8900 N 22nd Ave 233 Unit Apartment Building For Sale Phoenix, AZ 85021

Repositioning and Conversion Opportunity:
125,172 SF three-story garden office building, built in 1985. Successfully rezoned & entitled for a 233-unit Multifamily Conversion. The building is located within an Opportunity Zone
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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:
o 38 Studios (Avg. ±631 SF)
o 55 One-Bedrooms (Avg. ±885 SF)
o 15 Two-Bedrooms (Avg. ±1,065 SF)
• ±4.0/1,000 SF parking ratio
o ±500 total spaces
o ±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
Property Video: https://www.youtube.com/watch?v=OAxPMje1xD4