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    4115 N 18TH Drive Phoenix, AZ 85015

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    Claim this Listing
    For Sale
    $400,000

    MULTI_FAMILY - Phoenix, AZ

    Added:
    Jan 9, 2026
    Days on Market:
    101
    Last Refresh:
    Apr 20 at 12:06 pm

    Property Features for 4115 N 18TH Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R-3Multi SFR
    Parking features
    On Street, Carport
    Exterior features
    Sidewalk(s)
    Appliances
    Free-Standing Range, Free-Standing Gas Oven, Microwave, W/D Hookup
    Standard status
    Active
    APN
    155-49-106

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    PT SW4 SW4 N2 W2 OF FOL FR SW COR SEC RUN E /ASSMD BEAR/ ALG SEC LI 260.35' TH N 0: 05' 30
    Tax Annual Amount
    1774

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central, Electric (Heating)
    Cooling system
    Ceiling Fan(s), Central Air

    Building Details

    Year built
    1939
    Number of units
    2
    Flooring type
    Tile, Carpet, Concrete
    Building materials
    Siding, Painted, Stucco, Block
    Roof type
    Composition

    We can help!

    Listing Contact
    Natalie K. Pinkerton
    Natalie K. Pinkerton

    Listing agent Natalie K. Pinkerton

    Listing office Success Property Brokers 7450 E Pinnacle Peak Rd. Suite #256, Scottsdale, AZ

    Listing date Jan 9, 2026

    MLS# 6966851 Listing URL

    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.

    Overview

    Phoenix Duplex with Detached Homes

    This property presents a charming opportunity in central Phoenix, featuring two detached homes, each with two bedrooms and one bathroom, situated on a single lot. Located just north of Indian School and east of 19th Avenue, each home includes a private yard, separate entrances, and individual parking. This setup is suitable for multi-generational living or for investors seeking rental income. The location offers proximity to Clarendon/Encanto area schools, light rail, shopping, dining, and freeway access. The property is positioned to capitalize on strong rental demand. This is an ideal house-hack opportunity with two separate detached homes on one lot, where one unit can be occupied while the other is rented out. Alternatively, both units can be utilized as income properties, or the property can serve as a flexible multi-generational living arrangement. The zoning is R-3Multi SFR.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.098907
    Latitude
    33.495509

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    FAQs

    What type of property is this?
    Duplex - Two detached homes on one lot in central Phoenix.
    Where is this duplex located?
    The property is located at 4115 N 18TH Drive Phoenix, AZ.
    What is the asking price?
    The asking price for this property is $400,000.
    What are key features of this property?
    This property features: Two detached 2BR/1BA homes on one lot, **ideal for multi‑generational living or investment.**; Each home has a private yard, separate entrance, and individual parking.; **Excellent central Phoenix location** near schools, light rail, shopping, and dining.
    (602) 502-8498
    We can help!
    Listing Contact
    Natalie K. Pinkerton
    Natalie K. Pinkerton
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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