A few miles west of downtown Scottsdale off Camelback Road, is the fashionable and higher end residential and shopping Biltmore area, but affordable single family homes and multifamily investment opportunities can be found just south of here.
There is row after row of homes that go for the low 200,000s. Pretty inexpensive considering they’re a stone’s throw from flashy million dollar homes, the Biltmore Fashion Park and The Esplanade which is tends to be the most expensive commercial real estate in Arizona.
A lot of flippers and multifamily rehab investors have already found this spot. You will find a lot of recent work done just south of Camelback Road near the SR 51. However, there is still plenty of opportunity here. Between 24th and 32nd Streets there are still hundreds of homes with rehab potential for flipping or the lots consolidated to create small apartment complexes.
First, it just makes sense to invest here. This location is parked right next to some of the most valuable real estate Arizona has to offer and it’s going for about a fifth the price of its upper end neighbors. Second, much of Old Town Scottsdale has already been flipped, so it appears to me that the flippers are moving down the road towards the Biltmore area. Potential tenants are moving down the road as well. There are a number of younger professionals moving to this area as it is still close to Old Town – their party life line. However, this area is now able to stand on its own with a multitude of great local restaurants and that feeling of success the young and upwardly mobile love.
What we will see next:
The pocket between 24th and 32nd Streets just south of Camelback will be developed. It will become more dense and the homes are expected to go from the low 200,000’s to mid to upper 300,000’s.