6 Lots or Joint Venture for Sale

6 lots & project info OR JV (joint-venture) opportunity

  • 18 unit (or possible 20+ units) Town-home Development at 2105 – 2121 W. Adams.
  • Proposed Architectural style is “Spanish Mission” which fits well into the current neighborhood.
  • The 5 Parcels are currently zoned to build 15 Townhomes under the current zoning of R-3 & C-1.  It is possible to re-zone to R3a which will allow a few more units with a maximum of 20-21 units on the 5 parcels.
Positives for project:
  • Affordable Housing (within FHA range) near Downtown Phoenix
  • Area Gentrification is trending up
  • Light Rail is already APPROVED to run down Van Buren or Adams to connect to west Valley
  • High Volume of traffic at Rush Hour exiting the City (Exposure for the project)
  • One Way Street
  • No major off-site improvements required by City at this time (i.e. lighting, fire hydrants, etc.)
Re-Zoning to R3a will likely take 3 to 6 months with the city. To see the outcome of building 18 units just enter that number into the excel ProForma, however there will be additional (minimal) expense to pay the City for the process ($10,000 would probably be a good # to use).
The ProForma has been setup with the Townhome #s to sell for Maximum FHA Allowable pricing ($343,000 +/-).  FHA comprises approximately 80% of the Homebuyer market.  Although the numbers have been setup as FHA this doesn’t restrict the sales of being a mixture of higher prices within the 18 units.
Home Type : lot/land  
Status : SOLD!  
Address : 2121 West Adams Street, Phoenix, 85009  

Pricing

Cash Price : $603,000  

Contact Info

Phone Number : (602) 644 - 1826  

Other

Tagline : Apartments or Townhome Project  
Sale Type : Private Sale  
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