1214 S Farmer Avenue

Estimated Monthly Payment: $5,395/mo 1214 S Farmer Avenue, Tempe, AZ 85281 MLS# 5806503 Multi-Family Listing Status: Active
280
3
0
0

REMARKS:

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.

OVERVIEW:

Multi-Family
Active
STATE COLLEGE HOMES LOTS 33-40
Stucco
Comp Shingle, Foam
1947
Block
1 Space/Unit
Gas
Electric Refrigeratd
50x190
City Franchise
Sewer - Public

FEATURES:

Unfurnished
Carpet, Ceramic Tile

SCHOOLS:

003 - Tempe School District

FINANCIAL:

$1,150,000
$1,804
Other (See Remarks)
2017

NEIGHBORHOOD & SCHOOL INFORMATION:

Courtesy of HomeSmart

 

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