1321 5Th St Tempe, AZ 85281

This Tempe, Arizona fourplex presents a compelling investment opportunity. Priced at $950,000, this property boasts a 5.68% cap rate and a strong net operating income (NOI) of $54,000. The 2,760 square foot building sits on a 0.26-acre lot (11,326 sq ft) and features four spacious two-bedroom, one-bathroom units, each currently occupied, offering immediate rental income. Each unit is priced at $237,500. Built in 1970, the property benefits from recent upgrades, including HVAC units replaced in 2018 and a roof approximately eight years old. Individual electric cooling and natural gas heating are provided for each unit, along with ample parking (four open spaces). The property is zoned R3 and enjoys a highly desirable location within walking distance of Arizona State University (ASU), Mill Avenue, and public transportation. This presents a value-add opportunity in an Opportunity Zone, with below-market rents offering significant potential for increased profitability. The property's location and amenities make it an attractive investment for both short-term and long-term growth. The property address is 1321 W 5th St, Tempe, AZ 85281, and the APN is 124-37-004-F.