709 S 3rd St - 709 - 711 South 3rd Street 0.33 Acres of Commercial Land Offered at $995,000 in Phoenix, AZ 85004
INVESTMENT HIGHLIGHTS
- Excellent Location, Walking Distance to the Footprint Center, Chase Field, Convention Center, & the Business & Government Cores of Downtown Phoenix
- Zoning Is DTC-Warehouse Which Allows a Lot of Flexibility for Uses Including but Not Limited to: Multifamily, Commercial (No Parking Requirements), Ho
- Located in a Qualified Opportunity Zone
- Consists of Two Adjacent Parcels: 1) 709 South 3rd Street Is a 7,007 SF Lot With a 1,600 SF Duplex Building & 2) 711 South 3rd Street is a 7,521 SF Va
- Zoning Allows for a 13-Unit Multifamily Development That Can Be Doubled to 26 Units Through the City’s Sustainable Development Credits Program
- Great Property for Business Owner-User, Mixed-Use / Multifamily Developer or Opportunistic Land Investor
EXECUTIVE SUMMARY
The properties are located in the City of Phoenix’s DTC-Warehouse zoning code and provide for a dynamic array of commercial and residential development uses. The zoning allows buildings up to 40ft in height, there are minimal setback requirements and there are no parking requirements for commercial uses. Build up to 26 units of multifamily rentals, or a townhome for sale product, or a business owner user could fix up the building for their office or retail storefront and use the land for storage or just buy for future appreciation as the area continues to develop around it.
The location on these parcels is incredibly unique. The subject properties are within a short walk (6 blocks) of both the Footprint Center (Home of the NBA Phoenix Suns/WNBA Mercury and many concerts and events) and Chase Field (Home of the MLB Arizona Diamondbacks). The Downtown Convention Center is less than a 10-minute walk and so is the core business hub of downtown along with the AZ State Capital buildings. Within the last year the new ownership group for the Suns and Mercury have invested over $130,000,000 in acquiring and developing an assemblage of real estate within half a block of the subject properties. This is the new headquarters for the teams and over 300+ employees currently work there daily. Downtown Phoenix has exploded with new restaurants, bars, and entertainment options over the past few decades and all those amenities are within a short distance of these properties. Other major downtown attractions are within walking distance or just a short drive or bike, including the Science Center/Heritage Square, Herberger Theater, downtown University campuses (ASU, UofA, NAU) and many of downtown Phoenix’s main attractions and business centers. Phoenix Sky Harbor airport is only a 10 minute drive from the site.
The properties have easy access to light rail and public transportation. The South Phoenix light rail extension is under development and slated to be completed in 2025. A stop for the light rail will be several blocks away from the project. ( https://www.axios.com/local/phoenix/2022/09/19/south-phoenix-light-rail-extension-halfway-complete )
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
1 LOT AVAILABLE
Lot
| Price | $995,000 |
| Price Per AC | $2,983,356.17 |
| Lot Size | 0.33 AC |
Unique Mixed-Use Development Opportunity in the Increasingly Popular Warehouse District of Downtown Phoenix
DESCRIPTION
709 - 711 South 3rd Street presents an extraordinary opportunity to buy two adjacent lots (totaling 14,528 SF) right outside the downtown core that are primed for a commercial, mixed-use, or multifamily development. Located in the Warehouse District, this area is increasingly becoming the most attractive development neighborhood in the downtown market as massive investments and new projects have recently been completed. The properties are located in the City of Phoenix’s DTC-Warehouse zoning code and provide for a dynamic array of commercial and residential development uses. The zoning allows buildings up to 40 feet in height, there are minimal setback requirements and there are no parking requirements for commercial uses. Build up to 26 units of multifamily rentals, a townhome for-sale product, or a business owner user could fix up the building for their office or retail storefront and use the land for storage, or just buy for future appreciation as the area continues to develop around it. The location on these parcels is incredibly unique. The subject properties are within a short walk (six blocks) to both the Footprint Center (Home of the NBA Phoenix Suns / WNBA Mercury and many concerts and events) and Chase Field (Home of the MLB Arizona Diamondbacks). The Downtown Convention Center is less than a 10-minute walk as well as the core business hub of downtown along with the Arizona State Capitol buildings. Within the last year the new ownership group for the Suns and Mercury have invested over $130,000,000 in acquiring and developing an assemblage of real estate within half a block of the subject property. This is the new headquarters for the teams and over 300+ employees currently work there daily. Downtown Phoenix has exploded with new restaurants, bars, and entertainment options over the past decades and all those amenities are within a short distance of these properties. Other major downtown attractions are within walking distance or just a short drive or bike including: The Science Center / Heritage Square, Herberger Theater, downtown university campuses (ASU, UofA, and NAU) and many of downtown Phoenix’s main attractions and business centers. Phoenix Sky Harbor International Airport is only a 10-minute drive from the site. The properties have easy access to light rail and public transportation. The South Phoenix light rail extension is under development and slated to be completed in 2025. A stop for the light rail will be several blocks away from the project on Central Avenue and Grant Street.
PROPERTY TAXES
| Parcel Number | 112-32-074 | Improvements Assessment | $0 |
| Land Assessment | $577 | Total Assessment | $577 |
ZONING
| Zoning Code | DTC-WARE (Downtown Core) |
