Remodeled Multifamily Property in
2925 N 38TH Street Phoenix, AZ 85018
2925 N 38TH Street, Phoenix, AZ, 85018
$900,000
For Sale
$900,000
MULTI_FAMILY - Phoenix, AZ
Property Size3,100 SF
Price / SF$290.32
Days on Market101
Property Features for 2925 N 38TH Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- multi
- Pool private
- 1
- Appliances
- Dishwasher, Refrigerator, Microwave
- Standard status
- Active
- APN
- 127-21-008-C
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- CITRUS ACRES LOT 83 E 50.5' OF W 209.5'
- Tax Annual Amount
- 1654
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air
- Cooling system
- Central Air
Building Details
- Year built
- 1964
- Number of units
- 4
- Flooring type
- Laminate
- Building materials
- Painted, Stucco, Block
- Roof type
- Foam
Listing agency
Keller Williams Integrity First Realty
(480) 854-2400
Listed by
Heather Openshaw
(480) 462-5939
Added: Apr 14 Updated: Jul 3 at 7:00AM Checked: Jul 23 at 4:06AM
MLS# 7013792
Copyright © 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily property in Phoenix, Arizona, offers a turnkey investment opportunity with immediate cash flow. The property consists of four units: two units with 2 bedrooms and 2 bathrooms, and two units with 1 bedroom and 1 bathroom. The 2-bedroom units average approximately 850 square feet, while the 1-bedroom units offer around 700 square feet. All units have been remodeled with modern finishes. Each unit rents for $1,200 per month.
Key Highlights
- Fully remodeled units minimize capital expenditures and maintenance.
- Strong, turnkey investment with immediate and reliable cash flow.
- Desirable unit mix: two 2 bed/2 bath and two 1 bed/1 bath units.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $61.4k | $19.80 |
| − Vacancy | −$3.4k | −$1.09 |
| EGI | $58.0k | $18.71 |
| − OpEx | −$17.4k | −$5.61 |
| NOI | $40.6k | $13.10 |
3,100 SF · lease $19.80/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$580.0K
$507.5K – $676.7K
NOI $40,603 @ 7.0% cap · market cap 4.51%
Second Best
Apartment 5plus
$516.5K
$452.0K – $602.6K
NOI $36,157 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$939.0K
$821.6K – $1.10M
NOI $65,731 @ 7.0% cap · market cap 7.30%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Turnkey investment with immediate cash flow in Phoenix, Arizona.
Where is this quadplex located?
The property is located at 2925 N 38TH Street Phoenix, AZ.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Fully remodeled units minimize capital expenditures and maintenance.; Strong, turnkey investment with immediate and reliable cash flow.; Desirable unit mix: two 2 bed/2 bath and two 1 bed/1 bath units.
