845 2nd Ave Phoenix, AZ 85003-1413

Property Details for 845 2nd Ave

Lot size

0.15 lot acres

Zone code

DTC-E-ROO

Property type

Commercial real estate

APN

111-40-088

APU

11140088

Description

This exceptional 16-unit apartment building, located at 845 N 2nd Ave, Phoenix, AZ 85003, presents a compelling investment opportunity in the heart of Downtown Phoenix. Built in 1916, this two-story building boasts 13,696 square feet of net rentable space, offering a price per square foot of $346.82. The property sits on a 0.31-acre lot and is zoned R-3. Currently generating a Net Operating Income (NOI) of $250,290, with a pro-forma NOI of $259,528, this asset offers a strong return on investment. The asking price is $4,750,000, translating to $296,875 per unit. Benefiting from its prime location within the Innovation Corridor, the property enjoys proximity to major employers such as Banner Health, UnitedHealth Group, and Wells Fargo, as well as the Phoenix Bioscience Core and Arizona State University's Downtown Phoenix campus. Its central location provides easy walkability to Roosevelt Row, known for its vibrant arts and culture scene. This historic building offers a blend of renovated interiors and classic charm, making it an attractive option for residents seeking a downtown lifestyle. The property's APN is 111-40-090 | 111-40-088. There are no ground lease obligations. This is a rare opportunity to acquire a well-positioned multifamily asset in a rapidly growing urban core.