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Map
$1,872,693*
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Multifamily -
Off Market
1214 S FARMER Avenue
Tempe, AZ 85281
Studio
0 Bath
$1,035,000 - $1,265,000
Reference Base Price*
62.84%
Since Nov 1, 2019
AZ-Phoenix
Primary Model
About This Property
7 Units walking distance to Mill Ave and Arizona State University.
100% occupied. Recent fully completed unit addition in the ''A''
building from two units to three units, a new separate studio
driving a new incremental $7,000 year in NOI. Raised rents 9.5%
across all the units since purchase in line with Tempe rental
market increases, the ''B'' loft units at $810/month are still
below market. Vacancies have ran sub ~3.75% simultaneously. Large
documented capital expenditures ($50k+), studio conversion,
numerous capital improvements (new water heaters, AC units and
plumbing) and interior renovations. Pro forma NOI for the property
this year will be $58,800 (full occupancy at listing and leased
through Q2'19) at a 5% plus cap rate. Building A was built in 1947,
Building B was built in 1958. There are 3 uncovered tandem parking
spaces and 4 covered tandem parking spaces. 1 Tandem space per
unit. With exception of unit A-101, all tenants are students
enrolled in advanced degrees. All units have gas heat and electric
cooling. Students at ASU have to pay $800 per semester in order to
obtain a campus parking permit. By leasing these apartments -
it's like getting two months free rent because they don't have to
pay the parking fee. Disclosure: the Co-Listing agent holds
interest in F/O/K PROPERTIES LLC and is a licensed real estate
agent in the state of Arizona. Buyer to verify all information. New
exterior paint and landscaping as of 1/2019.
Unit Size
-
Days on Market
-
Land Size
-
Price per sqft
-
Property Type
Multifamily
Property Taxes
$1,804
HOA Dues
-
Year Built
1958
Price History
Date / Event | Date | Event | Price |
---|---|---|---|
Oct 28, 2019 | No longer available | - | |
No longer available | |||
Mar 22, 2019 | Relisted | $1,150,000 | |
Relisted | |||
Mar 21, 2019 | No longer available | - | |
No longer available | |||
Sep 6, 2018 | Listed | $1,150,000 | |
Listed |
Property Highlights
Comparables
Unit
Status
Status
Type
Beds
Baths
ft²
Price/ft²
Price/ft²
Asking Price
Listed On
Listed On
Closing Price
Sold On
Sold On
HOA + Taxes
Past Sales
Date | Unit | Beds | Baths | Sqft | Price | Closed | Owner | Listed By |
---|---|---|---|---|---|---|---|---|
11/05/2020
|
|
Studio
|
-
|
-
|
$1,175,000
Studio
-
|
-
-
|
-
|
-
|
09/06/2018
|
|
Studio
|
-
|
-
|
-
Studio
-
|
-
-
|
-
|
-
|