Entity Owned Property summary
This exceptional 7,105 square foot parcel presents a remarkable development opportunity in Phoenix's vibrant Midtown area. Located between Central Avenue and 3rd Street, this R-5 zoned lot is ideally situated for new construction of professional office space or residential/multifamily units. The surrounding neighborhood showcases a mix of smaller professional office/retail buildings, larger multi-story office buildings, retail centers, restaurants, and substantial multifamily developments, indicating a thriving and diverse community. The property's proximity to 3rd Street, a planned "signature street" fostering a mixed-use district, further enhances its potential. This infill lot is particularly attractive to developers seeking to establish a presence in a rapidly evolving and highly desirable section of the Phoenix Valley, suitable for office, medical office, or multifamily projects. The property's address is 170 E Monterey Way, Phoenix, AZ 85012, with APN 118-34-060-A. This is a prime location for investors looking to capitalize on the area's significant growth and redevelopment. The asking price is $320,000.
Property profile
VerifiedCap rate & NOI
Current use
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Renovation Specialist General Contractor
Location
Value estimations
Owner & transaction history
Zoning & alternative use
The purpose of R-5 is to provide for alternate living styles including rental, condominiums and single ownership of land with multiple units thereon or single or attached townhomes
Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Value estimation
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Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
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Price sensitivity
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Property tax & assessments
Tax year 2023Property description
Physical attributes from public recordsZoning & alternative use
R-5 · Phoenix, AZThe purpose of R-5 is to provide for alternate living styles including rental, condominiums and single ownership of land with multiple units thereon or single or attached townhomes
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
Official district profile
The purpose of R-5 is to provide for alternate living styles including rental, condominiums and single ownership of land with multiple units thereon or single or attached townhomes
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for R-5 in Phoenix, AZ.
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