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.
Sold for $1,400,000
$1,400,000
508 S FARMER Avenue, Tempe, AZ 85281
8beds
1baths
4,400sqft
Multi Family
Built in 1960
-- sqft lot
$1,565,200 Zestimate®
$318/sqft
$2,067 Estimated rent
Home value
$1,565,200
$1.49M - $1.64M
$2,067/mo
Zestimate® history
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$2,067/mo
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$7,901/mo
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Zillow last checked: 7 hours ago
Listing updated: April 03, 2026 at 01:10am
Listed by:
Ron Fedri 602-369-7994,
HomeSmart
Bought with:
Dallin J Hammond, SA677560000
ABI Multifamily
Source: ARMLS,MLS#: 6978065
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 8
- Bathrooms: 1
Heating
- Heat Pump
Cooling
- Ceiling Fan(s), Electric, Heat Pump, Individual
Appliances
- Included: Refrigerator, Free-Standing Gas Oven
Features
- Flooring: Other
Interior area
- Total structure area: 4,400
- Total interior livable area: 4,400 sqft
Property
Parking
- Total spaces: 8
- Parking features: Off Street, Detached Carport, Add'l Parking Avail
- Has carport: Yes
- Covered spaces: 4
- Uncovered spaces: 4
Lot
- Size: 0.38 Acres
- Dimensions: 167.5 x 100
Details
- Parcel number: 12433002A
- Zoning: R3
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
Materials
- Painted, Block
- Roof: Built-Up
Condition
- Year built: 1960
Utilities & green energy
- Electric: APS, Individual Meter
- Sewer: Public Sewer
- Water: City Franchise
- Utilities for property: Sewer Connected
Community & neighborhood
Community
- Community features: No Pool
Location
- Region: Tempe
- Subdivision: ORTH SUB
Other
Other facts
- Listing terms: Owner May Carry
- Ownership: Fee Simple
- Road surface type: Concrete, Gravel
Price history
| Date | Event | Price |
|---|---|---|
| 4/2/2026 | Sold | $1,400,000-15.1%$318/sqft |
Source:  ARMLS #6978065 Report a problem | ||
| 2/11/2026 | Price change | $1,649,500-5.7%$375/sqft |
Source: ARMLS #6978065 Report a problem | ||
| 2/2/2026 | Listed for sale | $1,749,500-20.5%$398/sqft |
Source: ARMLS #6978065 Report a problem | ||
| 1/4/2023 | Listing removed | -- |
Source:  HomeSmart Report a problem | ||
| 11/11/2022 | Price change | $2,200,000-24.1%$500/sqft |
Source: HomeSmart #6408423 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $1,948 +7% | $61,700 +0.9% |
| 2024 | $1,821 +1.2% | $61,160 +313.1% |
| 2023 | $1,799 +3.8% | $14,806 -64.7% |
Find assessor info on the county website
Neighborhood: Riverside
Nearby schools
GreatSchools rating
- 4/10Scales Technology AcademyGrades: PK-5Distance: 0.6 mi
- 2/10Geneva Epps Mosley Middle SchoolGrades: 6-8Distance: 0.8 mi
- 5/10Tempe High SchoolGrades: 9-12Distance: 1.1 mi
Get a cash offer in 3 minutes
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Estimated market value
$1,565,200
Get a cash offer in 3 minutes
Find out how much your home could sell for in as little as 3 minutes with a no-obligation cash offer.
Estimated market value
$1,565,200
- Arizona
- Maricopa County
- Tempe
- 85281
- Riverside
- 508 S FARMER Avenue