
Status: Active
421 W 5th St
Tempe, AZ 85281
$795,000
------/mo*
CalculateCalling 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!
Read more- 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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Get StartedInterior 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
*All calculations are estimates and provided for informational purposes only. Actual amounts may vary.