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

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Executive Summary

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
.
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

8900 N 22nd Ave Brochure

Property Facts

Sale Type	Investment	Lot Size	4.76 AC
No. Units	233	Construction Status	Proposed
Property Type	Multifamily	Building Size	125,200 SF
Property Subtype	Apartment Office Office Residential Multifamily Dormitory	No. Stories	3
Apartment Style	Low-Rise	Year Built	2027
Building Class	B	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	R-5 - R-5

Sale Type	Investment
No. Units	233
Property Type	Multifamily
Property Subtype	Apartment Office Office Residential Multifamily Dormitory
Apartment Style	Low-Rise
Building Class	B
Lot Size	4.76 AC
Construction Status	Proposed
Building Size	125,200 SF
No. Stories	3
Year Built	2027
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	R-5 - R-5