0.41 Acres Lot
0.41 Acres Lot
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
Subdivision Hamilton Sub.
MLS Listing ID 6741245
HOA Y/N No
Originating Board Arizona Regional Multiple Listing Service (ARMLS)
Annual Tax Amount $1,751
Tax Year 2023
Lot Size 0.407 Acres
Acres 0.41
Lot Dimensions 94' x 190'
Property Description
development, located in the heart of the Garfield Historic District. The
property sits on approximately a half-acre (gross) of land that is zoned
R-5. The seller has a site plan to add (11) 1-bedroom units and (2)
2-bedroom units along with amenity space between the new units and
the existing historic home. This would be a perfect small apartment
community or short-term rental building in a ''Melrose Place'' type setting
in downtown Phoenix. This is a fantastic, bite-sized opportunity for the
seasoned investor or a local creative / artistic developer who wants to do
a unique, fun project in the heart of one of the busiest, most dynamic, and
eclectic areas in the entire Valley. 8th & Roosevelt is an awesome value-add / development opportunity in the heart of Downtown Phoenix. The property is located just east of 7th Street right off of Roosevelt in the heart of the gentrifying Garfield Historic District. Roosevelt and 7th Street is the east entrance to the happening Roosevelt Row district in the epicenter of Downtown Phoenix. It is minutes to the stadium district and a short bike ride / walk to the downtown ASU campus, Phoenix Burton Barr Library, and the Phoenix Art Museum. It is
also minutes to Margaret T. Hance Park, which is the location of hundreds of activities including the McDowell Mountain Music Festival and many weekend food / craft festivals throughout the year. It is approximately a half mile to the I-10 Freeway to allow quick and easy access to all parts of the valley. This location is as central is 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, 8th & Roosevelt Redevelopment Opportunity will prove to be a great place for residents to live as well as will be a very attractive parcel for a future class-A
redevelopment in an A location.
Phoenix is consistently on every national list for net influx of people and jobs, and the downtown area is expected to continue to explode with huge job growth in many different sectors; with Arizona State University's downtown campus rapidly expanding (already over 11,000 students and rapidly growing); with massive amounts of biotech investment and development in the area (the new Creighton University is approximately 2 miles away in midtown; the Phoenix Biomedical HUB is a couple blocks away; the stadium district is minutes away; the warehouse district is
exploding around the corner to the south; and more). Opportunities like 8th & Roosevelt are rare and offer an investor a great value-add opportunity in one of the most active and desirable areas in the country.
Location
State AZ
County Maricopa
Community Hamilton Sub.
Zoning R5
Direction East on Roosevelt, South on 8th Street to Property on East side of street.
Exterior
Fence See Remarks
Waterfront No
Building
Sewer Public Sewer
Water Other, City Franchise
New Construction Yes
Schools
School District Phoenix Union High School District
Others
Senior Community No
Tax ID 116-32-065
Acceptable Financing Other (See Rmks), 1031 Exchange, Conventional
Listing Terms Other (See Rmks), 1031 Exchange, Conventional
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