421 W 5TH Street, Tempe, AZ 85281 (MLS# 6862698)

421 W 5TH Street, Tempe, AZ 85281

$900,000

Property Type: Residential Bedrooms: 3 Baths: 1 Square Footage: 1,000 Lot Size (sq. ft.): 8,375 Status: Active

Current Price: $900,000 List Date: 5/08/2025 Last Modified: 5/08/2025

Description

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

Supplements: 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!

More Information MLS# 6862698

Contract Information

Status Change Date: 2025-05-08 List Price: $900,000 Status: Active Current Price: $900,000 List Date: 2025-05-05 Type: Exclusive Right To Sell Ownership: Fee Simple Co-Ownership (Fractional) Agreement YN: No

Location Tax Legal

House Number: 421 Compass: W Street Name: 5TH St Suffix: Street City/Town Code: Tempe State/Province: AZ Zip Code: 85281 Zip4: 2709 Country: US County Code: Maricopa Assessor Number: 124-33-006 Subdivision: ORTH SUBDIVISION Tax Year: 2024

General Property Description

Dwelling Type: Single Family Residence Dwelling Styles: Detached Exterior Stories: 1 # of Interior Levels: 1 # Bedrooms: 3 # Bathrooms: 1 Approx SQFT: 1000 Price/SqFt: 900 Horses: N Builder Name: Unknown Year Built: 1954 Lead Based Hazard Disclosure: Yes Approx Lot SqFt: 8375 Approx Lot Acres: 0.192 Flood Zone: No Pool: None Elementary School District: Tempe School District High School District: Tempe Union High School District Elementary School: Scales Technology Academy Jr. High School: Geneva Epps Mosley Middle School High School: Tempe High School

Remarks Misc

Cross Street: 5th St and Farmer Ave Directions: From Mill Ave, take 5th St, go 3 blocks west and the property is the 3rd property on your left past Farmer Ave. Geo Lat: 33.425139 Geo Lon: -111.945249

Legal Info

Township: 1N Range: 4E Section: 16 Lot Number: 6

Basement

Basement Y/N: N

Parking Spaces

Carport Spaces: 1 Slab Parking Spaces: 2 Total Covered Spaces: 1

Showing Notification Methods

Showing Service: Aligned Showings

Property Features

Special Listing Cond: FIRPTA may apply Add'l Property Use: See Remarks Master Bathroom: None Fireplace Features: No Fireplace Flooring: Tile Pool Features: No Pool Spa: None Community Features: Biking/Walking Path; Children's Playgrnd; Near Bus Stop; Near Light Rail Stop; Transportation Svcs Dining Area: Eat-in Kitchen Kitchen Features: Gas Cooktop Laundry: Wshr/Dry HookUp Only Other Rooms: Family Room Features: No Interior Steps Technology: Cable TV Avail Exterior Features: Patio Road Responsibility: City Maintained Road Construction: Block Const - Finish: Painted Roofing: Composition Cooling: Central Air; Ceiling Fan(s) Heating: Natural Gas Plumbing: Gas Hot Water Heater Utilities: APS; SW Gas Water Source: City Water Sewer: Sewer - Public Services: City Services Fencing: Block; Chain Link Property Description: City Light View(s); North/South Exposure; Alley Landscaping: Dirt Front; Dirt Back; Gravel/Stone Front; Gravel/Stone Back Showing Notification Methods: Text; Email; Phone Call Lockbox Type: See Private Remarks; None Possession: Close of Escrow; Subject To Tenant Rights Unit Style: All on One Level Association Fee Incl: No Fees Existing 1st Loan: Treat as Free&Clear New Financing: Cash; VA; FHA; Conventional; 1031 Exchange Disclosures: Seller Discl Avail; Agency Discl Req

Listing Office: Windermere Real Estate & Property Management

Last Updated: May - 08 - 2025