Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1624 Portland St Phoenix, AZ 85006

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1624 Portland St Phoenix, AZ 85006

    View on Map
    • Land
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 1624 Portland St

    Property type
    Land

    Description

    This exceptional 1.34-acre (58,492 sq ft) land parcel, located at 1624 E Portland Street in Phoenix, Arizona (zip code 85006, APN 116-15-096-B), presents a compelling multifamily development opportunity. Zoned C-2, the property is already entitled for the construction of seventeen townhomes, offering immediate development potential. Situated in a rapidly revitalizing area near the vibrant Roosevelt Row Arts District and Downtown Phoenix, this location benefits from proximity to thriving businesses, cultural attractions, and major transportation routes. The site's strategic position within both an Opportunity Zone and a Qualified Census Tract makes it particularly attractive to developers and investors, potentially unlocking significant tax incentives. This is a rare chance to capitalize on the ongoing urban revitalization of Phoenix and create a thriving residential community in a highly sought-after location. The asking price for this exceptional development opportunity is $1,750,000. Don't miss this chance to acquire a prime piece of Phoenix real estate with significant upside potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.046
    Latitude
    33.4611

    Comparable in this City

    • Value Estimation by Request

      903 Roosevelt St

      Multifamily properties
      903 Roosevelt St, Phoenix, AZ 85006
      View Details
    • Value Estimation by Request

      917 8Th St

      Land
      917 8Th St, Phoenix, AZ 85006
      View Details
    • Value Estimation by Request
      1.44 Acres

      1929 Mcdowell Rd

      Land • 1.44 Acres
      1929 Mcdowell Rd, Phoenix, AZ 85006
      View Details
    • Value Estimation by Request
      0.46 Acres

      2310 Mcdowell Rd

      MOBILE HOME PARK, TRAILER PARK • 0.46 Acres
      2310 Mcdowell Rd, Phoenix, AZ 85006-2452
      View Details
    • Value Estimation by Request
      51,348 SF

      2013 7Th St

      Land • 51,348 SF
      2013 7Th St, Phoenix, AZ 85006
      View Details
    • Value Estimation by Request
      2,551 SF

      1950 Yale St

      Multifamily properties • 2,551 SF
      1950 Yale St, Phoenix, AZ 85006
      View Details

    Similar Nearby for Sale

    • $1,500,000
      0.56 Acres

      1543 Van Buren St

      Retail properties & Spaces • 5,000 SF
      1543 Van Buren St, Phoenix, AZ 85006
      View Details
    • $325,000

      Phoenix Multifamily Investment Opportunity

      Multifamily property for sale in Phoenix, Arizona.
      2230 E Taylor St, Phoenix, AZ 85006
      View Details
    • $539,999

      Remodeled Home with Detached Casita

      Remodeled 3-bedroom home with a separate 1-bedroom casita.
      2047 E Virginia Ave, Phoenix, AZ 85006
      View Details
    • $780,000

      Renovated Phoenix Multifamily Short-Term Rental

      Comprehensively renovated 4-unit short-term rental in prime Phoenix location.
      322 N 11Th Pl, Phoenix, AZ 85006
      View Details
    • New
      $770,000

      Phoenix Multifamily Investment Opportunity

      Value-add multifamily property in a strong Phoenix rental submarket.
      1318 E Culver St, Phoenix, AZ 85006
      View Details
    • Contact for pricing
      2,484 SF

      Phoenix Multifamily Investment Opportunity

      Value-add four-unit property in a strong Phoenix rental submarket.
      1318 E Culver St, Phoenix, AZ 85006
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Phoenix Land Near I-10

      Commercial land for rent near I-10 and Sky Harbor.
      1820 S 7Th St, Phoenix, AZ 85006
      View Details
    • Contact for pricing

      Commercial Yard Space for Lease

      Yard space available for lease with flexible terms.
      3601 S 9Th St, Phoenix, AZ 85006
      View Details
    • Contact for pricing
      43,963 SF

      Phoenix Warehouse with Office Space

      43,963 SF warehouse with 15,000 SF office space.
      801 S 16Th St, Phoenix, AZ 85006
      View Details
    • $12 SF/Yr

      Retail Space on McDowell Road

      Retail space available with frontage on McDowell Road.
      1701 East Mcdowell Rd, Phoenix, AZ 85006
      View Details
    • Contact for pricing

      McDowell Medical Center Office Space

      Medical office space near Banner University Medical Center.
      1010 E Mcdowell Rd, Phoenix, AZ 85006
      View Details
    • $12 SF/Yr
      4,957 SF

      Retail Space on McDowell Road

      Retail space with frontage on McDowell Road in Phoenix, Arizona.
      1717 E Mcdowell Rd, Phoenix, AZ 85006
      View Details
    Request Owner's contact information
    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.
    1624 Portland St
    Phoenix, AZ 85006
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!