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740 E PORTLAND Street, Phoenix, AZ 85006

$6,850,000
Property Type: Multiple Dwellings Status: Active
Current Price: $6,850,000 Last Modified: 1/20/2026

Description

DRIVE BY ONLY! DO NOT ENTER THE PROPERTY OR DISTURB THE TENANTS! Urban Gardens consists of 32 apartment units in a prime area of Downtown Phoenix. The property consists of quality block construction with cool, midcentury architecture that is extremely popular today. The apartment building consists of 28 one-bedroom units and four two-bedroom units. The units have been well maintained over the years and have consistently stayed fully occupied with many long term tenants. The property is individually metered for electricity. The apartments sit on a prime parcel consisting of 50,000 square feet of land (60,000 gross square feet) that has been rezoned to WU Code T4:2 EG HP (Walkable Urban Code). This would allow approximately 24 additional units to be built on the property...

Supplements: ...providing an amazing value-add opportunity in the future. The property is also currently located in the Opportunity Zone. Urban Gardens is a phenomenal multifamily investment property as well as a prime future development opportunity in Downtown Phoenix. The property is located just east of 7th Street, a block north of the famed Roosevelt Row district, less than a mile north of the stadium district, a short bike ride / walk to the Downtown Arizona State University campus (over 10,000 students and growing), the Phoenix Biomedical Campus, Phoenix Burton Barr Library, and the Phoenix Art Museum. Margaret T. Hance Park is just a short walk away and features hundreds of activities throughout the year including large music festivals and many weekend food / craft festivals. The property is also located minutes to the I-10 Freeway to allow quick and easy access to all parts of the valley. This location is as central as it gets and allows residents to enjoy, with ease, so much of what Downtown and Midtown have to offer. With many dining, shopping, and entertainment options, as well as multiple freeway access points within minutes, Urban Gardens will prove to be a great place for residents to live as well as will be a very attractive parcel to potentially add units in a Grade A location. Phoenix consistently has a large increase in population and jobs, and the downtown area is expected to continue to explode with huge job growth in many different sectors. Arizona State University's downtown campus is rapidly expanding (already over 10,000 students and rapidly growing) and massive amounts of biotech investment and developments have been developed in the area (the new Creighton University is less than two miles away in midtown and the Phoenix Biomedical Hub is two blocks away). Additionally major sports and entertainment hubs such as the Stadium District and Warehouse district are located just minutes away as well as many more. Opportunities like Urban Gardens are rare and offer an investor a great income producing property in a grade A location with the addition of a prime development opportunity in one of the most active and desirable areas in the country.

More Information MLS# 6971372

Contract Info

Ownership: Fee Simple Current Price: $6,850,000 List Price: $6,850,000 Status: Active List Date: 2026-01-20

Location, Tax & Legal

Assessor's Map #: 31 Legal Description (Abbrev): BRILL Assessor's Parcel #: 44 Add'l Parcels: Yes Tax Municipality: Phoenix Census Tract: 113203 Taxes: 13734.32 Legal: To be provided by title/escrow. Marketing Name: Urban Gardens House Number: 740 Compass: E Street Name: PORTLAND St Suffix: Street City/Town Code: Phoenix State/Province: AZ Zip Code: 85006 Zip4: 2747 County Code: Maricopa Subdivision: BRILLS ADDITION AMD Assessor Number: 116-31-044 Tax Year: 2025

General Property Description

# of Buildings: 3 Uncvrd Parking Spcs: 0 Lot Size Dimensions: 250' x 200' Total # of Units: 32 Elementary School District: Phoenix Elementary District High School District: Phoenix Union High School District Year Built: 1964 Zoning: R4, MH

Legal Info

Range: 3E Section: 4 Township: 1N Lot Number: 11,13 & half of 15

Project Type

25 - 50 Units: 1

Construction

Block: 1 Other: 1

Const - Finish

Other (See Remarks): 1

Roofing

Other: 1

Floors

Other: 1

Sale Includes

Land & Building: 1

Income & Expenses

Owner Association: No Annual Ownr Asoc Fee: 0 Operating Exp: 13734.32 Other Income: 0 Vacancy Allowance: 0 Adjusted Gross Inc: 0

Pmt & Rate Info

Equity: 6850000 Down Payment %: 0 Monthly Payments: 0 Total Owed: 0

Showing Notification Methods

Showing Service: No Showing Service Used Text: 1 Email: 1 Phone Call: 1

Lockbox Type

See Private Remarks: 1 None: 1

Community Features

Other: 1

Heating

Other: 1

Cooling

Other: 1

Exterior Amenities

Other (See Remarks): 1

Interior Features

Other (See Remarks): 1

Tenant Pays

Electricity: 1

Appliances Included

Other: 1

Road Surface Type

Asphalt: 1

Source of Fincl Data

Owner: 1 Other (See Remarks): 1

Water Source

City Franchise: 1

Sewer

Sewer - Public: 1

Parking Features

Carport: 1 Other: 1

Electric

APS: 1

Gas

SW Gas: 1

Owner Pays

Water: 1 Trash Collection: 1 Landscaping: 1 Other: 1

New Financing

Cash: 1 Conventional: 1 1031 Exchange: 1 Other (See Remarks): 1

Existing 1st Loan

Other (See Rmks): 1

Reports/Disclosures

Other (See Remarks): 1

Environmental

None: 1

Efficiency Units

Avg Rent: 0

1 Bedroom Units

# 1 Bedroom Units: 28 Avg Rent: 0 Avg SqFt: 600 # Baths: 1

2 Bedroom Units

# 2 Bedroom Units: 4 Avg Rent: 0 Avg SqFt: 985 # Baths: 1

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Remarks Misc

Cross Street: 7th Street & Portland Street Directions: East on Portland Street to Property on the North Side of the Street. Geo Lat: 33.46032 Geo Lon: -112.063316

Property Features

Project Type: 25 - 50 Units Construction: Block; Other Const - Finish: Other (See Remarks) Roofing: Other Floors: Other Sale Includes: Land & Building Community Features: Other Exterior Amenities: Other (See Remarks) Interior Features: Other (See Remarks) Appliances Included: Other Heating: Other Cooling: Other Water Source: City Franchise Sewer: Sewer - Public Electric: APS Gas: SW Gas Parking Features: Carport; Other Road Surface Type: Asphalt Owner Pays: Water; Trash Collection; Landscaping; Other Tenant Pays: Electricity Source of Fincl Data: Owner; Other (See Remarks) Showing Notification Methods: Text; Email; Phone Call Lockbox Type: See Private Remarks; None Existing 1st Loan: Other (See Rmks) New Financing: Cash; Conventional; 1031 Exchange; Other (See Remarks) Environmental: None
Listing Office: ABI Multifamily
IDX
Last Updated: January - 20 - 2026
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