Rare Downtown Phoenix Investment Opportunity! | 338 E Portland St
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Rare Downtown Phoenix Investment Opportunity! 338 E Portland St
9 Unit Apartment Building $4,224,061 CAD ($469,340 CAD/Unit) 5.20% Cap Rate Phoenix, AZ 85004
Investment Highlights
- Central Roosevelt Row, downtown Phoenix; high rental demand.
- 9-unit complex with steady Airbnb/professional rentals.
- DTC-E-EV zoning; up to 98 mixed-use units.
Executive Summary
This rare and exceptional investment and / or 1031 exchange opportunity is located at 338 E Portland St, in the vibrant Roosevelt Arts District of downtown Phoenix. The property benefits from Evan Churchill Neighborhood DTC-E-EV zoning, offering high-density, mixed-use redevelopment of up to 250 feet in height and with 100% lot coverage. This allows for the optimal mix of residential units, street-level retail, and boutique hotel spaces to realize exceptionally high ROI.
Currently, the property has 9 fully remodeled 1BR/1BA units, generating excellent income through Airbnb, travel nurses, and high-tech professional rentals. This ensures a positive cash flow during the redevelopment planning and permitting process.
The Roosevelt Arts District is known nationally for its eclectic blend of modern and historic architecture, attracting an influx of professionals, students, and businesses that fuel its dynamic growth. Redevelopment properties in this sort-after DTC-E-EV zone are in high demand by astute investors. This property is the only one currently offered for sale in this zoning. Don’t miss out on this rare investment opportunity.
Currently, the property has 9 fully remodeled 1BR/1BA units, generating excellent income through Airbnb, travel nurses, and high-tech professional rentals. This ensures a positive cash flow during the redevelopment planning and permitting process.
The Roosevelt Arts District is known nationally for its eclectic blend of modern and historic architecture, attracting an influx of professionals, students, and businesses that fuel its dynamic growth. Redevelopment properties in this sort-after DTC-E-EV zone are in high demand by astute investors. This property is the only one currently offered for sale in this zoning. Don’t miss out on this rare investment opportunity.
Data Room Click Here to Access
- Operating and Financials
Financial Summary (Actual - 2023) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Heating
- Kitchen
- Granite Countertops
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Wi-Fi
- Yard
- Coffee System
- Dining Room
- Double Pane Windows
- Framed Mirrors
- Linen Closet
- Vinyl Flooring
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Courtyard
- Fenced Lot
- Security System
- Gated
- Video Patrol
- Furnished Units Available
- Pet Play Area
- Wi-Fi
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 9 | $2,481 CAD | 689 - 720 |
Walk Score ®
Walker's Paradise (93)
Bike Score ®
Very Bikeable (73)
PROPERTY TAXES
| Parcel Number | 111-38-061 | Total Assessment | $143,249 CAD (2025) |
| Land Assessment | $0 CAD (2025) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $0 CAD (2025) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
111-38-061
Land Assessment
$0 CAD (2025)
Improvements Assessment
$0 CAD (2025)
Total Assessment
$143,249 CAD (2025)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2023
zoning
| Zoning Code | DTC-E-EV (This property is in a highly entitled part of Downtown Phoenix in terms of zoning and density. The zoning allows for a maximum of 218 unit/acre.) |
| DTC-E-EV (This property is in a highly entitled part of Downtown Phoenix in terms of zoning and density. The zoning allows for a maximum of 218 unit/acre.) |
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Rare Downtown Phoenix Investment Opportunity! | 338 E Portland St
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