324 N 18TH Avenue, Phoenix, AZ 85007, Phoenix, 85007 - 2 bed, 2 bath
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Phoenix, AZ 85007
This property presents a High-Potential Investment Opportunity with a List Price of $297,000—positioned well below the $310,643 Fair Market Value by 4%. This valuation gap offers $13,643 in Instant Equity. Featuring R-5 Zoning and a large 8,700 sqft lot, the site allows for significant density expansion, especially when combined with the adjacent parcel. With a Condition Rating of 6, the structure requires modernization, making it an ideal acquisition for Buy-and-Hold Investors or Developers seeking long-term rental income and redevelopment upside.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 324 N 18TH Avenue Subject | $297,000* List Price | 2 | 2 | 910 | $341 | - |
A 418 N 17TH Avenue Sold | $345,000 List Price | 3 | 2 | 1,262 | 0.2 mi | |
B 1618 W TAYLOR Street Sold | $264,900 List Price | 4 | 2 | 1,130 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is land value only, full reconstruction required.
Built in 1926 (98 years old) with no evidence of major renovations, this property is explicitly marketed for its R-5 redevelopment potential and land value. The structure features dated evaporative cooling and shows visible deterioration, including significant cracking in the concrete steps and foundation areas, fitting the criteria for a structure over 50 years old without modernization.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 8700, living area = 910.
The R-5 multi-family zoning allows for significant redevelopment, with the potential to build up to 5 units on this lot or 10 units if combined with the adjacent parcel.
The property is currently leased and generating cash flow, allowing an investor to offset holding costs while navigating the entitlement and permitting process for future development.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 910, other record living area = 1080.
The home utilizes evaporative cooling rather than modern central HVAC, which may limit tenant comfort during peak Phoenix summer months and reduce the property's current marketability.
Built in 1926, the 910-square-foot structure is nearly a century old and may require significant maintenance or upgrades to sustain its current use as a rental property.
Development Potential - Zoned R-5. Single family home built in 1926 on a 8,700 square foot lot (0.2 acres) in the Oakland subdivision. The home offers 2 bedrooms and 1.5 bathrooms in 910 square feet, with brick construction, an asphalt shingle roof, evaporative cooling, and a covered patio. The property is currently leased and produces rental income. Zoning is R-5 (multiple family residential), and the lot sits directly beside 326 N 18th Ave, a duplex under the same seller. Purchased together, the two parcels total 0.4 acres of R-5 land, positioned for redevelopment into multiple rental units. 324 N 18th Ave and 326 N 18th Ave sit side by side, share R-5 zoning, and total 0.4 acres. Both properties generate income under current use, which lets a buyer hold and collect rent while pursuing entitlements. A developer building to R-5 density standards could redevelop the combined site into as many as 10 rental units, 5 per parcel. Confirm current development standards, parking requirements, and permitted density with the City of Phoenix Planning and Development Department. Buyer to perform all due diligence.
No exterior & parking available.
Grades PK-8 • 0.2 mi
Grades 9-12 • 3.8 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 0.0 |
| Baths | 2.0 | 0.0 |
| Square foot | 910 | - |
| Lot Size | 8,700 | - |
| Price | $297.0K | $495.4K |
| Price per sq ft | $326 | $290 |
| Built year | 1926 | 0 |
| HOA | $0 | $0 |
| Days on market | 7 | 1260 |
Jul 16, 2026
$297,000
Initial Listing