See all 7 photos
7 photos
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your advisor will contact you to discuss available opportunities.
In-PersonVirtual Tour
$540,000
Est. payment /mo
1.17 Acres Lot
UPDATED:
12/06/2024 09:26 PM
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 6791549
HOA Y/N No
Originating Board Arizona Regional Multiple Listing Service (ARMLS)
Annual Tax Amount $4,958
Tax Year 2023
Lot Size 1.165 Acres
Acres 1.17
Lot Dimensions 1.165
Property Description
6791549 (2700 E Greenway Pkwy): $540,000
6791551 (2905 E Grovers Ave): $460,000
Marcus & Millichap is pleased to present Greenway & Grovers (combined 30-unit apartment homes), two prime multifamily development opportunities in the established North Phoenix submarket. Both sites have been entitled and are currently in the building review phase with the city of Phoenix. Greenway (16-units) offers a combination of two- and three-bedroom floorplans averaging ±1,332 square feet, and Grovers (14-units) offers a combination of two- and three-bedroom floorplans averaging ±1,347 square feet, on low density site plans. The scarcity of developable land in this submarket creates high barriers to entry, underscoring the exclusivity of the North Phoenix location and promoting long-term rent growth prospects. With an average single-family home price of ±525,000 within a three-mile radius the rent-vs-own affordability gap supports sustained renter demand that is anticipated to continue.
Strong area demographics further enhance the investment potential, boasting an average household income of $92,445 and a median household income of $69,395, with 65% of residents occupying white-collar professions. Additionally, the highly anticipated Taiwan Semiconductor Manufacturing Company (TSMC) marks the largest direct foreign investment in Arizona's history, which is expected to create thousands of high-quality jobs and drive economic growth. Additionally, a robust healthcare presence supported by numerous medical centers and hospitals in the vicinity promote a durable employment base.
6791551 (2905 E Grovers Ave): $460,000
Marcus & Millichap is pleased to present Greenway & Grovers (combined 30-unit apartment homes), two prime multifamily development opportunities in the established North Phoenix submarket. Both sites have been entitled and are currently in the building review phase with the city of Phoenix. Greenway (16-units) offers a combination of two- and three-bedroom floorplans averaging ±1,332 square feet, and Grovers (14-units) offers a combination of two- and three-bedroom floorplans averaging ±1,347 square feet, on low density site plans. The scarcity of developable land in this submarket creates high barriers to entry, underscoring the exclusivity of the North Phoenix location and promoting long-term rent growth prospects. With an average single-family home price of ±525,000 within a three-mile radius the rent-vs-own affordability gap supports sustained renter demand that is anticipated to continue.
Strong area demographics further enhance the investment potential, boasting an average household income of $92,445 and a median household income of $69,395, with 65% of residents occupying white-collar professions. Additionally, the highly anticipated Taiwan Semiconductor Manufacturing Company (TSMC) marks the largest direct foreign investment in Arizona's history, which is expected to create thousands of high-quality jobs and drive economic growth. Additionally, a robust healthcare presence supported by numerous medical centers and hospitals in the vicinity promote a durable employment base.
Location
State AZ
County Maricopa
Zoning R-3A
Building
Lot Description Mountain View(s)
Sewer Other
Water Other
New Construction No
Schools
School District Paradise Valley Unified District
Others
Senior Community No
Tax ID 214-40-013-F
Acceptable Financing 1031 Exchange, Conventional
Listing Terms 1031 Exchange, Conventional
Read Less Info
Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved.
Listed by Marcus & Millichap
GET MORE INFORMATION