1537 E MONROE Street # 3

These are 2 lots are ready for development! APN 116-46-074 and 116-46-075. Two adjacent parcels in downtown Phoenix. Both lots are 50' x 140' or 7,000 square feet. Total is 100' x 140' for a combined 14,000 square feet or .32 acres. 1537 E. Monroe is zoned R5 and 1539 is zoned C3 which allows for residential use. The lots are located in one of the hottest redevelopment areas of Phoenix with nearby light rail, employment, education and entertainment centers. Lots are in designated Opportunity Zone and within several other special zoning, development and transportation schemes. Lot is fenced on 3 sides with a large gate providing alley access. There are currently 5 small structures on the commercial lot (vacant). These structures are approximately 300 square feet each with a toilet and sink. Tenant improvements would be required to make these tenantable but, a couple have been leased to commercial tenants in the recent past by the prior owner (current owner does not have information on terms). Prior owner commissioned site plan which allows for 16 - 21 residential units across three stories above 28 parking spaces on the ground level. Current owner has also reviewed an alternative duplex development on each lot with a local developer of duplexes in the area. {buyer to confirm all calculations and measurements}