Back 508 South Farmer Avenue
Off Market

508 South Farmer Avenue

Tempe AZ 85281

8
Multi-Family
Last sold for $1,400,000
Ron FedriRon Fedri, last sold this property on 28 May 2026 after 1458 days on market.

Overview

PRIME REDEVELOPMENT OPPORTUNITY IN DOWNTOWN TEMPE. SURROUNDED BY A COLLECTION OF HIGH-END COMMERCIAL/OFFICE DEVELOPMENTS, A BOUTIQUE HOTEL, AND TRENDY URBAN MULTI USE CONDOMINIUMS, THIS PROPERTY IS ONE OF THE LAST BEST INFILL LOCATIONS AVAILABLE FOR LONG TERM INVESTMENT GROWTH. THE 2 PARCELS ARE ALSO LOCATED IN TEMPE'S TRANSPORTATION OVERLAY DISTRICT, ALLOWING ADDITIONAL DEVELOPMENT OPTIONS NOT FOUND IN OTHER R3 ZONED CITY NEIGHBORHOODS. IN ADDITION, THE EXISTING 8 RENTAL UNITS ARE 100% OCCUPIED OFFERING IMMEDIATE CASH FLOW DURING THE PLANNING PROCESS.

Features

8 carspaces
4 open car spaces
Multi-Family

Estimated Value

Based on this property and similar multi families sold in Tempe over the last 12 months, the estimated median property value of 508 South Farmer Avenue is $700k.

Median value
$700k
Estimated value range
$480k - $2.4m
Median days on market
69
Estimated value trend
16%
increase over the last 12 months
Average days on market is based on recent, comparable sales in Tempe. It is only an indication of the time a property is actively listed and should not be relied upon as an accurate representation of how soon a property will be sold.

Property history for 508 South Farmer Avenue

2026
Sold
$1,400,000
28 May 2026 by Ron Fedri, of HomeSmart

Happy sellers in Tempe

95%
95% of sellers in Tempe reported that their sale price either exceeded or met their price expectations.

Tempe stands out for consistently delivering exceptional satisfaction and strong market results for homeowners.

This is based on voluntary sentiment collected from 4 reviews in Tempe over the last 12 months.

Local market activity for multi families in Tempe

In the last 12 months, 18 multi families similar to 508 South Farmer Avenue, have been sold.

This represents a 26% decrease in multi families sales when compared to the previous 12 months.

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