Land Available For Lease @ 3815 N 3rd St

This 9,050 SF parcel near 3rd Street & Indian School Road will provide investors with the opportunity to keep the existing 1,500 SF office building or go through the rezoning process and build townhomes in the highly desirable Midtown submarket. Located just south of Indian Steele Park future tenants will enjoy easy walkable access to the park as well as a 7 min drive to lively Downtown Phoenix. The best use for this property is to go through the rezoning process to achieve residential zoning and develop townhomes. An investor can expect to develop 9 townhomes, If the parcel is downzoned from C-2 to R-5 zoning. At the current list price, a developer would pay $50,000/unit for the land for this redevelopment project.

On the other hand this could be a wonderful freestanding single tenant office building. The office building has covered parking in the back for employees as well as parking in the front for clients. The parking lot is not shared. If a buyer chooses to keep the office building, an estimated $100k - $200k worth improvements can be expected for deferred maintenance and aesthetics. This space offers accomodations for: multifamily.