Description
Development Potential - Zoned R-5. Single family home built in 1926 on a 8,700 square foot lot (0.2 acres) in the Oakland subdivision. The home offers 2 bedrooms and 1.5 bathrooms in 910 square feet, with brick construction, an asphalt shingle roof, evaporative cooling, and a covered patio. The property is currently leased and produces rental income. Zoning is R-5 (multiple family residential), and the lot sits directly beside 326 N 18th Ave, a duplex under the same seller. Purchased together, the two parcels total 0.4 acres of R-5 land, positioned for redevelopment into multiple rental units. 324 N 18th Ave and 326 N 18th Ave sit side by side, share R-5 zoning, and total 0.4 acres. Both properties generate income under current use, which lets a buyer hold and collect rent while pursuing entitlements. A developer building to R-5 density standards could redevelop the combined site into as many as 10 rental units, 5 per parcel. Confirm current development standards, parking requirements, and permitted density with the City of Phoenix Planning and Development Department. Buyer to perform all due diligence.
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