740 E PORTLAND Street, Phoenix, AZ 85006 (MLS# 6971372)

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

Overview

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 di ... (Read more)

Listing Details MLS# 6971372

Location, Tax & Legal

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
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

Contract Info

Ownership: Fee Simple

General Property Description

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

Remarks Misc

Cross Street: 7th Street & Portland Street
Directions: East on Portland Street to Property on the North Side of the Street.

Legal Info

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

Showing Notification Methods

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

More Information

1 Bedroom Units

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

2 Bedroom Units

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

Project Type

25 - 50 Units: Yes

Construction

Block: Yes
Other: Yes

Const - Finish

Other (See Remarks): Yes

Roofing

Other: Yes

Floors

Other: Yes

Sale Includes

Land & Building: Yes

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

Lockbox Type

See Private Remarks: Yes
None: Yes

Community Features

Other: Yes

Heating

Other: Yes

Cooling

Other: Yes

Exterior Amenities

Other (See Remarks): Yes

Interior Features

Other (See Remarks): Yes

Tenant Pays

Electricity: Yes

Appliances Included

Other: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes
Other (See Remarks): Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

Carport: Yes
Other: Yes

Electric

APS: Yes

Gas

SW Gas: Yes

Owner Pays

Water: Yes
Trash Collection: Yes
Landscaping: Yes
Other: Yes

New Financing

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

Existing 1st Loan

Other (See Rmks): Yes

Reports/Disclosures

Other (See Remarks): Yes

Environmental

None: Yes

Efficiency Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

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

Last Updated: January - 20 - 2026