508 S Farmer Avenue, Tempe, AZ 85281
- $1,400,000
- Sold Price
- $1,400,000
- List Price
- $1,649,500
- Closing Date
- May 28, 2026
- Days on Market
- 64
- Status
- CLOSED
- MLS#
- 6978065
- City
- Tempe
- Subdivision
- Orth Sub
- Year Built
- 1960
Property Description
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.
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Additional Information
- Community Features
- No Pool
- Construction
- Block, Painted
- Cooling
- Heat Pump, Electric, Varies by Unit, Ceiling Fan(s)
- Electric
- APS, Individual Meter
- Flooring
- Other
- Heating
- Heat Pump
- New Financing
- Owner May Carry, Cash
- Parking Features
- Detached Carport, Off Street
- Roofing
- Built-Up
- Sewer
- Sewer-In & Connected
- Subdivision
- Orth Sub
- Taxes
- $3,659
- Tax Year
- 2024
- Tenant Pays
- Water, Sewer, Gas, Trash Collection, Landscaping
- Units
- 8
- Water
- City Franchise
- Zoning
- R3
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Listing courtesy of HomeSmart. Selling Office: ABI Multifamily.
All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Copyright 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved.