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    4701 N 23Rd Dr Phoenix, AZ 85015

    Sponsored
    For Sale
    $700,000

    MULTI_FAMILY - Phoenix, AZ

    Days on Market:
    16
    Last Refresh:
    Jan 21 at 2:06 am

    Property Features for 4701 N 23Rd Dr

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    R-3
    Rooms
    Bathroom 3, Bathroom 5, Bedroom 2, Bathroom 6, Bathroom 1, Bedroom 5, Bedroom 6, Bathroom 4, Bathroom 2, Bedroom 1, Bedroom 3, Bedroom 4
    Bedrooms
    6
    APN
    154-03-008-A
    Appliances
    Free-Standing Range, Refrigerator

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Heat Pump (Heating), Electric (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1985
    Number of units
    3
    Flooring type
    Tile - Ceramic
    Building materials
    Painted, Stucco, Block
    Roof type
    Rolled Hot Mop

    We can help!

    Listing Contact
    Edward D Caro

    RE/MAX Desert Showcase (623) 979-8888 [email protected]

    Listing agent Edward D Caro (602) 296-0100

    Listing date Jan 6, 2026

    MLS# 6816622 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.

    Learn more

    Property Insight Report

    Overview

    Phoenix Triplex Investment Opportunity

    This well-maintained triplex is an excellent investment property located in the heart of Central Phoenix. Constructed in 1985, the property features three 2-bedroom, 2-bath units, each approximately 996 sq ft. Each unit is individually metered, allowing tenants to pay their own utilities. The property is turnkey and fully occupied with reliable long-term tenants, offering steady cash flow and low owner expenses. Situated near I-17, major employers, dining, and shopping, this multi-unit rental is zoned R-3 and positioned for continued growth in the desirable 85015 area. This property is a smart choice for any investor seeking income potential in the Phoenix rental market.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.109185
    Latitude
    33.506106

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    FAQs

    What type of property is this?
    Triplex - Well-maintained triplex in Central Phoenix with long-term tenants.
    Where is this triplex located?
    The property is located at 4701 N 23Rd Dr Phoenix, AZ.
    What is the asking price?
    The asking price for this property is $700,000.
    What are key features of this property?
    This property features: - Turnkey triplex in Central Phoenix, fully occupied with long-term tenants, providing immediate and steady cash flow.; - Each unit is individually metered for utilities, reducing owner expenses and simplifying management.; - All units feature a desirable 2-bedroom, 2-bath layout (approx. 996 sq ft).
    (602) 296-0100
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    4701 N 23Rd Dr Phoenix, AZ 85015
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    Phoenix, AZ 85015
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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
    4701 N 23Rd Dr Phoenix, AZ 85015
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    We can help!
    Listing Contact
    Edward D Caro
    (602) 296-0100
    Learn more
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