Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1229 E Spence Ave Tempe, AZ 85281

    View on Map
    Sponsored
    For Sale
    $1,450,000

    MULTI_FAMILY - Tempe, AZ

    Days on Market:
    22
    Last Refresh:
    Mar 8 at 11:06 pm

    Property Features for 1229 E Spence Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    R-4
    APN
    133-09-045

    Building Details

    Year built
    1940
    Number of units
    2
    Flooring type
    Concrete
    Building materials
    Wood Frame, Painted
    Roof type
    Composition

    We can help!

    Listing Contact
    Jason Miszuk

    Realty ONE Group (888) 461-0101

    Listing agent Jason Miszuk (602) 363-5058

    Listing date Feb 15, 2026

    MLS# 6950797 Listing URL

    Copyright © 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Tempe Multifamily Land Opportunity

    This offering presents a rare opportunity to acquire high-density, R-4 zoned multifamily land and homes with frontage on Spence Avenue, situated in the heart of the ASU campus area. The listing includes two residential houses, positioned next to each other. The location is in a robust infill area near Arizona State University. The property is located within a five-mile radius of a population exceeding 350,000. Parcel numbers for the properties are 133-09-045 and 133-09-055.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Pharmacy Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tempe
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.918924
    Latitude
    33.412616

    Nearby Similar for Sale

    • New
      $975,000

      Tempe Fourplex Investment Opportunity

      Rare Tempe fourplex near ASU with high cap rate.
      1253 W Southern Ave, Tempe, AZ 85282
      View Details
    • New
      $2,300,000
      4,414 SF

      Tempe Garden-Style Apartment Complex

      Garden-style 10-plex near ASU Main Campus in Tempe.
      425 W 5Th St, Tempe, AZ 85281
      View Details
    • New
      $1,099,000
      Pending

      Tempe Triplex Near ASU Campus

      Three detached, updated units near ASU and downtown Tempe.
      1224 S Maple Ave, Tempe, AZ 85281
      View Details
    • New
      $2,400,000

      Renovated Multifamily Property Near ASU

      Fully renovated 12-unit multifamily property near ASU in Tempe.
      626 S Wilson St, Tempe, AZ 85281
      View Details
    • $1,200,000

      Tempe Condos Bulk Sale

      Eight condos for sale in Tempe, located in an Opportunity Zone.
      510 W University Dr, Tempe, AZ 85281
      View Details
    • $1,649,500

      Tempe Multifamily Investment Opportunity

      Prime location near downtown Tempe with immediate cash flow.
      508 S Farmer Ave, Tempe, AZ 85281
      View Details
    • $700,000

      Renovated Duplex in Central Tempe

      Turnkey duplex with strong rental appeal in central Tempe.
      1248 E Harry St, Tempe, AZ 85288
      View Details
    • $949,995

      Tempe Triplex Near ASU

      Well-maintained triplex near ASU with strong in-place cash flow.
      1234 S Farmer Ave, Tempe, AZ 85281
      View Details
    • $2,595,000

      Remodeled Multi-Unit Property Near ASU

      Four remodeled patio homes in Tempe's historic district near ASU.
      117 W 10Th St, Tempe, AZ 85281
      View Details
    • $950,000

      Renovated Income Property in Tempe

      Three-unit property with extensive upgrades, part of a five-unit compound.
      1244 N Rose St, Tempe, AZ 85288
      View Details
    • $2,500,000
      4,868 SF

      Tempe Retail Building Near Light Rail

      Retail building near light rail stop, suitable for various commercial uses.
      1501 E Apache Blvd, Tempe, AZ 85281
      View Details
    • $1,999,500
      5,800 SF

      Modern Tempe Office Building

      5,800 SF move-in ready office building in Tempe, Arizona.
      9885 S Priest Dr, Tempe, AZ 85284
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - High-density multifamily land near ASU campus.
    Where is this residential land & home lot located?
    The property is located at 1229 E Spence Ave Tempe, AZ.
    What is the asking price?
    The asking price for this property is $1,450,000.
    What are key features of this property?
    This property features: - R-4 (High Density) zoning for multifamily development; - Prime location in the heart of ASU campus area; - Includes two residential houses
    (888) 461-0101
    Request Owner's contact information
    1229 E Spence Ave Tempe, AZ 85281
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1229 E Spence Ave
    Tempe, AZ 85281
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1229 E Spence Ave Tempe, AZ 85281
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Jason Miszuk
    Real Estate License ID: SA562932000
    (888) 461-0101 (623) 236-1414 (602) 363-5058
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!