828 W 2ND Street, Tempe, AZ 85281 (MLS# 6172846)

828 W 2ND Street, Tempe, AZ 85281

$700,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $700,000 Last Modified: 5/04/2026

Overview

Description

Welcome to Monterrey Village Place Apartments. This fully occupied apartments are all two bedroom 1 bath all with private yards and parking. Corner lot with a new block wall. All units have been updated with Ikea kitchens and some units have new flooring. The property has a washer and dryer that are leased on site. Property is self managed and rents are below market from the 600-850 range current cap is around a 3.74. Market rents are 1,100-1,250 proforma cap 5.73 after raised rents. Property is close to Tempe Town Lake ASU and freeways. All facts and figures are approximate buyer verify MLS information. Drive by only tenants are unware of sale.

Listing Details MLS# 6172846

Location, Tax & Legal

Map Code/Grid: R36
House Number: 828
Compass: W
Street Name: 2ND
St Suffix: Street
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 2640
Country: US
County Code: Maricopa
Subdivision: MONTERREY VILLAGE PLAT 3 UNIT 2
Assessor Number: 124-31-120
Tax Year: 2020
Assessor's Map #: 31
Legal Description (Abbrev): LOT 22 MONTERREY VILLAGE PLAT 3 UNIT 2 MCR 010245
Assessor's Parcel #: 120
Add'l Parcels: No
Tax Municipality: Maricopa - COUNTY
Census Tract: 318800
Taxes: 1772
Legal: LOT 22 MONTERREY VILLAGE PLAT 3 UNIT 2 MCR 010245
Marketing Name: MONTERREY VILLAGE PLACE

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 6853
Year Built: 1963
Uncvrd Parking Spcs: 4
Total # of Units: 4
# of Buildings: Yes
Zoning: R-3
High School District: Tempe Union High School District

Remarks Misc

Cross Street: Priest and 1st street

Status Change Info

Off Market Date: 2021-03-20
Under Contract Date: 2021-01-30
Close of Escrow Date: 2021-03-19

Legal Info

Township: 1N
Range: 4E
Section: 16
Lot Number: 22

More Information

Income Expenses

Gross Annual Sch Inc: 55200
Net Operating Income: 41208

2 Bedroom Units

# 2 Bedroom Units: 4
Avg Rent: 1150
Avg SqFt: 632
# Baths: Yes

Sold Info

Loan Type: VA
Loan Years: 30
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

Four Plex: Yes

Other Type

Other (See Remarks): Yes

Construction

Block: Yes

Const - Finish

Painted: Yes

Roofing

Foam: Yes

Floors

Concrete: Yes
Vinyl: Yes
Wood: Yes
Ceramic Tile: Yes

Sale Includes

Other (See Remarks): Yes

Income & Expenses

Annual Elec Exp: 550
Annual Ins Exp: 1410
Annual Landscape Exp: 1000
Annual Maint Exp: 3000
Annual Trash Exp: 1000
Annual Wtr/Swr Exp: 2500
Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 11232
Other Income: 0
Vacancy Allowance: 0.05
Adjusted Gross Inc: 52440
Total Monthly Rental Income: 4600

Pmt & Rate Info

Cap Rate: 5.73
Equity: 719000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0

Lockbox Type

None: Yes

Community Features

Other: Yes
See Remarks: Yes

Heating

Electric: Yes
Central: Yes

Cooling

Central Air: Yes

Exterior Amenities

Other (See Remarks): Yes

Interior Features

Other (See Remarks): Yes

Tenant Pays

Electricity: Yes
Cable TV: Yes

Appliances Included

Other: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes
Projected Proforma: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

Carport: Yes
1 Space/Unit: Yes

Electric

APS: Yes

Gas

Other (See Remarks): Yes

Owner Pays

Water: Yes
Trash Collection: Yes

New Financing

Cash to Loan: Yes
VA: Yes
Conventional: Yes
FHA: Yes
1031 Exchange: Yes

Existing 1st Loan

Treat as Free&Clear: Yes

Existing 1st Loan Type

Not Applicable: Yes

Existing 1st Loan Terms

Not Applicable: Yes

Existing 2nd Loan

Other (See Remarks): Yes

Existing 2nd Loan Type

Not Applicable: Yes

Existing 2nd Loan Terms

Not Applicable: Yes

Existing 3rd Loan

Other (See Remarks): Yes

Existing 3rd Loan Type

Not Applicable: Yes

Reports/Disclosures

None: Yes

Existing 3rd Loan Terms

Not Applicable: Yes

Environmental

Other (See Remarks): Yes

Existing Othr Ln Trm

Not Applicable: Yes

Efficiency Units

Avg Rent: 0

1 Bedroom Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: Four Plex Other Type: Other (See Remarks) Construction: Block Const - Finish: Painted Roofing: Foam Floors: Concrete; Vinyl; Wood; Ceramic Tile Sale Includes: Other (See Remarks) Community Features: Other; See Remarks Exterior Amenities: Other (See Remarks) Interior Features: Other (See Remarks) Appliances Included: Other Heating: Central Cooling: Central Air Water Source: City Franchise Sewer: Sewer - Public Electric: APS Gas: Other (See Remarks) Parking Features: Carport; 1 Space/Unit Road Surface Type: Asphalt Owner Pays: Water; Trash Collection Tenant Pays: Electricity; Cable TV Source of Fincl Data: Owner; Projected Proforma Lockbox Type: None Existing 1st Loan: Treat as Free&Clear Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Not Applicable Existing 2nd Loan: Other (See Remarks) Existing 2nd Loan Type: Not Applicable Existing 2nd Loan Terms: Not Applicable Existing 3rd Loan: Other (See Remarks) Existing 3rd Loan Type: Not Applicable Existing 3rd Loan Terms: Not Applicable Existing Othr Ln Trm: Not Applicable New Financing: Cash to Loan; VA; FHA; Conventional; 1031 Exchange Environmental: Other (See Remarks)

Listing Office: Grace CRE

Last Updated: May - 04 - 2026