16223 N 31st Street Unit #21, Phoenix, AZ 85032

$1,157,760
List Price
$1,157,760
Days on Market
28
Status
ACTIVE
MLS#
5979284
City
Phoenix
Lot Size
195,392
Subdivision
Kay Acres 3 Lots 38-40, 42-45, 47-50

Property Description

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.

Additional Information

Acres
3.33
Electric
APS
Elevation
1, 001 - 2, 000 Ft
Existing Land Use
Packaged Lot
Gas
None
Lot Size
195,392
New Financing
Cash, Conventional
Parcel Size
2.50 - 4.99 Acres
Potential Use
Multi-Family
Sewer
Sewer - Public
Pool
Yes
Subdivision
Kay Acres 3 Lots 38-40, 42-45, 47-50
Taxes
$3,247
Tax Year
2019
Unit Number
21
Vegetation
Low Desert
Water
City Franchise
Zoned Presently
Multi-Family
Zoning
R-3

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of ABI Multifamily.

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