8900 N 22nd Ave, Phoenix, AZ 85021 For Sale

Property Video: https://www.youtube.com/watch?v=OAxPMje1xD4

233-Unit Multifamily Conversion Opportunity

Fully Entitled | Approved R-5 Zoning | Opportunity Zone

Property Overview:
This ±125,172 SF three-story garden office building, originally constructed in 1985 and extensively renovated in 2022, is fully entitled and rezoned for a 233-unit multifamily residential conversion under R-5 Zoning. The site spans 3.38 acres (5.11 gross acres) and is strategically located within a federally designated Opportunity Zone, offering potential tax advantages for qualifying investors.

Multifamily Conversion Highlights:

• Approved R-5 Multifamily Residence District – Restricted Commercial

• 100% entitled for up to 233 residential units

• Preliminary conversion plans prepared for 108-units:

  • 38 Studios (Avg. ±631 SF)

  • 55 One-Bedrooms (Avg. ±885 SF)

  • 15 Two-Bedrooms (Avg. ±1,065 SF)

• ±4.0/1,000 SF parking ratio

  • ±500 total spaces

  • ±355 spaces in three-level structured garage

Strategic Location:

• Less than ¼ mile from Valley Metro Light Rail
  (19th Ave & Dunlap and 25th Ave & Dunlap stations within walking distance)

• Direct access to I-17 Freeway (Dunlap full diamond interchange)

• 5 minutes to Loop 101, 8 minutes to I-10

• 15 minutes to Downtown Phoenix and Sky Harbor Airport

• 20 minutes to TSMC’s $165B semiconductor fabrication campus

• 1 mile east of the $850M Metrocenter Mall redevelopment

• Surrounded by a workforce of 40,000+ employees within a 3-mile radius

Property Features:

• Located in a high job density corridor

• Second and third floors opened to shell condition – ideal for redevelopment

• Renovated in 2022 with significant capital improvements

• Excellent visibility and accessibility

Investment Highlights:

• Located in a Qualified Opportunity Zone – potential for preferential tax treatment per IRS guidelines

• Significant value-add potential with approved multifamily entitlements

Strong demand drivers: connectivity, nearby job hubs, and urban redevelopment momentum