Listed by The Broker Reserve
$1,500,000
3rd Street Apartments
Details
APN 160-50-085; 160-50-087
Property Type Mobile Home Park, Multifamily
Sub Type Apartment Building, Multiple Dwellings
Units 10
Cap Rate 6.50%
NOI $91,422
Occupancy 100%
Pro-Forma Cap Rate 7.00%
Pro-Forma NOI $109,135
Broker Co-Op Yes
Class C
Year Built 1945
Year Renovated 2025
Buildings 2
Stories 1
Lot Size (SqFt) 25,000
Zoning R-5
Parking Spaces 10 spaces
Investment Type Stabilized
Ownership Fee Simple
Sale Condition 1031 exchange
100% Occupied | 10 Units | Uptown Phx | 6.5% CAP
Marketing description
100% Occupied! Fully Updated Electrical & Wiring. Fully Renovated 10-unit Multifamily Asset in the Highly Desirable Uptown Phoenix Submarket. The Property Features a Compelling Unit Mix Across Two Contiguous Parcels and Benefits From Approximately $355,000 of Capital Improvements Completed Over the Last 1.5 Years. With Strong Leasing Momentum, Stabilized Operations, and Market Rent Upside, This Property is Well-positioned for Both Yield-focused and Appreciation-driven Investors.
Investment highlights
- 100% Occupied! 10/10 Units
- Fully renovated 10-unit multifamily in Phoenix infill location – two contiguous buildings (8910–8912 N 3rd St) with a mix of studios, 1BR and 2BR units.
- ±$355,000 in total CapEx including ±$121,000 full electrical overhaul – new + reorganized panels, updated wiring/breakers, and system modernization to today’s standards.
- Recently stabilized after ~18 months of repositioning – interiors, systems, and exteriors upgraded; operations now transitioning from “project mode” to “income mode.”
- Stabilized Gross Rental Income of $142,800/year with normalized expenses reflects NOI $109,135/year.
- De-risked future capex – major electrical and interior work completed; a significant portion of historical “expenses” were one-time capital items a new owner will not repeat.
- Infill demand drivers – easy access to SR-51, I-17, downtown, Biltmore, and Central employment nodes; walkable to retail, dining, and services along Central Ave and 7th St.
- Ideal 1031 / small-balance multifamily play – bite-size deal size with heavy lift already done and a clean, financeable property for lenders.
- Repositioning Complete Recently stabilized after multi-year renovation: interiors upgraded, exteriors refreshed, complete electrical overhaul (-$13K+/door)
Listing Contacts
Listed by The Broker Reserve
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$91,422.00
$7,618.50/mo
Valuation Metrics
0
DSCR
6.09%
Cap Rate
6.09%
ROI
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