Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1215 E Devonshire Ave, Unit 1-12 Phoenix, AZ 85014

    View on Map
    Sponsored
    For Sale
    $2,999,000

    LAND - Phoenix, AZ

    Lot size:
    1.00 Acre
    Days on Market:
    88
    Last Refresh:
    Mar 10 at 7:06 am

    Property Features for 1215 E Devonshire Ave

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    R-5
    APN
    155-05-093
    Fencing
    Chain Link
    Lot size
    1.00 Acre

    Utilities

    Sewer type
    Public Sewer

    We can help!

    Listing Contact
    Vick Gutierrez
    Vick Gutierrez

    My Home Group (480) 685-2760

    Listing agent Vick Gutierrez (480) 228-1451

    Listing date Dec 12, 2025

    MLS# 6889661 Listing URL

    Copyright © 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Phoenix Land Development Opportunity

    This property presents a significant development and investment opportunity in a prime Phoenix location. The approximately 1-acre parcel, zoned R-5, is situated in a land-locked area, offering potential for vertical development. The site has an approved project for 12 luxury single-family residential homes, or the possibility to construct up to 50 units. Plans envision a private, gated community with a pool and common area.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.055355
    Latitude
    33.496536

    Nearby Similar for Sale

    • $489,900
      1,720 SF

      Phoenix Office Building Investment Opportunity

      Office building near I-17 with high visibility and flexible zoning.
      8545 N Black Canyon Hwy, Phoenix, AZ 85021
      View Details
    • New
      $625,000

      Value-Add Opportunity in Downtown Phoenix

      Mixed-use property with income potential in a developing urban neighborhood.
      215 N 12Th Ave, Phoenix, AZ 85007
      View Details
    • $349,000
      0.84 Acres

      Phoenix Land For Sale

      Vacant land available in Phoenix, Arizona.
      19844 N Cave Creek Rd, Phoenix, AZ 85024
      View Details
    • $699,900
      1,899 SF

      Phoenix Assisted Living Home

      Licensed assisted living home in prime Phoenix location.
      3569 E Utopia Rd, Phoenix, AZ 85050
      View Details
    • New
      $489,000
      3,060 SF

      Phoenix Duplex with Rental Potential

      Duplex with large units, ideal for rental income.
      1331 E Pueblo Ave, Phoenix, AZ 85040
      View Details
    • New
      $475,000
      744 SF

      Phoenix Multi-Unit Income Property

      Income-producing property with single-family home and two studio apartments.
      3810 N 9Th Pl, Phoenix, AZ 85014
      View Details
    • New
      $689,990
      2,554 SF

      New Duplex Near Downtown Phoenix

      New duplex near downtown Phoenix, live and rent opportunity.
      1712 S 3Rd St, Phoenix, AZ 85004
      View Details
    • New
      $775,000
      4,590 SF

      New Construction Duplex in Phoenix

      New construction duplex with spacious units, modern design, and ample parking.
      5022 S 35Th Ave, Phoenix, AZ 85041
      View Details
    • New
      $824,000
      0.33 Acres

      Phoenix Multifamily Property with Pool

      Updated duplex with pool on a third of an acre.
      3134 N 28Th St, Phoenix, AZ 85016
      View Details
    • $619,900
      1,485 SF

      Turnkey Phoenix Short-Term Rental

      Fully renovated, furnished 3-unit property with strong rental income.
      1515 W Tonto St, Phoenix, AZ 85007
      View Details
    • $589,999
      1,863 SF

      Phoenix Triplex Investment Opportunity

      Well-maintained triplex near Grand Canyon University with steady cash flow.
      6713 N 27Th Ave, Phoenix, AZ 85017
      View Details
    • New
      $855,000

      Upgraded Duplex in Central Phoenix

      Turnkey duplex with upgrades, income potential, and prime location.
      721 E Carol Ave, Phoenix, AZ 85020
      View Details

    FAQs

    What type of property is this?
    Land - Prime Phoenix location for residential development.
    Where is this land located?
    The property is located at 1215 E Devonshire Ave, Unit 1-12 Phoenix, AZ.
    What is the asking price?
    The asking price for this property is $2,999,000.
    What are key features of this property?
    This property features: - HUGE Development Opportunity: Land-locked area primed for vertical development.; - Approved Project: Finish a started project of 12 Luxury SFR Homes.; - High-Density Potential: Build up to 50 units on the property.
    (480) 228-1451
    Request Owner's contact information
    1215 E Devonshire Ave, Unit 1-12 Phoenix, AZ 85014
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1215 E Devonshire Ave, Unit 1-12
    Phoenix, AZ 85014
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1215 E Devonshire Ave, Unit 1-12 Phoenix, AZ 85014
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Vick Gutierrez
    Vick Gutierrez
    (480) 228-1451 (480) 685-2760
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!