421 W 5TH Street #6 new Save Request In-Person Tour Request Virtual Tour
Tempe,AZ 85281
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
Subdivision Orth Subdivision
MLS Listing ID 6863351
HOA Y/N No
Originating Board Arizona Regional Multiple Listing Service (ARMLS)
Annual Tax Amount $1,347
Tax Year 2024
Lot Size 8,375 Sqft
Acres 0.19
Lot Dimensions 50 x 168
Property Description
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!
Location
State AZ
County Maricopa
Community Orth Subdivision
Zoning R-3
Direction From Mill Ave, take 5th St, go 3 blocks west and the property is the 3rd property on your left past Farmer Ave.
Exterior
Fence Block,Chain Link
View City Lights,Mountain(s),City
Topography Level
Building
Lot Description See Remarks,North/South Exp
Sewer Public Sewer
Water City Franchise
New Construction No
Schools
Elementary Schools Scales Technology Academy
Middle Schools Geneva Epps Mosley Middle School
High Schools Tempe High School
School District Tempe Union High School District
Others
Senior Community No
Tax ID 124-33-006
Acceptable Financing Cash,Conventional
Horse Property N
Listing Terms Cash,Conventional
Special Listing Condition FIRPTA may apply