Improving existing property with new construction

[Rodney West]

Looking for some feedback on an idea I’ve been considering.  I have an older single level 8-plex on .75 acres near downtown phoenix.  The existing buildings only occupy the front portion of the lot, leaving about .4 acres of vacant land.  Is it worth the effort to build another 12 units on the same property in this market?  High construction costs and interest rates?  I have zero experience in this area and I live out of state. Thoughts?

[Noah Corwick]

I would say that this is definitely worth exploring. Downtown PHX has been growing decently in recent years. With PHX expanding rapidly with no end in sight, it's only inevitable that Downtown will follow suit. Obviously I don't know where exactly your property is, but even if it's south of the sports arenas (which can be pretty rough), it will worth it in the long term.