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Building Details

Year Built 1957

Construction garden-style

Listing Agency: Tierra Antigua Realty

Listed By: Mark Hays · License #AZ BR556215000 Show Phone

Source: Seetucsonhouses

Added: Feb 18 Changed: Oct 12 Last Checked: Oct 14 at 11:43PM

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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 Tierra Antigua Realty

Investment Insights

Based on property information with market context.

This garden-style multifamily property contains 10 units in block construction, with a reported total property size of 4,414 square feet. The unit mix includes eight studio apartments of approximately 388 square feet, one one-bedroom apartment of approximately 550 square feet, and one two-bedroom apartment of approximately 750 square feet.

The property is located at 425 and 427 W 5th St in Tempe’s Orth Subdivision, within a short walk of the ASU Main Campus. The surrounding area also provides proximity to the 202 Freeway, Sky Harbor Airport, restaurants, and attractions. The building dates to 1957, with additional block construction identified from 1963.

Key Highlights

• 10‑unit garden‑style multifamily property
• Unit mix includes 8 studios, 1 one‑bedroom, and 1 two‑bedroom
• Reported property size of 4,414 square feet

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$59,825

Cap Rate

3.52%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,196,500 $1.2M

Cap Rate 7%

$854,643 $854.6K

Cap Rate 9%

$664,722 $664.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,414 SF

Gross rent

$115.5K $26.16/SF

− Vacancy

−$6.7K −$1.52/SF

EGI

$108.8K $24.64/SF

− OpEx

−$48.9K −$11.09/SF

NOI

$59.8K $13.55/SF

Area

Tempe, AZ

Vacancy

5.80%

Lease Rate

$26.16 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,196,500

Cap Rate 7%

$854,643

Cap Rate 9%

$664,722

Alternative Uses

Best Use

Apartment 5plus

$854.6K

$747.8K – $997.1K (±1% cap)

NOI $59,825 @ 7.0% cap · market cap 3.52%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.39M

$1.21M – $1.62M (±1% cap)

NOI $97,163 @ 7.0% cap · market cap 5.72%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Collective IAP Coworking & Hybrid Office

Suggested Use

Top Pick Electrical Service Carpet & Flooring Store (Bike/Boat/Book/etc) Store Pet Grooming Service Tanning Salon Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

10

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

2,334

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

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Tempe multifamily property with a defined studio, one-bedroom, and two-bedroom unit mix near ASU Main Campus.

Where is this apartment building located?

The property is located at 425 427 W 5th St Tempe, AZ.

What is the asking price?

The asking price for this property is $1,700,000.

What are key features of this property?

This property features: 10‑unit garden‑style multifamily property; Unit mix includes 8 studios, 1 one‑bedroom, and 1 two‑bedroom; Reported property size of 4,414 square feet