740 E Portland Street, Phoenix, AZ 85006
Local realty services provided by:Better Homes and Gardens Real Estate S.J. Fowler
740 E Portland Street,Phoenix, AZ 85006
$6,850,000
- - Beds
- - Baths
- - sq. ft.
- Multi-family
- Active
Listed by: john klocek, patrick burch
Office: abi multifamily
MLS#:6971372
Source:ARMLS
Price summary
- Price:$6,850,000
About this home
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... ...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....
Contact an agent
Home facts
- Year built:1964
- Listing ID #:6971372
- Updated:March 13, 2026 at 02:54 PM
Structure and exterior
- Year built:1964
- Construction Materials:Block
Utilities
- Water:City Franchise
Finances and disclosures
- Price:$6,850,000
- Tax amount:$13,734 (2025)
Parking
- Parking description:Carport
All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Copyright 2020 Arizona Regional Multiple Listing Service, Inc. All rights reserved.New listings near 740 E Portland Street
- New
$369,900Active3 beds 2 baths1,487 sq. ft.3004 W Phelps Road, Phoenix, AZ 85053
MLS# 6997811Listed by: REALTY ONE GROUP - New
$400,000Active3 beds 2 baths1,280 sq. ft.401 E Rockwood Drive, Phoenix, AZ 85024
MLS# 6997812Listed by: REALTY ONE GROUP - New
$540,000Active3 beds 2 baths2,134 sq. ft.1936 W Clarendon Avenue, Phoenix, AZ 85015
MLS# 6997817Listed by: COMPASS - New
$385,000Active4 beds 2 baths1,692 sq. ft.4508 N 57th Drive, Phoenix, AZ 85031
MLS# 6997773Listed by: MY HOME GROUP REAL ESTATE - New
$180,250Active2 beds 2 baths969 sq. ft.3119 W Cochise Drive #113, Phoenix, AZ 85051
MLS# 6997786Listed by: WEST USA REALTY - New
$1,499,000Active2 beds 2 baths2,077 sq. ft.2211 E Camelback Road #605, Phoenix, AZ 85016
MLS# 6997790Listed by: EMBARC REALTY - New
$539,000Active3 beds 2 baths1,922 sq. ft.6356 W Avenida Del Rey --, Phoenix, AZ 85083
MLS# 6997793Listed by: WEST USA REALTY - New
$1,400,000Active3 beds 4 baths3,132 sq. ft.3412 W Morgan Ivy Lane, Phoenix, AZ 85045
MLS# 6997750Listed by: REAL BROKER - New
$400,000Active3 beds 1 baths1,112 sq. ft.3429 E Everett Drive, Phoenix, AZ 85032
MLS# 6997759Listed by: MY HOME GROUP REAL ESTATE - New
$1,100,000Active5 beds 5 baths4,796 sq. ft.5724 W Rowel Road, Phoenix, AZ 85083
MLS# 6997762Listed by: BERKSHIRE HATHAWAY HOMESERVICES ARIZONA PROPERTIES
Protect your home and budget from life's surprises with an Assurant Home Warranty, backed by a partner that supports you through every step of homeownership. Explore Plans.
© 2026 Better Homes and Gardens Real Estate LLC. An Anywhere Real Estate company. All rights reserved. Better Homes and Gardens® Real Estate is a registered trademark owned by Meredith Operations Corporation, licensed to Better Homes and Gardens Real Estate LLC and used with permission. Better Homes and Gardens Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Listing information is deemed reliable but is not guaranteed accurate.
Each office is independently owned and operated.
Any services or products provided by third parties are not provided by, affiliated with or related to Better Homes and Gardens Real Estate LLC, or its affiliated companies.