Listed by The Broker Reserve
$1,500,000
3rd Street Apartments
Details
APN 160-50-085; 160-50-087
Property Type Multifamily
Sub Type Apartment Building, Multiple Dwellings
Units 10
Cap Rate 6.8%
NOI $102,000
Occupancy 100%
Rent Bumps Yes
Pro-Forma Cap Rate 8.00%
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 | STABLE
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 over $400,000 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
- 10-unit in central Phoenix — 100% occupied and cash-flowing day one at a 6.82% cap, with a clear runway to 8.00%.
- ~$400,000+ CapEx already complete on full electrical overhaul, updated interiors & exterior. The hard money's been spent. The next owner skips the project and steps straight into income.
- Two block-construction buildings, 10 renovated units, directly across from HonorHealth John C. Lincoln — steady tenant demand and a natural midterm-rental play for the next operator down the road.
- Entry-level pricing at the floor of the submarket's renovated comp range. The seller is into it well above ask and is moving capital into a ground-up development.
Listing Contacts
Listed by The Broker Reserve
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$102,000.00
$8,500.00/mo
Valuation Metrics
0
DSCR
6.8%
Cap Rate
6.8%
ROI
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