$1,295,000
Tempe, AZ 85288
MLS# 6960414
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Property Description
Excellent investment opportunity in a high-demand rental area near Arizona State University and Old Town Scottsdale. This five-unit property was fully renovated in 2019 and has experienced nearly zero vacancy since. The unit mix includes four two-bedroom, one-bath units and one one-bedroom, one-bath unit. Each unit offers a living room, eat-in kitchen, and private bathroom. Upgrades include new A/C units (2019), dual-pane windows, new doors with security features, vinyl flooring, modern cabinets, granite countertops, and fresh interior and exterior paint. Large private patios with gated access add tenant appeal. This turnkey property offers an excellent opportunity for stable income in a high-demand market.
Details
Maps
Documents
Contract Info
Ownership: Fee Simple
Current Price: $1,295,000
List Price: $1,295,000
Status: Active
List Date: 2025-12-23
Location, Tax & Legal
Unit #: 3
Assessor's Map #: 13
Legal Description (Abbrev): LOT 186 NORTH TEMPE 2 MCR
Assessor's Parcel #: 35
Add'l Parcels: Yes
Tax Municipality: Tempe
Census Tract: 318400
Taxes: 1363
Legal: LOT 186 NORTH TEMPE 2 MCR
Marketing Name: Oleander Flyer
House Number: 1231
Compass: N
Street Name: OLEANDER
St Suffix: Street
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85288
Zip4: 1847
County Code: Maricopa
Subdivision: NORTH TEMPE 2
Assessor Number: 132-13-035
Tax Year: 2025
General Property Description
# of Buildings: 2
Uncvrd Parking Spcs: 2
Lot Size Dimensions: 7,070 SF
Total # of Units: 5
High School District: Tempe Union High School District
Year Built: 1958
Zoning: [R-2] Multi-Fam
Project Type
5 - 12 Units: 1
Construction
Block: 1
Wood Frame: 1
Brick: 1
Const - Finish
Painted: 1
Roofing
Foam: 1
Floors
Vinyl: 1
Sale Includes
Land & Building: 1
Income & Expenses
Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 1363
Other Income: 0
Vacancy Allowance: 0.02
Adjusted Gross Inc: 79438.8
Pmt & Rate Info
Cap Rate: 5.58
Equity: 1295000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Showing Notification Methods
Showing Service: Aligned Showings
Lockbox Type
See Private Remarks: 1
None: 1
Community Features
No Pool: 1
Heating
Electric: 1
Cooling
Ceiling Fan(s): 1
Central Air: 1
Electric: 1
2 or More Units: 1
Tenant Pays
Gas: 1
Water: 1
Sewer: 1
Electricity: 1
Trash Collection: 1
Cable TV: 1
Appliances Included
Dishwasher: 1
Disposal: 1
Free-Standing Gas Oven: 1
Microwave: 1
Refrigerator: 1
Road Surface Type
Asphalt: 1
Dirt: 1
Source of Fincl Data
Owner: 1
Books Shwn Accpt Ofr: 1
Water Source
Individual Meter: 1
Sewer
Sewer - Public: 1
Parking Features
On Street: 1
1 Space/Unit: 1
Paved: 1
Assigned: 1
Electric
APS: 1
Gas
SW Gas: 1
Owner Pays
Landscaping: 1
See Remarks: 1
New Financing
Cash: 1
Conventional: 1
Reports/Disclosures
None: 1
Environmental
None: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 1
Avg Rent: 1100
Avg SqFt: 550
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 4
Avg Rent: 1400
Avg SqFt: 685
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Remarks Misc
Cross Street: Scottsdale Rd & Curry Rd
Directions: South on Miller to Tempe Dr. West to Oleander
Geo Lat: 33.442566
Geo Lon: -111.918708
Legal Info
Lot Number: 185
Income Expenses
Gross Annual Sch Inc: 81060
Net Operating Income: 72317.27
Property Features
Project Type: 5 - 12 Units
Construction: Block; Wood Frame; Brick
Const - Finish: Painted
Roofing: Foam
Floors: Vinyl
Sale Includes: Land & Building
Community Features: No Pool
Appliances Included: Free-Standing Gas Oven; Refrigerator; Dishwasher; Disposal; Microwave
Cooling: Ceiling Fan(s); Electric; Central Air; 2 or More Units
Water Source: Individual Meter
Sewer: Sewer - Public
Electric: APS
Gas: SW Gas
Parking Features: On Street; 1 Space/Unit; Assigned; Paved
Road Surface Type: Dirt; Asphalt
Owner Pays: Landscaping; See Remarks
Tenant Pays: Water; Sewer; Electricity; Gas; Trash Collection; Cable TV
Source of Fincl Data: Owner; Books Shwn Accpt Ofr
Lockbox Type: See Private Remarks; None
New Financing: Cash; Conventional
Environmental: None
Unbranded Flyer 
Listing Office: Midland Real Estate Alliance
Last Updated: December - 23 - 2025
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