Urban Gardens
Drive by Only: Entering the Property Prior to Contract Acceptance is
Strictly Prohibited
Urban Gardens is a phenomenal multifamily investment property as well as
a prime future development opportunity in Downtown Phoenix. The property
is located just east of 7th Street, a block north of the famed Roosevelt Row
district, less than a mile north of the stadium district, a short bike ride / walk
to the Downtown Arizona State University campus (over 10,000 students and
growing), the Phoenix Biomedical Campus, Phoenix Burton Barr Library, and
the Phoenix Art Museum. Margaret T. Hance Park is just a short walk away
and features hundreds of activities throughout the year including large music
festivals and many weekend food / craft festivals. The property is also located
minutes to the I-10 Freeway to allow quick and easy access to all parts of
the valley. This location is as central as it gets and allows residents to enjoy,
with ease, so much of what Downtown and Midtown have to offer. With many
dining, shopping, and entertainment options, as well as multiple freeway
access points within minutes, Urban Gardens will prove to be a great place for
residents to live as well as will be a very attractive parcel to potentially add
units in a Grade A location.
Urban Gardens consists of 32 apartment units in a prime area of Downtown
Phoenix. The property consists of quality block construction with cool,
midcentury architecture that is extremely popular today. The apartment
building consists of 28 one-bedroom units and four two-bedroom units. The
units have been well maintained over the years and have consistently stayed
fully occupied with many long term tenants. The property is individually
metered for electricity. The apartments sit on a prime parcel consisting of
50,000 net square feet of land (60,000 gross square feet) that has been
rezoned to WU Code T4:2 EG HP (Walkable Urban Code). This would allow
approximately 24 additional units to be built on the property providing an
amazing value-add opportunity in the future. The property is also currently
located in the Opportunity Zone.
Phoenix consistently has a large amount of net increase in population and
jobs, and the downtown area is expected to continue to explode with huge
job growth in many different sectors. Arizona State University’s downtown
campus is rapidly expanding (already over 10,000 students and rapidly
growing) and massive amounts of biotech investment and developments have
been developed in the area (the new Creighton University is less than two
miles away in midtown and the Phoenix Biomedical Hub is two blocks away).
Additionally major sports and entertainment hubs such as the Stadium District
and Warehouse district are located just minutes away as well as many more.
Opportunities like Urban Gardens are rare and offer an investor a great
income producing property in a grade A location with the addition of a prime
development opportunity in one of the most active and desirable areas in the
country.
Property Description
• Drive by Only: Entering the Property Prior to Contract Acceptance is Strictly Prohibited • 32 Mid-Century Units on Approximately 60,000 Gross Square Feet of Land • Walkable Urban Code Zoning Allows for 24± Additional Units to Be Added • Value-Add Opportunity Through Upgrading Units as Well as Developing Additional Units • In the Current Opportunity Zone • Located Just off of the Heart of Roosevelt Row • Located Two Blocks North of the Downtown Phoenix Biomedical Hub • Walking Distance to the Phoenix Art Museum, Margaret T. Hance Park, & the ASU Downtown Campus • Less Than a Mile to the Stadium District • Easy Access to I-10 (Less Than 1/4 Mile Away)
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Price: | $6,850,000 |
| No. of Units: | 32 |
| Year Built: | 1964 |
| Building Size: | 20,741 Sq ft |
| Lot Size: | 1.15 Acres |
| No. of Stories: | 1 |
| APN: | 116-31-044, 116-31-046, 116-31-050 |
| Zoning Code: | R4 |
| Opportunity Zone: | Yes |
| Price per unit: | $214,063 |
| Property Website | Click Here |
Unit mix
| Description | No. of Units | Sq ft. | Avg. Monthly Rent |
|---|
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| John Klocek | 602.344.9258 | [email protected] |
| Patrick Burch | 602.344.9197 | [email protected] |
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