421 W 5TH Street 6, Tempe, AZ 85281

Property 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!

Listing Status:

Active

Date Added:

May 8, 2025 at 05:00AM

Listing Office:

Windermere Real Estate & Property Management : 602-319-5363

Listing Agent:

Bruce Swift : 480-766-6695

MLS ID:

6863351

Exterior

• General: Residence

Location

• Road/Access: AsphaltCurb(s) & Gutter(s)Sidewalk(s)
• Originating MLS: Arizona Regional Multiple Listing Service 2
• School District: Tempe School District
• County: Maricopa

Lot

• Topography: Level
• Zoning: R-312433006
• Fencing: BlockChain Link

Utilities

• Water: City Franchise
• Sewer: Public Sewer

Financial

• Source: Arizona Regional Multiple Listing Service 2

This listing courtesy of Bruce Swift, Windermere Real Estate & Property Management