3-acre-plus opportunity to establish a ground floor redevelopment in a long-overlooked infill target area of Phoenix. 16223 North 32nd Street & 16226 North 29th Street offer a fantastic and rare chance to address either workplace affordable or market-rate demands for a determined visionary investor / developer.Sandwiched between two dynamically growing areas offering high returns for existing properties, but few opportunities for new development, this property is zoned R-3 and allows up to 57 units between the two spaces, perfect to establish a foothold in an area that has every potential to become North Phoenix's next ''up-and-coming'' development and renovation district. . This ever improving area has great access being just 1 mile from the 51 Freeway. The current R-3 zoning allows the ..developer to build up to 14.5-17.4/units per acre. Both sites must be sold together. With current R-3 zoning, the sites could be utilized for an attached (townhomes or apartments) or detached rental development. The zoning allows a density of 14.5-17.4/units per acre depending on development.
Listing courtesy of ABI Multifamily.
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