914 S Farmer Avenue, Tempe, AZ 85281, Tempe, 85281 - 2 bed, 1 bath
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Tempe, AZ 85281
Analysis of 914 S Farmer Avenue, Tempe, AZ 85281 is currently available with a list price of $600,000. The property maintains a Tear down Condition Rating (10/100), reflecting significant deferred maintenance. This property is best suited for experienced investors or developers prepared for substantial renovation work. Located in a high-demand neighborhood within the Tempe Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for Experienced Investors and Fix-and-Flip Specialists.
Property is land value only, full reconstruction required.
Built in 1945 (79 years old) with no evidence of recent renovations. The listing explicitly markets the property as a 'Prime Development Opportunity' and a 'true development play' for multi-family residential use, indicating the value is in the land and the R-3 zoning rather than the existing 590 sqft structure.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 10000, living area = 590.
The property is zoned R-3 for multi-family residential development and includes architectural plans for nine townhomes, offering a shovel-ready opportunity in a high-demand urban core.
Situated in a rapidly growing Tempe neighborhood near Arizona State University and downtown, the site is perfectly positioned to capitalize on the strong demand for housing near major employment centers.
The sale is contingent upon the simultaneous purchase of the adjacent lot at 915 S. Wilson St., which necessitates a higher total capital outlay of $1,200,000.
Built in 1945 and measuring only 590 square feet, the current residence adds little value to the land and will eventually require demolition costs to facilitate the site's highest and best use.
Prime Development Opportunity in Tempe - 915 S Wilson St. is being sold in conjunction with 914 S. Farmer Ave. Seize these exceptional 10,000 sq ft lots in one of Tempe's most sought-after and rapidly growing neighborhoods. Zoned R-3 for multi-family residential development, these parcels offer outstanding potential for investors and builders looking to capitalize on strong demand for housing near Arizona State University, downtown Tempe, and major employment centers. Priced to move at $1,200,000, these sites present a rare chance to develop a significant project in a prime infill location. Architectural plans are available for nine townhomes across the combined parcels. This is a true development play in a high-demand market, perfect for those seeking scale and strong returns in Tempe's evolving urban core. Each lot has a home that is currently leased. These homes have been consistent income producers for many years.
No exterior & parking available.
Grades PK-5 • 1.1 mi
Grades 6-8 • 0.6 mi
Grades 9-12 • 0.7 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 3.0 | 13% |
| Baths | 1.0 | 2.0 | 13% |
| Square foot | 590 | 1,546 | 4% |
| Lot Size | 10,000 | 6,765 | 83% |
| Price | $600.0K | $0 | 91% |
| Price per sq ft | $1.0K | $0 | 96% |
| Built year | 1945 | 1958 | 9% |
| HOA | $0 | $0 | 50% |
| Days on market | 10 | 2174 | 4% |
May 27, 2026
$600,000
Initial Listing