Development Land in a strategic location
We are proud to offer this spectacular development land for sale. This fully entitled 16.83 - acre site boasts an approved site plan to develop 456 residential units. Bound by 44th St. to the East, 40th St to the West and 2000+ feet of 202 Freeway frontage to the South, this site is strategically located at the intersection of Phoenix's most relevant sub-markets. The area is full of commerce, notably QTS has purchased the land to the west of this parcel for the construction of a 1 million sqft data center. For the right investor, this is an opportunity to acquire entitled land, build quickly and capitalize on the rising tide of an up and coming market.
Purchase Price: $18,500,000.00
Price Per Unit: $45,000.00
Average Price Per Unit (New) = $165,000.00
44th St Corridor is wedged between some of the most active construction markets for multifamily in Phoenix, however the area itself hasn't had a new building constructed since 2010. A new building offering market-rate to affordable product could take advantage of the strong demand from local renters.