R-3 Zoned Redevelopment Opportunity - Tempe
R-3 Zoning-Redevelopment-Tempe / Owner Will Finance
Marketing description
Offering Terms & Seller Flexibility
The owner is committed to a timely exit and is soliciting market-driven offers.
- Owner Carry: The owner is willing to entertain Seller Financing.
- Pricing: This asset is UNPRICED. The seller is prepared to review all credible, serious offers upon submission. No reasonable bid will be ignored.
The Opportunity
Rare opportunity to acquire two (2) adjacent R-3 parcels totaling a prime infill assemblage in the heart of Tempe's Farmer Arts District. This "Entitlement-Ready" site is perfectly positioned for a developer to capitalize on the soaring demand for "Missing Middle" housing-specifically high-end multi-unit projects within walking distance of Arizona State University and Downtown Tempe.
Strategic Location & Market Dynamics
The Farmer Arts District is Tempe's most desirable urban residential enclave, boasting a "Very Walkable" score and immediate proximity to the Mill Avenue corridor, the Tempe Light Rail, and Tempe Town Lake. As a landlocked submarket with virtually zero remaining vacant land, this site offers a significant "barrier-to-entry advantage. New construction multi-family in this immediate 85281 zip code commands premium rents from a recession proof tenant base of young professionals, grad students, and faculty.
Legislative & Zoning Tailwinds
The property's R-3 Multi-Family zoning. Furthermore, Arizona's "Middle Housing" mandate (SB 1162) and Tempe's pro-density zoning updates guarantee the allowance of duplex, triplex and four-plex configurations within one mile of the CBD.
Immediate Cash Flow & Reduced Carry Costs
Unlike "raw" land, this assemblage includes two existing single-family homes currently under lease. This provides the investor with consistent rental income to offset holding costs, taxes, and insurance during the architectural design and city permitting phase.
Investment highlights
- Total Units: Combined 14,250 sf footprint with R-3 zoning allows for a high density "Missing Middle" project. Ideal for two 4-plexes (8 units) or a consolidated boutique 10-unit apartment complex under Tempe's transit-oriented development guidelines.
- Zoning: R-3 Multi-Family (City of Tempe)
- Transit-Oriented: Steps from Light Rail and the Ash Avenue Bike Boulevard.
- Utility Ready: Fully serviced infill site with potential for impact fee credits.
- Demand: Historically low vacancy rates in the Downtown Tempe Submarket.
- Please verify all material facts and figures to your satisfaction.
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