Seller Financing
Address
405 S PRIEST Drive, Tempe, AZ
Price
$ 1,995,000
Property Attributes
  • MLS#6627699
  • TypeContingent
  • CountyMARICOPA
  • CityTempe
  • Zip85281
  • StyleMultiple Dwellings
  • Year Built1961
  • Taxes$ 5289
  • Price$ 1,995,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
Data Source:
Arizona Regional MLS (ARMLSN)
Property Description

Seller financing available! This well-maintained, value-add 10-unit property consists of three contiguous parcels, two addressed 405 S Priest Dr (APNs 124-28-031-C and 124-28-031-B) as well as 1325 W 4th St (APN 124-28-030), offering multiple exit strategies for a buyer. Electric has been redone and plumbing lines have been partially redone since current ownership. The property features a healthy unit mix of (8) one-bed / one-bath units and (2) two-bed / one-bath units. On-site parking is available for the tenants. There is a small courtyard area between the 4-plexes and a sizable backyard behind the duplex. All leases are month-to-month or ending soon, so great opportunity for immediate value-add in both interior and exterior renovations. Less than two miles from downtown Tempe and ASU.

Price History
11/7/2023 Listed $2,390,000
1/3/2024 9% - $2,195,000
1/18/2024 10% - $1,995,000

General Features

Sewer Public Sewer
Roof Composition
Zoning MF
Construction Materials Painted,Block
Year Built 1961
Electric APS
Tenant Pays Electricity,Cable TV
Tax Year 2022
Percent Ownership Fee Simple
Gross Income 98040.0
OwnerPays Trash Collection,Water,Sewer
Community Features No Pool
County Maricopa
Net Operating Income 80000.0
Operating Expense 20789.0
Insurance Expense 4000.0
Property Type Multiple Dwellings
Attached Garage No
MaintenanceExpense 3500.0
Garage Y/N No
Status UCB (Under Contract-Backups)
Directions Loop 202 freeway to Priest Dr exit,heading southward. Property on SE corner of 4th St & Priest Dr. Also included is 1325 W 4th St.
City Tempe
Buyer Agent Compensation 2.25
Disclosures Seller Prop Disc Stm
View Y/N No
High School District Tempe Union High School District
Open Parking Spaces 12.0
Total Units 10
Lot Size Square Feet 0.0
Carport Y/N No
Street Name PRIEST
Tax Annual Amount 5289.0
Electric Expense 0.0
Current Financing Not Applicable
Fuel Expense 0.0
Trash Expense 0.0
Water Sewer Expense 8000.0
Lease Renewal Y/N No
Additional Parcels Y/N Yes
Lease Considered Y/N No
Rent Control Y/N No
Days on Market 108
Standard Status Active Under Contract
Elementary School District Tempe Elementary School District
Tax Lot 8
Cap Rate 3.35
MobileHomeRemainsYN No
Buyer Agent Compensation Type %
New_sp_Financing_co_Conventional5 True
Ownership Fee Simple
Senior Community None

Interior Features

Flooring Vinyl
Air Conditioning Y/N Yes
Heating Y/N Yes
Street Suffix Drive
Electric On Property Y/N No

Exterior Features

Parking Features 1 Space/Unit,Street Parking
Water Source City Franchise
Total Parking 12.0
Lot Size Area 0.0
Number of Buildings 3
Spa No
Lot Dimensions Rectangular
Lot Size Acres 0.0
Road Surface Type Asphalt
Covered Spaces 0.0
Crops Included Y/N No
Open Parking Y/N No
Irrigation Water Rights Y/N No

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Contingent Average in 85281

Price
AVG $660K
$2M
Taxes
AVG $2,741
$5,289
Visits
AVG 85
99
Data Provided by Inside Real Estate®
Year Built
AVG 1984
1961