421 W 5th Street Tempe, AZ 85281
Listing Courtesy of: Arizona Regional MLS / Windermere Real Estate & Property Management / Bruce Swift

  421 W 5th Street Tempe, AZ 85281

Active (12 Days)
$900,000
3
BED
1
BATH
1,000
SQFT

Description

Calling all investors and builders/developers!! This is a VERY RARE opportunity to own a property just a few blocks away from Mill Ave!! Located on one of the best streets - 5th St! Great R3 zoning! Large 8,300+ sf lot! New construction abounds! Urban infill at its best! - there is a new 50m+ upscale mid-rise project directly across the street that is just being completed! And less than 100 yards to the east is Farmer Ave, where hundreds of millions have been spent on a variety of commercial, multifamily, and mixed used developments, including the new Westin Vib hotel! Only a block to the Tempe Streetcar, which connects to the Light Rail, which is less than 2 min away! Walk to ASU, Mill Ave, Tempe Town Lake and more! This is a GREAT AREA R-3 ZONING, large/deep lot!! Perfect location for new condos/townhomes to build and sell. This is also a Great location to build luxury townhome rentals for students! There are models with 4 bed/5 bath that builders are constructing with huge cash flow and they are much further away from ASU and Mill Ave etc. Zoning should allow for 3 units but check with city as owner/agent makes no guarantees. Imagine the views from the 3rd floor rooftop balconies of the West 5 towers and the Tempe skyline, plus the mountain views!! At 900k that's just 300k per unit land cost (if you build 3 units)!

The home on this property was updated in 2021 when the current buyer purchased it, and it's currently rented for 2,250/mo, it's a mo to mo lease, tenants have been there for since current owner purchased the home. Drive by only, do not disturb the tenants! Thank you!!

5 min to 202 Freeway, 10 min to Sky Harbor Airport, 15 min to downtown Phoenix, and much more!

MLS #:
6862698
Taxes
$1,347
Lot Size
8,375 SQFT
Type
Single-Family Home
Year Built
1954
Views
City Light View(s)
County
Maricopa County

Listed By

Bruce Swift, Windermere Real Estate & Property Management
Source
Arizona Regional MLS
Last checked May 17 2025 at 7:55 AM GMT+0000
Bathroom Details
Interior Features
  • Eat-In Kitchen
  • No Interior Steps
Lot Information
  • Alley
  • Dirt Front
  • Dirt Back
  • Gravel/Stone Front
  • Gravel/Stone Back
Property Features
  • Fireplace: None
Heating and Cooling
  • Natural Gas
  • Central Air
  • Ceiling Fan(s)
Pool Information
  • None
Flooring
  • Tile
Exterior Features
  • Painted
  • Block
  • Roof: Composition
Utility Information
  • Sewer: Public Sewer
School Information
  • Elementary School: Scales Technology Academy
  • Middle School: Geneva Epps Mosley Middle School
  • High School: Tempe High School
Stories
  • 1.00000000
Living Area
  • 1,000 sqft
Location
   
Calculate drive times to this property
 
Powered by INRIX® Drive Time

Powered by Walk Score®

Estimated Monthly Mortgage Payment

*Based on Fixed Interest Rate withe a 30 year term, principal and interest only

Listing price
Down payment
%
Interest rate
%
Mortgage calculator estimates are provided by Windermere Real Estate and are intended for information use only. Your payments may be higher or lower and all loans are subject to credit approval.
Disclaimer: Listing Data Copyright 2025 Arizona Regional Multiple Listing Service, Inc. All Rights reserved
Information Deemed Reliable but not Guaranteed.
ARMLS Last Updated: 5/17/25 00:55.