1941 W SHERMAN Street, Phoenix, AZ 85009, Phoenix, 85009 - 1 bed, 1 bath
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Phoenix, AZ 85009
This Multifamily Development Asset represents a High-Potential Investment Opportunity within a high-demand urban corridor. Listed at $175,000, the property is positioned relative to its $153,030 Fair Market Value, reflecting significant infill development upside. The mandatory combined purchase with the adjacent lot for $290,000 allows for the construction of a duplex or triplex. With a Condition Rating of 4, the existing home offers immediate rental income near Arthur M Hamilton School and Central High School. This is a strategic acquisition for Buy-and-Hold Investors or Multifamily Developers.
Property is moderate renovation needed.
Built in 1946, this property is well-maintained and move-in ready but shows clear signs of age. The kitchen and bathroom feature functional but dated brown cabinetry, laminate countertops, and older white appliances, suggesting a renovation occurred approximately 15-20 years ago. While the interior is clean with updated tile flooring and recessed lighting, the overall style and components are outdated compared to modern standards.
The property is sold in conjunction with an adjacent lot, offering a rare opportunity for developers to create a duplex, triplex, or multifamily project in a high-demand urban corridor.
The existing home is move-in ready and includes a newer storage unit, allowing investors to generate immediate cash flow while planning for future development or holding the asset.
Located near downtown Phoenix, the property is positioned in a prime infill development area, benefiting from the city's growth and high demand for build-to-rent housing.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =5384, other record lot size in square feet = 5101.
The listing requires a simultaneous purchase of the adjacent lot for a total of $290,000, which increases the initial capital requirement and may exclude buyers seeking a single-lot investment.
Built in 1946 with only one bedroom and 846 square feet, the current residence is small and aged, likely requiring significant modernization or eventual demolition to reach its highest and best use.
Investor Alert - Prime Downtown Opportunity! Exceptional investment property with adjacent parcel at 1945 W Sherman St, creating rare multifamily development potential. Move-in ready home with newer storage unit offers immediate rental income or hold opportunity. Combine both properties for duplex, triplex, or multifamily construction. Must purchase both this property and the adjacent lot together- combined price of $290k. Ideal for developers seeking infill development, build-to-rent, and strong ROI in a high-demand urban corridor. See MLS#6989091 for the vacant lot Listing at 1945 W. Sherman St.
No exterior & parking available.
Grades PK-8 • 0.7 mi
Grades 9-12 • 4.6 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 1.0 | 3.0 | 4% |
| Baths | 1.0 | 2.0 | 31% |
| Square foot | 846 | 1,260.5 | 9% |
| Lot Size | 5,384 | 6,373 | 1% |
| Price | $175.0K | $240.5K | 36% |
| Price per sq ft | $207 | $192 | 54% |
| Built year | 1946 | 1953 | 29% |
| HOA | $0 | $0 | 50% |
| Days on market | 61 | 1215 | 1% |
Feb 24, 2026
$175,000
Initial Listing