740 E PORTLAND Street, Phoenix, AZ 85006 - The Best Real Estate Solutions

$6,850,000

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… Read More 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... ...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. Read Less

Courtesy of ABI Multifamily John Klocek 602-714-1400

Listing Snapshot

Days Online

Last Updated

Mar 15, 2026

Property Type

Multiple Dwellings

Year Built

1964

MLS Number

6971372

30 Days Snapshot Of 85006

$511k

+10%

(avg) sold price

+45%

homes sold

-33%

(avg) days on market

Snapshot

Area Map

Additional Details

Building

Built in 1964, Construction materials: "Other", "Block", 32 total units

Parking

"Carport"

Property

Zoning: R4, MH

Sewer

"Public Sewer"

Taxes

Annual amount: $13,734, Lot: 11,13 & half of 15

Utilities

"APS"

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740 E PORTLAND Street

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