2501 Van Buren St Phoenix, AZ 85008-6036

Property Details for 2501 Van Buren St

Year built

1950

Construction

CONCRETE

Lot size

0.87 lot acres

Property size

23,604 SF

Zone code

C-3

Property type

Motels

APN

121-63-076A

APU

12163076A

Description

This exceptional redevelopment opportunity presents 102 units across three buildings totaling 35,694 square feet on three parcels (APN: 121-63-013, 121-63-014, 121-63-076, 121-63-076A) in Phoenix, Arizona. Located at 2501 E Van Buren St, 85008, this property boasts a prime location just east of Downtown Phoenix and less than half a mile from Phoenix Sky Harbor International Airport. Its proximity to a light rail station and major freeways (I-10 and Loop 202) ensures excellent accessibility. The existing structures, two older motel buildings, are slated for complete redevelopment with approved plans for 102 units featuring full kitchens, A/C, heating, and patio/balcony space. Community amenities will include a laundry facility, clubhouse, fitness area, and a large courtyard. Extensive due diligence has already been completed, including construction drawings, street abandonment documentation, and environmental studies, which will be provided to serious buyers. A local contractor, intimately familiar with the project, is interested in continuing as general contractor. This is a turnkey redevelopment project with a planned unit mix designed to meet market demand in a location with strong rental potential, given its proximity to Arizona State University, the Phoenix Bioscience Core, and major employment centers. The asking price is $4,995,000 ($139.94/sq ft, $48,970.59/unit). The property is zoned WU and/or C3. The buildings are two stories, built in 1950.