Renovated Quadplex
For Sale
$950,000
1321 W 5th St, Tempe, AZ 85281
Four-unit quadplex built in 1970 and renovated in 2023, fully occupied and zoned R-3R for flexible use.
Property Size2,760 SF
Price / SF$344.20
Days on Market813
Property Features for 1321 W 5th St
General Information
Standard status
Active
Size
2,760 SF
Zoning
R-3R
Occupancy
100%
Additional Details
Multifamily Units
4
Building Details
Year Built
1970
Year Renovated
2023
Tenancy
Multi
Listed By:
Beth Mickley · License #SA656584000
(480) 420-4345
Source:
Expcommercial
Added: Jun 22, 2024
Changed: Sep 2
Last Checked: Sep 11 at 4:11AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Beth Mickley
Investment Insights
Based on property information with market context.
This four-unit quadplex totals 2,760 square feet and was built in 1970. The property was renovated in 2023 and is currently fully occupied, providing a turnkey setup for an income-oriented purchase.
Zoned R-3R, the asset is positioned for versatile use within its existing zoning parameters. Offered for sale as a complete, operational multifamily investment, it features a classic building configuration updated by the 2023 renovations.
Zoned R-3R, the asset is positioned for versatile use within its existing zoning parameters. Offered for sale as a complete, operational multifamily investment, it features a classic building configuration updated by the 2023 renovations.
Key Highlights
- 4‑unit quadplex with a 2,760 SF building, built in 1970
- Renovated in 2023
- Fully occupied with 100% occupancy reported
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$40,660
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.28%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$813,200
$813.2K
Cap Rate 7%
$580,857
$580.9K
Cap Rate 9%
$451,778
$451.8K
Market Conditions
NOI Build-Up for 2,760 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$61.3K $22.20/SF
− Vacancy
−$3.2K −$1.15/SF
EGI
$58.1K $21.05/SF
− OpEx
−$17.4K −$6.31/SF
NOI
$40.7K $14.73/SF
Area
Tempe, AZ
Vacancy
5.20%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$813,200
Cap Rate 7%
$580,857
Cap Rate 9%
$451,778
Alternative Uses
Best Use
Multifamily LT 5
$580.9K
$508.3K – $677.7K
NOI $40,660 @ 7.0% cap · market cap 4.28%
Second Best
Apartment 5plus
$534.4K
$467.6K – $623.5K
NOI $37,408 @ 7.0% cap · market cap 3.94%
Theoretical Best
Office A
$867.9K
$759.4K – $1.01M
NOI $60,754 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,190
Businesses Nearby
Explore this area
Business Placement
Demographics for 85281, AZ
69,218
Population
32,475
Households
2.1
Avg Household Size
26
Median Age
49%
College-Educated
91%
High-School Grad
13.3 sq mi
ZIP Area
5,204
Density / Sq Mi
$59,084
Median Household Income
$32,805
Median Earnings
$1,531
Median Rent
$364,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit quadplex built in 1970 and renovated in 2023, fully occupied and zoned R-3R for flexible use.
Where is this quadplex located?
The property is located at 1321 W 5th St Tempe, AZ.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 4‑unit quadplex with a 2,760 SF building, built in 1970; Renovated in 2023; Fully occupied with 100% occupancy reported
