508 S Farmer Avenue, Tempe, AZ 85281

$1,400,000
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Sold Price
$1,400,000
List Price
$1,649,500
Status
CLOSED
Days on Market
64
Closing Date
May 28, 2026
MLS#
6978065
Subtype
Multiple Dwellings
Year Built
1960
Subdivision
Orth Sub
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(602) 769-4725

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.

(602) 769-4725
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Additional Information

Taxes
$3,659
Zoning
R3
Flooring
Other
Heating
Heat Pump
Air Conditioning
Heat Pump, Electric, Varies by Unit, Ceiling Fan(s)
Exterior Construction
Block, Painted
Parking Features
Detached Carport, Off Street
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Calculator source: Real Geeks

Listing courtesy of Listing Agent: Ron Fedri (602-369-7994) from Listing Office: 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.