2501 Van Buren StPhoenix, AZ 85008

Property Details for 2501 Van Buren St

Year built

1950

Construction

CONCRETE

Lot size

0.87 AC

Property size (Sq ft)

23,604 SF

Zone code

C-3

Property type

Motels

APN

121-63-076A

APU

12163076A

Description

This exceptional redevelopment opportunity presents 102 units across three buildings totaling 35,694 square feet on three parcels (APN: 121-63-013, 121-63-014, 121-63-076, 121-63-076A) in Phoenix, Arizona. Located at 2501 E Van Buren St, 85008, this property boasts a prime location just east of Downtown Phoenix and less than half a mile from Phoenix Sky Harbor International Airport. Its proximity to a light rail station and major freeways (I-10 and Loop 202) ensures excellent accessibility. The existing structures, two older motel buildings, are slated for complete redevelopment with approved plans for 102 units featuring full kitchens, A/C, heating, and patio/balcony space. Community amenities will include a laundry facility, clubhouse, fitness area, and a large courtyard. Extensive due diligence has already been completed, including construction drawings, street abandonment documentation, and environmental studies, which will be provided to serious buyers. A local contractor, intimately familiar with the project, is interested in continuing as general contractor. This is a turnkey redevelopment project with a planned unit mix designed to meet market demand in a location with strong rental potential, given its proximity to Arizona State University, the Phoenix Bioscience Core, and major employment centers. The asking price is $4,995,000 ($139.94/sq ft, $48,970.59/unit). The property is zoned WU and/or C3. The buildings are two stories, built in 1950.

• CAP approach

  CAP return

  Valuation

  6%

  $4,171,849

  6.5%

  $3,850,938

  7%

  $3,575,870

• Comparable approach

  Method

  Valuation

  Relative Method

  $8,550,608

  Geo Method

  $8,550,608

• Alternative Use

  Use

  Valuation

  Residential

  $4,204,105

  Hospitality

  $3,850,938

  Educational

  $3,203,935

  Medical

  $3,314,123

  Retail

  $4,983,898

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Latitude

33.4508

Longitude

-112.028

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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