421 S TERRY Lane, Tempe, AZ 85281

$769,999

Plenty of space for any furniture you might have

Gorgeous living area and built in doggy door with wood like tile

Beautiful detail added to create a stunning view from either the kitchen or living room

Granite countertops and beautiful two tones cabinets! Large SS sink and modern backsplash!

Kitchen with beautiful SS appliances, mini drink fridge, modern backsplash and granite countertops

Cutest cozy kitchen with everything you need

Hallway with built in shelving and laundry closet

#1 of 2 bathrooms that are fully remodeled with gorgeous modern finishes.

#1 of 2 bathrooms fully remodeled with modern but also classic finishes

Main bedroom with beautiful accent wall and door to back yard

Plenty of room for all your bedroom furniture

Beautifully remodeled bathroom with stylish walk in shower

Fully remodeled en suite with a stunning walk in shower

Large laundry closet with storage and W/D

Adorable backyard with a storage shed for your storage needs.

Front view of duplex with long driveways for ample off street parking

Property Type: Multiple Dwellings Status: Active

Current Price: $769,999 Last Modified: 7/23/2026

Overview

Description

Attention aspiring SHORT TERM RENTAL owners!! This is an amazing opportunity to turn a profit and own an investment property. Numbers for only ONE side of the duplex provide a $39K revenue. To help ease the new owners worries there are new roofs on both sides, new AC unit on one side, new water heater on one side, both units come with W/D, refrigerators and blinds. This Is a prime Tempe investment opportunity! This beautifully updated duplex is located in one of the Valley's strongest rental markets, just minutes from Arizona State University, Sky Harbor International Airport, Downtown Tempe, Tempe Town Lake, and major employment hubs. With easy access to Loop 202, SR-143, and I-10, this is an ideal location for attracting long and short-term tenants.

Supplements: Each unit offers a modern, open-concept layout with designer finishes, granite countertops, stainless steel appliances, wood-look tile flooring, spacious bedrooms, private patios, and low-maintenance outdoor space. All features that help attract and retain quality tenants. The property has demonstrated strong rental demand and offers an excellent o ... (Read more)

Listing Details MLS# 7057410

Location, Tax & Legal

House Number: 421
Compass: S
Street Name: TERRY
St Suffix: Lane
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 8008
Country: US
County Code: Maricopa
Subdivision: MERCADO HOMES
Assessor Number: 124-29-001-K
Tax Year: 2025
Assessor's Map #: 29
Assessor's Parcel #: 1
Assessor Parcel Ltr: K
Add'l Parcels: No
Tax Municipality: Maricopa - COUNTY
Census Tract: 318800
Taxes: 1729
Legal: LOT 4 MERCADO HOMES MCR 006030
Marketing Name: MERCADO HOMES

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 64' X 109.50'
Year Built: 1985
Uncvrd Parking Spcs: 8
Total # of Units: 2
# of Buildings: Yes
Zoning: R-3
Flood Zone: No
Elementary School District: Tempe School District
High School District: Tempe Union High School District
Elementary School: Scales Technology Academy
Jr. High School: Geneva Epps Mosley Middle School
High School: Tempe High School

Remarks Misc

Cross Street: Priest Dr & University Dr
Directions: From Loop 202, exit south on Priest Dr. Turn right (west) on 5th St., then left on Terry Ln. Property is located on the right-hand side.

Legal Info

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

Showing Notification Methods

Showing Service: Aligned Showings
Text: Yes
Phone Call: Yes

More Information

Efficiency Units

# Efficiency Units: 2
Avg Rent: 1895
Avg SqFt: 876
# Baths: 2

2 Bedroom Units

# 2 Bedroom Units: 2
Avg Rent: 1900
Avg SqFt: 876
# Baths: 2

Project Type

Duplex: Yes

Construction

Wood Frame: Yes

Const - Finish

Painted: Yes
Stucco: Yes

Roofing

Built-Up: Yes
Tile: Yes

Floors

Ceramic Tile: Yes
Carpet: Yes

Sale Includes

Building(s) Only: Yes

Income & Expenses

Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 1729
Other Income: 0
Vacancy Allowance: 0.05
Adjusted Gross Inc: 0

Pmt & Rate Info

Equity: 769999
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0

Lockbox Type

Combo: Yes

Community Features

No Pool: Yes

Heating

Electric: Yes

Cooling

Central Air: Yes

Exterior Amenities

Fenced: Yes
Patio/Balcony: Yes

Interior Features

Fire/Smoke Alarm(s): Yes
Mini Blinds: Yes

Tenant Pays

Other (See Remarks): Yes

Appliances Included

Disposal: Yes
Free-Standing Electric Oven: Yes
Microwave: Yes
Refrigerator: Yes
Washer/Dryer: Yes

Road Access Type

City Street: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Other (See Remarks): Yes

Road Responsibility

City Maintained Road: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

>1 Space Per Unit: Yes
Paved: Yes
Assigned: Yes

Electric

APS: Yes

Gas

SW Gas: Yes

Owner Pays

Other: Yes

New Financing

Cash: 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

Treat as Free&Clear: Yes

Existing 2nd Loan Type

Not Applicable: Yes

Existing 2nd Loan Terms

Not Applicable: Yes

Existing 3rd Loan

Treat as Free&Clear: Yes

Existing 3rd Loan Type

Not Applicable: Yes

Reports/Disclosures

None: Yes

Existing 3rd Loan Terms

Not Applicable: Yes

Environmental

None: Yes

Existing Othr Ln Trm

Not Applicable: Yes

1 Bedroom Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: Duplex Construction: Wood Frame Const - Finish: Painted; Stucco Roofing: Built-Up; Tile Floors: Ceramic Tile; Carpet Sale Includes: Building(s) Only Community Features: No Pool Exterior Amenities: Fenced; Patio/Balcony Interior Features: Fire/Smoke Alarm(s); Mini Blinds Appliances Included: Free-Standing Electric Oven; Refrigerator; Disposal; Microwave; Washer/Dryer Cooling: Central Air Water Source: City Franchise Sewer: Sewer - Public Electric: APS Gas: SW Gas Parking Features: >1 Space Per Unit; Assigned; Paved Road Access Type: City Street Road Surface Type: Asphalt Road Responsibility: City Maintained Road Owner Pays: Other Tenant Pays: Other (See Remarks) Source of Fincl Data: Other (See Remarks) Showing Notification Methods: Text; Phone Call Lockbox Type: Combo Existing 1st Loan: Treat as Free&Clear Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Not Applicable Existing 2nd Loan: Treat as Free&Clear Existing 2nd Loan Type: Not Applicable Existing 2nd Loan Terms: Not Applicable Existing 3rd Loan: Treat as Free&Clear Existing 3rd Loan Type: Not Applicable Existing 3rd Loan Terms: Not Applicable Existing Othr Ln Trm: Not Applicable New Financing: Cash; VA; FHA; Conventional; 1031 Exchange Environmental: None

Listing Office: Realty ONE Group

Last Updated: July - 23 - 2026