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$1,400,000

  • Sold
  • Closed
  • Multi-Family
  • Updated 13 hours ago
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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.

Full Property Details for 508 S Farmer Ave

General

  • Sold For: $1,400,000
  • Taxes: $3,659 (2024)
  • Status: Closed
  • Type: Multi-Family
  • Source: ARMLS_Arizona_MLS_Phoenix_Area
  • MLS ID: 6978065
  • Added to Site: 60 day(s) ago

Interior

  • Appliances: Refrigerator, Free-Standing Gas Oven
  • Flooring: Other

Parking

  • Parking Features: Off Street, Detached Carport, Add'l Parking Avail

Location

  • County: Maricopa
  • Township: 1N
  • Subdivision: ORTH SUB
  • Cross Streets: 5TH ST AND FARMER

Heating & Cooling

  • Air Conditioning: Yes
  • Cooling Type: Ceiling Fan(s), Electric, Heat Pump, Individual
  • Heating Type: Heat Pump

Utilities

  • Water: City Franchise

Structural Information

  • # Buildings: 2
  • Exterior Const.: Painted, Block
  • Roof: Built-Up
  • Year Built: 1960

Unit Information

  • Vacancy %: .02

Lot Features

  • Lot Dimensions: 167.5 x 100
  • Frontage: Concrete, Gravel
  • Zoning: R3

Financial Considerations

  • Tax Amount: $3,659
  • Tax Year: 2024
  • Terms: Owner May Carry
  • Owner Pays: Other

Disclosures and Reports

  • Multiple Parcels: Yes
  • Legal Description: ORTH SUB S2 LOTS 1 & 2 BLK 1
  • Property ID: 124-33-002-A
  • Range: 4E
  • Section: 16
  • Lot Number: 1

Listed by HomeSmart
Sold by ABI Multifamily

Listing agent

— 508 S Farmer Ave —

  • HomeSmart

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NMLS#: 1598647

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Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

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Schools serving 508 S Farmer Ave

School Districts:Tempe School District, Tempe Union High School District
NameGradesDistance
Scales Technology Academy
1115 West 5th Street, Tempe, AZ 85281
K-50.6 mi
Geneva Epps Mosley Middle School
1025 South Beck Avenue, Tempe, AZ 85281
6-80.8 mi
Tempe High School
1730 S Mill Ave, Tempe, AZ 85281
9-121.1 mi
Disclaimer: School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 508 S Farmer Ave

Date
Details
Price
Change
Source
4/02/2026
Sold
$1,400,000
-15.13%
MLS
2/11/2026
Price Reduced
$1,649,500
-5.72%
MLS
2/01/2026
Listed
$1,749,500
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Listed by HomeSmart
Sold by ABI Multifamily

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508 S Farmer Avenue, Tempe, AZ 85281 (MLS# 6978065) is a Multi-Family property that was sold at $1,400,000 on April 02, 2026. Want to learn more about 508 S Farmer Avenue? Do you have questions about finding other Multi-Family real estate for sale in Tempe? You can browse all Tempe real estate or contact a Coldwell Banker agent to request more information.