154 W 5TH Street 227, Tempe, AZ 85281, Tempe, 85281 - 3 bed, 2 bath
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Tempe, AZ 85281
This Spacious Downtown Tempe Condo is a Prime Investment Opportunity, listed at $565,000—positioned well below the $585,775 Fair Market Value by 3%. This valuation gap offers $20,775 in Instant Equity for incoming buyers. Boasting a Good Condition Rating, the residence features a rare three-bedroom layout, fresh interior paint, and a private deck in the heart of Hayden Square. Located steps from ASU, Mill Avenue, and Scales Technology Academy, the property ensures high rental demand and urban convenience. This is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a turnkey lifestyle.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 154 W 5TH Street 227 Subject | $565,000* List Price | 3 | 2 | 1,403 | $418 | - |
A 140 E RIO SALADO Parkway 409 Sold | $690,000 | 2 | 2 | 1,600 | $431 | 0.4 mi |
B 140 E RIO SALADO Parkway 409 Sold | $690,000 | 2 | 2 | 1,600 | $431 | 0.4 mi |
C 21 E 6TH Street 306 Active | $515,000 List Price | 1 | 2 | 1,525 | $338 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
While built in 1988, the property has undergone significant renovations likely within the last 5-15 years. It features modern wood-look tile flooring, updated granite countertops in the kitchen, refreshed cabinetry, and updated bathroom vanities. The interior is freshly painted and move-in ready, meeting the criteria for a well-maintained, functional home.
Situated in the heart of Downtown Tempe, the property offers exceptional walkability to ASU, Mill Avenue, and the light rail, making it a prime choice for students and professionals.
Boasting 1,403 square feet and three bedrooms, this unit features one of the largest and most versatile floor plans in the Hayden Square community.
The interior has been freshly painted, providing a crisp, move-in-ready environment that appeals to both owner-occupants and investors seeking immediate rental potential.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 1403, other record living area = 731. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 3, other record bedroom count = 1.
Constructed in 1988, the building may require more frequent maintenance or lack the modern amenities and energy-efficient features found in newer luxury developments.
The assigned middle and high schools carry lower performance ratings, which could be a consideration for families focused on top-tier public education.
Freshly painted and ideally positioned in the highly sought-after Hayden Square community, this beautiful condo offers the ultimate Downtown Tempe lifestyle. Located just steps from ASU, vibrant Mill Avenue, Tempe Town Lake, dining, shopping, nightlife, and the light rail, the location simply cannot be beat. Hayden Square remains one of the area's most desirable communities thanks to its unbeatable walkability and urban convenience in the heart of Tempe. Unit 227 stands out as one of the larger and more desirable floor plans in the complex. The fresh interior paint gives the home a crisp, move-in-ready feel, while the layout makes it ideal for full-time living, a lock-and-leave second home, or an investment opportunity near campus.
No exterior & parking available.
Grades K-5 • 0.8 mi
Grades 6-8 • 1.0 mi
Grades 9-12 • 1.2 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 2.0 | 60% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,403 | 1,500.5 | 40% |
| Lot Size | 103 | 1,282.5 | 30% |
| Price | $565.0K | $0 | 90% |
| Price per sq ft | $403 | $0 | 90% |
| Built year | 1988 | 2004 | 40% |
| HOA | $326 | $373 | 30% |
| Days on market | 67 | 2697 | 10% |
Apr 1, 2026
$565,000
Initial Listing