215 Grant StPhoenix, AZ 85004

Property Details for 215 Grant St

Year built

1940

Construction

CONCRETE

Lot size

1.76 AC

Property size (Sq ft)

24,816 SF

Zone code

C-DT

Property type

Mixed-use properties

Property subtype

Other industrial properties

APN

112-26-093A

APU

11226093A

Description

This exceptional Phoenix property offers a rare opportunity to acquire a 3.17-acre assemblage in the burgeoning Warehouse District. The site encompasses three contiguous parcels totaling 138,184 square feet, including two existing buildings: a 27,572 square-foot historic brick warehouse and a 4,800 square-foot structure. The property boasts 32,372 square feet of existing building space, with significant potential for redevelopment. The DTC-WARE zoning permits unlimited density and a variety of uses, including multifamily, hospitality, commercial, and retail, with a height allowance of 80 feet (120 feet allowed with a conservation easement). Two existing tenants, Warehouse 215 and M-Culinary, provide a covered land play potential with existing income streams. The assemblage is strategically located within walking distance of the Footprint Center, Chase Field, the Phoenix Convention Center, and the city's core business and government districts. Its proximity to public transportation, including a future light rail stop, further enhances its appeal. Recent renovations and capital improvements totaling approximately $2 million have been completed. The property's location within a Qualified Opportunity Zone offers substantial tax advantages for investors. Multiple yield studies indicate multifamily development potential ranging from 200 to 500+ units. This is a unique opportunity to capitalize on the explosive growth of Downtown Phoenix. The asking price is $19,500,000. APN: 112-26-164, 112-26-165, 112-26-166A.

• CAP approach

  CAP return

  Valuation

  6%

  $6,799,230

  6.5%

  $6,276,212

  7%

  $5,827,911

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,929,349

  Geo Method

  $5,929,349

• Alternative Use

  Use

  Valuation

  Residential

  $6,276,212

  Hospitality

  $5,748,976

  Educational

  $4,783,081

  Medical

  $4,947,578

  Retail

  $7,440,348

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Latitude

33.4407

Longitude

-112.071

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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