,250/mo, it's a mo to mo lease, tenants have been there for since current owner purchased the home. Drive by only, do not disturb the tenants! Thank you!! 5 min to 202 Freeway, 10 min to Sky Harbor Airport, 15 min to downtown Phoenix, and much more!
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Bedrooms
3
Baths
1
House Size
1,000 sqft
Year Built
1954
Lot Size
0.19 ac
School District
Tempe Union High School District

Location

Market Insights

In the last 30 days, homes for sale in 85281, Tempe, AZ were on the market for a median of 36 days and 11.11% of homes sold above list price.

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Interior Information

appliances
Gas Cooktop
cooling
Central Air
Ceiling Fan(s)
features
Eat-in Kitchen
fireplace
None
flooring
Tile
heating
Natural Gas

Exterior Information

fence
Block
Chain Link
patio and porch
Patio
pool
None
roof
Composition

Property Information

builder name
Unknown
community
Playground
Sidewalks
construction
Block
sewer
Public Sewer
subdivision name
Orth Subdivision
utilities
Cable Available
water source
Public
  • Listed By Bruce Swift
  • bruceswift@bruceswift.com
  • (480) 766-6695
  • Windermere Real Estate & Property Management
  • (602) 319-5363
  • edverdi@edverdi.com
  • MLS 6862698

Monthly Payments Calculator

Estimated Monthly Cost

$5,151

30 year fixed·6.9% interest rate
Principal & Interest
$4,189
Property Taxes
$663
Home Insurance
$300
HOA Fees
$0
%

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%
*All calculations are estimates and provided for informational purposes only. Actual amounts may vary.
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