21606 N 23rd Avenue, Phoenix, AZ
$ 8,750,000
Property Attributes
  • MLS#6621550
  • TypeMulti-Family
  • CountyMARICOPA
  • CityPhoenix
  • Zip85027
  • StyleMultiple Dwellings
  • Year Built2023
  • Taxes$ 1962
  • Price$ 8,750,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
Data Source:
Arizona Regional MLS (ARMLSN)
Property Description

PRE-TCO OPPORTUNITY ZONE OFFERING Deer Valley 24 by Emery Lane is a brand new, 24-unit apartment project, finishing late 2023 / early 2024. The property is located in the incredibly active Deer Valley submarket in North Phoenix where the massive TSMC chip facility is under development. Approximately 8 miles away, TSMC project is one of the most newsworthy commercial projects in the nation with an estimated $40 billion investment which is one of the largest foreign outlays in US history. In addition to the more than 10,000 construction workers linked to the site, TSMC Arizona's projects are expected to create an additional 10,000 high-paying high-tech jobs, including 4,500 direct TSMC jobs. Deer Valley 24 is also about a mile away from the Deer Valley Airport and industrial hub. Other major employers and retail in the area include; HonorHeath Medical Center, Costco, and the massive Deer Valley Town Center (Target, AMC Theaters, Michaels, etc.), all approximately a mile away. This location is as strong as it gets and allows residents to enjoy, with ease, so much of what all parts of Phoenix have to offer. With many dining, shopping, entertainment, and employment options, as well as multiple freeway access points within minutes, this property should prove to be a phenomenal investment opportunity. Deer Valley 24 by Emery Lane features 24 well-planned, large units in one of the best submarkets in the Valley. The project features a good unit mix of (20) 1,150 SF 2-bed / 2-bath units and (4) 1,250 SF 3-bed / 2-bath units. The units are all large and feel like single family residences with modern floor plans. Each unit has an interior washer / dryer and is individually metered for electricity. This project offers a rare, bite-sized, new-build in an extremely hot submarket. With the amount of employment (existing and new employment growth) in the area as well as the lack of new apartment development coming online in the near term in this submarket, Deer Valley 24 should lease up quickly and have strong occupancy into the future. Deer Valley 24 by Emery Lane is situated within an Arizona Opportunity Zone. The project has not yet received its temporary or final certificate of occupancy, so an investor may purchase the property Pre-TCO and potentially take advantage of the tax benefits allowed within the Opportunity Zone, if so desired.

Price History
10/23/2023 Listed $8,750,000

General Features

Sewer Public Sewer
Roof See Remarks
Zoning R5
Construction Materials See Remarks
Year Built 2023
Electric Other (See Remarks)
Tenant Pays See Remarks,Electricity
Tax Year 2023
Percent Ownership Fee Simple
Gross Income 0.0
OwnerPays Other,Trash Collection,Water,Sewer,Landscaping
Community Features See Remarks
County Maricopa
Net Operating Income 0.0
Operating Expense 1962.0
Property Type Multiple Dwellings
Garage Y/N No
Status Active
Directions South on 23rd Ave to property on West side of street.
City Phoenix
Buyer Agent Compensation 1.75
Disclosures Other (See Remarks),ALTA Survey Availbl
View Y/N No
High School District Deer Valley Unified District
Open Parking Spaces 0.0
Total Units 24
Lot Size Square Feet 0.0
Carport Y/N No
Street Name 23rd
Tax Annual Amount 1962.0
Lease Renewal Y/N No
Additional Parcels Y/N Yes
Lease Considered Y/N No
Rent Control Y/N No
Days on Market 127
Standard Status Active
Occupancy Description Vacant
Elementary School District Deer Valley Unified District
Tax Lot 10
MobileHomeRemainsYN No
Buyer Agent Compensation Type %
Ownership Fee Simple
Senior Community None

Interior Features

Air Conditioning Y/N Yes
Heating Y/N No
Street Suffix Avenue
Electric On Property Y/N No

Exterior Features

Parking Features Other (See Remarks)
Water Source City Franchise
Total Parking 0.0
Lot Size Area 0.0
Number of Buildings 2
Spa No
Lot Dimensions 219x171
Lot Size Acres 0.0
Road Surface Type Asphalt
Covered Spaces 0.0
Crops Included Y/N No
Open Parking Y/N No
Irrigation Water Rights Y/N No


  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Multi-Family Average in 85027

AVG $8.75M
AVG $1,962
AVG 189
Data Provided by Inside Real Estate®
Year Built
AVG 2023

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