1656 E INDIANOLA Avenue, Phoenix, AZ 85016, Phoenix, 85016 - 3 bed, 2 bath
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Phoenix, AZ 85016
This property presents a High-Potential Investment Opportunity with a List Price of $585,000—positioned above the $565,211 Fair Market Value. While priced slightly above market, the 11,286 sqft lot provides significant Development Potential for multi-unit expansion. The home maintains a Condition Rating of 2, featuring a full modern remodel that ensures a Turnkey Income Stream for immediate cash flow. Located near Arcadia Lite, this asset is ideal for Buy-and-Hold Investors or Developers looking to maximize density in a rapidly growing Phoenix corridor.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1656 E INDIANOLA Avenue Subject | $585,000* List Price | 3 | 2 | 1,584 | $369 | - |
A 2243 E MULBERRY Drive Sold | $600,000 List Price | 3 | 2 | 1,545 | 0.8 mi | |
B 2022 E MULBERRY Drive Sold | $410,000 | 3 | 2 | 1,556 | $263 | 0.6 mi |
C 2324 E Heatherbrae Drive Sold | $650,000 | 4 | 3 | 1,445 | $450 | 0.9 mi |
D 1811 E CAMPBELL Avenue Sold | $550,000 List Price | 3 | 2 | 1,652 | 0.7 mi | |
E 2201 E WELDON Avenue Sold | $590,000 | 4 | 2 | 1,662 | $355 | 0.6 mi |
F 2201 E WELDON Avenue Sold | $590,000 | 3 | 2 | 1,453 | $406 | 0.6 mi |
G 2030 E WHITTON Avenue Active Under Contract | $575,000 List Price | 3 | 2 | 1,474 | $390 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is new construction or fully renovated.
While originally built in 1944, the property has undergone a full remodel with finishes that appear to be less than 5 years old. Interior images show a modern bathroom vanity, contemporary wood-look tile flooring, fresh neutral paint, and new carpeting, indicating the home is in mint, move-in ready condition with no immediate maintenance required.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 11286, living area = 1584.
The oversized 11,286 sqft lot offers significant potential for expansion or the construction of multiple units, providing a rare opportunity to maximize density and long-term value.
The property is fully remodeled and currently tenant-occupied, offering immediate rental income and a performing asset for investors without the need for initial capital improvements.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 1584, other record living area = 1530. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 3, other record bedroom count = 2.
The local elementary school carries a low rating of 2, which may deter owner-occupant families and impact the property's long-term resale appeal to a broader demographic.
Despite the modern remodel, the original 1944 construction may harbor aging underlying systems such as plumbing or electrical that could require future maintenance or upgrades.
Located in the heart of Phoenix, this fully remodeled 3-bedroom, 2-bath home offers an exceptional opportunity for both investors and developers. Situated on a generously sized lot, the property provides significant potential for expansion, including the possibility of building multiple units--ideal for maximizing long-term value and cash flow. The home itself has been thoughtfully updated and is currently tenant-occupied, offering immediate rental income from day one. Whether you're looking to hold as a performing asset or redevelop, the flexibility here is a major advantage. Positioned in a rapidly growing area near Arcadia Lite and just minutes from Biltmore Fashion Park, you'll enjoy close proximity to some of the city's best dining, shopping, and entertainment. DEVELOPERS WELCOME!
No exterior & parking available.
Grades PK-8 • 0.4 mi
Grades 9-12 • 1.2 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 0.0 |
| Baths | 2.0 | 0.0 |
| Square foot | 1,584 | - |
| Lot Size | 11,286 | - |
| Price | $585.0K | $495.4K |
| Price per sq ft | $369 | $290 |
| Built year | 1944 | 0 |
| HOA | $0 | $0 |
| Days on market | 100 | 1260 |
Apr 14, 2026
$585,000
Initial Listing