Land•Multifamily•For Sale

418-420 W 7th St - Infill Townhouse, MultiFamily

418-420 W 7th St, Tempe, Arizona 85281

Sale Price $900,000
Sale Type Development
Zoning R-3
Land Area .38 Acres
Land Use Townhomes, Condos, MultiFamily
Market Phoenix East Valley
Sub-Market Tempe Downtown
2 Infill lots, Value is in the land. Potential 12 units (31 du/acre). Potential zoning R-1 Pad Single Family. Zoned R-3. Walk to Mill Avenue and new Whole Foods Market several blocks away. Tempe Property Location • The subject property is located at 418-420 W 7th Street in the City of Tempe, Maricopa County, Arizona. The subject property is in the City Center and is a very good location with respect to commercial services, thoroughfares, public transportation and community services. Appeal of the area is very good and in redevelopment in terms of retail, commercial and residential use. The subject benefits from busy commuter and local traffic along University Drive. • The area is anticipated to experience growth in the foreseeable future due to its location adjacent to Arizona State University (ASU), which has over 80,000 students. Since 2005, ASU has been ranked among the top research universities in the U.S., public and private, based on research output, innovation, development, research expenditures, number of awarded patents and awarded research grant proposals. The 2019 university ratings by U.S. News & World Report rank ASU No. 1 among the Most Innovative Schools in America for the fourth year in a row. U.S. News & World Report shows 84% of the student applications get accepted. . Metro Phoenix Location: • The Metro Phoenix area is among the fastest-growing metropolitan areas in the country with an estimated 4.3 million residents. It has an accessible location, excellent lifestyle amenities, a pro-business Governor with a growing business and entrepreneurial climate. The area has a predictable 320+ days of sunshine each year with mild winter temps and summer months of dry heat. Phoenix is the epicenter of the Southwest and proves to be particularly desirable to aerospace, nanotechnology, bioscience, advanced business services, high-tech and healthcare. Phoenix is home to major sports franchises: Arizona Diamondback baseball, Phoenix SUNS basketball, and Arizona Cardinals football and Arizona Coyotes hockey.
  • 12 units possible, 31 du/acre
  • 0.38 acres +/-
  • Adjacent to newly proposed 'Clarendon' townhome project with 24 proposed units
  • 1 block from the new 'LOCAL', with new Whole Foods Market, Mixed Use and Luxury Apartments
  • 3 blocks from Mill Avenue
  • Adjacent to expanding ASU Campus
8/13/2019 12:40:20 AM 5/8/2020 4:08:14 PM
Bryan Watkins
Principal, Designated Broker
LRA Real Estate Group


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