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421 W 5TH Street, Tempe, AZ 85281

$900,000 (Active)
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421 W 5TH Street, Tempe, AZ 85281

$900,000
Active
est.$900,000/month.
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3 beds. baths. 8,375 Sqft.

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421 W 5TH Street, Tempe, AZ 85281

$900,000
Active
est.$900,000/month.
Start My Approval
3 beds 1 baths 8,375 Sq.ft.
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Property details for 421 W 5TH Street, Tempe, AZ 85281
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 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!
Broker details: Windermere Real Estate & Property Management

Listed by: Bruce Swift
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Property Description

MLS Information

  • Listing: 6862698
  • Listing Last Modified: 2025-05-08

Property Details

  • Standard Status: Active
  • Built in: 1954
  • Subdivision: ORTH SUBDIVISION
  • Lot size area: 8375 Square Feet

Geographic Data

  • County: Maricopa
  • MLS Area: ORTH SUBDIVISION
  • Directions: From Mill Ave, take 5th St, go 3 blocks west and the property is the 3rd property on your left past Farmer Ave.
Features

Interior Features

  • Flooring: Tile
  • Bedrooms: 3
  • Full baths: 1
  • Living area: 1000
  • Interior Features: Eat-in Kitchen

Exterior Features

  • Roof type: Composition
  • Pool: None

Parking

    Utilities

    • Sewer: Public Sewer
    • Water: Public
    • Heating: Natural Gas
    Property Information

    Tax Information

    • Tax Annual Amount: $1,347

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    The property listing data and information set forth herein were provided to ARMLS from third party sources, including sellers, lessors and public records, and were compiled by ARMLS The property listing data and information are for the personal, non-commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. ARMLS and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS
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