421 W 5TH Street, Tempe, AZ 85281, Tempe, 85281 - 3 bed, 1 bath
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Tempe, AZ 85281
This property presents a High-Potential Investment Opportunity with a List Price of $795,000—positioned above the $746,898 Fair Market Value. While the current structure has a Condition Rating of 6, the R-3 Zoning and 8,375 sqft lot provide significant upside for urban infill development. Located steps from the Tempe Streetcar and ASU, this asset is primed for multi-unit redevelopment. This is a strategic acquisition ideal for Real Estate Developers or Buy-and-Hold Investors seeking to capitalize on Tempe’s high-density growth corridor.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 421 W 5TH Street Subject | $795,000* List Price | 3 | 1 | 1,000 | $747 | - |
A 915 S WILSON Street Active | $600,000 List Price | 2 | 2 | 872 | $688 | 0.4 mi |
* Subject property listed price vs sold prices of comps.
Property is land value only, full reconstruction required.
The property is 70 years old (built 1954) and is explicitly marketed for its R3 zoning and redevelopment potential for new condos/townhomes. Despite some minor interior cosmetic updates like tile flooring and a basic bathroom refresh, the listing emphasizes land value and urban infill, fitting the criteria for a property where the structure is secondary to the land's development use.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 8375, living area = 1000.
Situated just blocks from Mill Avenue and ASU, the property offers exceptional walkability to major dining, entertainment, and employment hubs in downtown Tempe.
The R-3 zoning and large 8,375 sqft lot provide a rare opportunity for multi-unit development, such as townhomes or condos, in a high-demand urban infill area.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 1000, other record living area = 859. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 3, other record bedroom count = 2.
The 'drive-by only' restriction and presence of tenants limit immediate interior inspection, which may complicate the initial due diligence process for buyers.
Built in 1954 with only 1,000 sqft of living space, the current residence likely requires a full teardown or extensive renovation to reach its highest and best use.
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 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!! Drive by only, do not disturb the tenants, Thx
No exterior & parking available.
Grades K-5 • 0.6 mi
Grades 6-8 • 0.8 mi
Grades 9-12 • 1.1 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 1.0 | 2.0 | 13% |
| Square foot | 1,000 | 1,546 | 13% |
| Lot Size | 8,375 | 6,765 | 78% |
| Price | $795.0K | $0 | 96% |
| Price per sq ft | $795 | $0 | 96% |
| Built year | 1954 | 1958 | 30% |
| HOA | $0 | $0 | 50% |
| Days on market | 19 | 2174 | 4% |
May 18, 2026
$795,000
Initial Listing