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    903 Roosevelt St Phoenix, AZ 85006

    Sponsored
    For Sale
    $1,575,000

    23-unit development, prime location.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional .36-acre corner lot in Downtown Phoenix, at the hard corner of 9th Street and Roosevelt Street, is approved for a 23-unit multifamily building. The property's strategic location offers unparalleled access to Arizona State University's downtown campus (0.7 miles), boasting over 75,000 students. Residents will enjoy proximity to the Roosevelt/Central Phoenix Metro Light Rail station, fostering easy commutes. The approved plans include 23 modern one-bedroom, one-bathroom units, each featuring private balconies, in-suite washer/dryers, and a rooftop entertainment area complete with sunshades, a BBQ station, and cornhole. This vibrant neighborhood is brimming with popular restaurants like Gallo Blanco and Welcome Diner, along with renowned entertainment venues such as the Orpheum Theater. Civic Space Park is also within walking distance. The property benefits from excellent freeway access via Interstates 10 and 17, connecting to Phoenix Sky Harbor International Airport and surrounding cities. Downtown Phoenix's robust economy, with over 11.4 million square feet of office space and billions invested in recent years, ensures strong rental demand and low vacancy rates. This is a rare opportunity to capitalize on the thriving Downtown Phoenix market, with approved plans ready for immediate development. The asking price is $1,575,000.

    Property Features for 903 Roosevelt St

    General Information

    Property type
    Multifamily properties

    HighLights

    • 23‑unit multifamily development approved.
    • 0.7 miles to ASU Downtown Phoenix campus.
    • Walkable to Central Ave/Roosevelt Light Rail station.
    • Units feature private balconies/patios, in‑suite laundry, modern design, & rooftop amenities (BBQ, sunshades, cornhole).
    • Approved plans included in sale.
    • Development‑ready site.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Spa & Massage Dental Office Restaurant Hair Salon Nail Salon Building Supply Clothing Store Daycare Center Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.061826
    Latitude
    33.458508

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    FAQs

    What type of property is this?
    Multifamily property - 23-unit development, prime location.
    Where is this multifamily property located?
    The property is located at 903 Roosevelt St Phoenix, AZ.
    What is the asking price?
    The asking price for this property is $1,575,000.
    What are key features of this property?
    This property features: 23-unit multifamily development approved.; 0.7 miles to ASU Downtown Phoenix campus.; Walkable to Central Ave/Roosevelt Light Rail station.
    (602) 435-3636
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    903 Roosevelt St Phoenix, AZ 85006
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    Realmo Value Estimation

    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.

    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.

    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
    903 Roosevelt St Phoenix, AZ 85006
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