219 Lexington AvePhoenix, AZ 85012

Property Details for 219 Lexington Ave

Year built

1950

Construction

CONCRETE

Lot size

0.15 AC

Property size (Sq ft)

1,608 SF

Zone code

R-5

Property type

Office buildings

APN

118-34-019

APU

11834019

Description

This exceptional 1,608 square foot single-story office building presents a unique investment opportunity in the heart of Phoenix's vibrant Midtown. Situated on a 0.15-acre lot between 3rd Street and Central Avenue, just south of Osborn Road, this recently renovated property benefits from its strategic location within the Midtown Focus Area for Economic Development and the Reinvent PHX Midtown District. The property's position along a corridor designated for redevelopment as a mixed-use "live, work, play" district promises significant future growth and appreciation. The City of Phoenix's vision for this area positions this building for substantial long-term value. Its adaptable design makes it suitable for a variety of uses, including general office space, medical offices, or specialized businesses seeking a dynamic urban setting. The building's recent renovation ensures modern functionality and immediate occupancy. This is an exceptional chance to acquire a well-positioned asset in a rapidly evolving and highly desirable area of Phoenix. The asking price is $499,000. This property offers a compelling blend of immediate usability and significant future potential.

• CAP approach

  CAP return

  Valuation

  6%

  $355,298

  6.5%

  $327,967

  7%

  $304,541

• Comparable approach

  Method

  Valuation

  Relative Method

  $247,873

  Geo Method

  $247,873

• Alternative Use

  Use

  Valuation

  Residential

  $406,679

  Hospitality

  $372,516

  Educational

  $309,929

  Medical

  $320,588

  Retail

  $482,112

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Latitude

33.4859

Longitude

-112.07

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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