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2905 E Grovers Avenue , #140

Phoenix, AZ 85032
  • $460,000
  • STATUS: Active
  • ID#: 6791551
UPDATED: 76 min ago
$460,000
  • 0
    BEDS
  • 0.84
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Vacant Land / Lots
County:
Area:

School Ratings & Info

Description

6791551 (2905 E Grovers Ave): $460,000 6791549 (2700 E Greenway Pkwy): $540,000 Marcus & Millichap is pleased to present Greenway & Grovers (combined 30-unit apartment homes), two prime multifamily development opportunities in the established North Phoenix submarket. Both sites have been entitled and are currently in the building review phase with the city of Phoenix. Greenway (16-units) offers a combination of two- and three-bedroom floorplans averaging 1,332 square feet, and Grovers (14-units) offers a combination of two- and three-bedroom floorplans averaging 1,347 square feet, on low density site plans. The scarcity of developable land in this submarket creates high barriers to entry, underscoring the exclusivity of the North Phoenix location and promoting long-term rent growth prospects. With an average single-family home price of 525,000 within a three-mile radius the rent-vs-own affordability gap supports sustained renter demand that is anticipated to continue. Strong area demographics further enhance the investment potential, boasting an average household income of $92,445 and a median household income of $69,395, with 65% of residents occupying white-collar professions. Additionally, the highly anticipated Taiwan Semiconductor Manufacturing Company (TSMC) marks the largest direct foreign investment in Arizona's history, which is expected to create thousands of high-quality jobs and drive economic growth. Additionally, a robust healthcare presence supported by numerous medical centers and hospitals in the vicinity promote a durable employment base.

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Arizona Regional MLS logo© 2025 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. The ARMLS logo indicates a property listed by a real estate brokerage other than Long Realty Company. Data last updated 2025-02-17T21:12:54.29.
www.arizonahomesearch.com/homes/158539453
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2905 E Grovers Avenue , #140 Phoenix, AZ 85032

  • Price: $460,000
  • Status: Active
  • On Site: Days
  • Updated: 76 min ago
  • ID#: 6791551
0
Beds
0
Baths
0
½ Baths
0.84
Acres
Neighborhood:
Campobello
County:
Maricopa
Area:
Phoenix
Property Description
6791551 (2905 E Grovers Ave): $460,000 6791549 (2700 E Greenway Pkwy): $540,000 Marcus & Millichap is pleased to present Greenway & Grovers (combined 30-unit apartment homes), two prime multifamily development opportunities in the established North Phoenix submarket. Both sites have been entitled and are currently in the building review phase with the city of Phoenix. Greenway (16-units) offers a combination of two- and three-bedroom floorplans averaging 1,332 square feet, and Grovers (14-units) offers a combination of two- and three-bedroom floorplans averaging 1,347 square feet, on low density site plans. The scarcity of developable land in this submarket creates high barriers to entry, underscoring the exclusivity of the North Phoenix location and promoting long-term rent growth prospects. With an average single-family home price of 525,000 within a three-mile radius the rent-vs-own affordability gap supports sustained renter demand that is anticipated to continue. Strong area demographics further enhance the investment potential, boasting an average household income of $92,445 and a median household income of $69,395, with 65% of residents occupying white-collar professions. Additionally, the highly anticipated Taiwan Semiconductor Manufacturing Company (TSMC) marks the largest direct foreign investment in Arizona's history, which is expected to create thousands of high-quality jobs and drive economic growth. Additionally, a robust healthcare presence supported by numerous medical centers and hospitals in the vicinity promote a durable employment base.
Exterior Features

Fencing [] Horse Amenities [] Lot Features Mountain View(s) Other Structures None Road Responsibility [] Road Surface Type [] Vegetation []

Property Features

Association YN No Auction No Disclosures None Listing Terms 1031 ExchangeConventional Possible Use Multi-Family Sewer Other Special Listing Conditions N/A Special Listing Conditions None Yes Tax Annual Amount 1570 Tax Other Annual Assessment Amount 0 Tax Year 2023 Water Source Other Zoning R-3

Arizona Regional MLS logo Listing provided by Marcus & Millichap: .


Arizona Regional MLS logo© 2025 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. The ARMLS logo indicates a property listed by a real estate brokerage other than Long Realty Company. Data last updated 2025-02-17T21:12:54.29.
 
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Long Realty Company
4051 E. Sunrise Dr, Suite 101
Tucson AZ, 85718