1332 W 16th Street, Tempe, AZ 85281, Tempe, 85281 - 3 bed, 2 bath
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Tempe, AZ 85281
This 3-bedroom, 2-bath home is a Strong Value Opportunity, listed at $375,000—positioned well below the $403,388 Fair Market Value by 7%. This valuation gap offers $28,388 in Instant Equity. With a Condition Rating of 4, the property features a new roof and HVAC (2022), providing a stable foundation for value-add updates. Currently generating $2,000/Mo in rental income, this is an ideal acquisition for Buy-and-Hold Investors or first-time buyers seeking a high-potential property in a central Tempe location.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1332 W 16th Street Subject | $375,000* List Price | 3 | 2 | 1,222 | $330 | - |
A 1245 W 11TH Street Sold | $480,000 | 4 | 2 | 1,503 | $319 | 0.4 mi |
B 1245 W 9th Street Sold | $480,000 | 3 | 2 | 1,501 | $320 | 0.6 mi |
C 1301 W 15th Street Active | $350,000 List Price | 3 | 2 | 1,166 | $300 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
While the property boasts excellent recent system updates—including a new roof and HVAC (2022) and a replaced main sewer line (2016)—the 1961 build and listing description suggest the interior kitchen and baths are dated and 'ready for updates.' It remains functional and tenant-occupied, fitting the criteria for a well-maintained but dated home needing minor cosmetic repairs.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 7627, living area = 1222.
The property features a new roof and HVAC system installed in 2022, along with a main sewer line replacement in 2016, significantly reducing immediate capital expenditure risks.
With a reliable long-term tenant in place since 2015 generating $2,000 monthly, this property offers immediate cash flow and stability for an investor looking for a proven rental.
The property is noted as being ready for updates, implying that the 1961 interior finishes may be dated and require additional investment to reach full market potential.
The assigned elementary, middle, and high schools all carry a rating of 3, which may limit the property's appeal to families prioritizing high-performing educational environments.
Property is tenant occupied by a long term tenant (since 2015!!!) who wants to stay! Lease is month to month at $2,000/Mo. Spacious 3-bedroom, 2-bath single-level, block construction home in the heart of Tempe on a large 7,627 sq ft lot. They definitely don't make them like this anymore! Features tile flooring throughout, generously sized bedrooms, laundry/storage room, covered patio, and a large backyard with plenty of space for entertaining, pets, or storage. New roof in 2022ish, new HVAC in 2022ish, Main Sewer Line replaced in 2016ish. Conveniently located near shopping, dining, schools, ASU, and freeway access. This is the perfect investment property or starter home ready for you to update into your new home!
No exterior & parking available.
Grades PK-5 • 0.1 mi
Grades 6-8 • 0.5 mi
Grades 9-12 • 1.0 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 0.0 |
| Baths | 2.0 | 0.0 |
| Square foot | 1,222 | - |
| Lot Size | 7,627 | - |
| Price | $375.0K | $562.2K |
| Price per sq ft | $307 | $326 |
| Built year | 1961 | 0 |
| HOA | $0 | $0 |
| Days on market | 22 | 2615 |
Jun 30, 2026
$375,000
Initial Listing