Rare Downtown Phoenix Investment Opportunity! 338 E Portland St

9 Unit Apartment Building $2,980,000 ($331,111/Unit) 5.20% Cap Rate Phoenix, AZ 85004

INVESTMENT HIGHLIGHTS

  • Central Roosevelt Row, downtown Phoenix; high rental demand.
  • 9-unit complex with steady Airbnb/professional rentals.
  • DTC-E-EV zoning; up to 98 mixed-use units.

EXECUTIVE SUMMARY

This rare and exceptional investment and / or 1031 exchange opportunity is located at 338 E Portland St, in the vibrant Roosevelt Arts District of downtown Phoenix. The property benefits from Evan Churchill Neighborhood DTC-E-EV zoning, offering high-density, mixed-use redevelopment of up to 250 feet in height and with 100% lot coverage. This allows for the optimal mix of residential units, street-level retail, and boutique hotel spaces to realize exceptionally high ROI.
Currently, the property has 9 fully remodeled 1BR/1BA units, generating excellent income through Airbnb, travel nurses, and high-tech professional rentals. This ensures a positive cash flow during the redevelopment planning and permitting process.
The Roosevelt Arts District is known nationally for its eclectic blend of modern and historic architecture, attracting an influx of professionals, students, and businesses that fuel its dynamic growth. Redevelopment properties in this sort-after DTC-E-EV zone are in high demand by astute investors. This property is the only one currently offered for sale in this zoning. Don’t miss out on this rare investment opportunity.

DATA ROOM Click Here to Access

FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access

ANNUAL ANNUAL PER SF
Gross Rental Income $99,999 $9.99
Other Income - -
Vacancy Loss - -
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

PROPERTY FACTS

Price $2,980,000
Price Per Unit $331,111
Sale Type Investment
Cap Rate 5.20%
No. Units 9
Property Type Multifamily
Property Subtype
Apartment
  • General Retail Storefront Retail/Residential
Apartment Style Low Rise
Building Class C
Lot Size 0.31 AC
Building Size 6,282 SF
Average Occupancy 90%
No. Stories 1
Year Built/Renovated 1948/2022
Parking Ratio 1.11/1,000 SF

AMENITIES

  • Smoke Detector

UNIT AMENITIES

  • Air Conditioning
  • Dishwasher
  • Microwave
  • Heating
  • Kitchen
  • Granite Countertops
  • Hardwood Floors
  • High Speed Internet Access
  • Refrigerator
  • Oven
  • Stainless Steel Appliances
  • Range
  • Tub/Shower
  • Wi-Fi
  • Yard
  • Coffee System
  • Dining Room
  • Double Pane Windows
  • Framed Mirrors
  • Linen Closet
  • Vinyl Flooring
  • Wheelchair Accessible (Rooms)

SITE AMENITIES

  • 24 Hour Access
  • Courtyard
  • Fenced Lot
  • Security System
  • Gated
  • Video Patrol
  • Furnished Units Available
  • Pet Play Area
  • Wi-Fi

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
1+1 9 $1,750 689 - 720
Walk Score®
Walker's Paradise (93)
Bike Score®
Very Bikeable (73)

PROPERTY TAXES

ZONING

Zoning Code DTC-E-EV (This property is in a highly entitled part of Downtown Phoenix in terms of zoning and density. The zoning allows for a maximum of 218 unit/acre.)
  • Listing ID: 33005048

  • Date on Market: 8/29/2024

  • Last Updated:

  • Address: 338 E Portland St, Phoenix, AZ 85004