24-Unit Apartment
For Sale
$2,799,000
4815 N 15TH Avenue, Phoenix, AZ 85015
Multiple Dwellings, Phoenix, AZ
Property Size15,000 SF
Lot Size1.09 Acres
Price / SF$186.60
Days on Market43
Property Features for 4815 N 15TH Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-4
Bedrooms
32
Bathrooms
24
Full bathrooms
3
Rooms
Bedroom 15, Bedroom 8, Bedroom 22, Bedroom 13, Bedroom 9, Bathroom 9, Bedroom 32, Bedroom 7, Bathroom 7, Bathroom 22, Bedroom 24, Bathroom 2, Bedroom 25, Bedroom 31, Bathroom 20, Bathroom 24, Bedroom 1, Bathroom 11, Bedroom 2, Bathroom 21, Bathroom 23, Bedroom 26, Bathroom 18, Bathroom 19, Bathroom 5, Bedroom 11, Bedroom 5, Bedroom 16, Bedroom 19, Bathroom 15, Bathroom 6, Bathroom 13, Bedroom 28, Bathroom 1, Bathroom 14, Bedroom 10, Bathroom 10, Bedroom 12, Bedroom 23, Bedroom 29, Bathroom 8, Bedroom 18, Bathroom 17, Bathroom 4, Bedroom 17, Bedroom 14, Bedroom 4, Bedroom 3, Bathroom 12, Bathroom 16, Bedroom 27, Bathroom 3, Bedroom 30, Bedroom 21, Bedroom 6, Bedroom 20
Security features
Security Lighting
Appliances
Free-Standing Range, Refrigerator, Washer/Dryer, W/D Hookup
Subdivision
COX ESTATES 2
Elementary school district
Osborn Elementary District
Middle school district
Phoenix Union High School District
High school district
Phoenix Union High School District
Directions
Just south of Camelback on the east side of 15th Ave.
Standard status
Active
APN
155-44-069-B
Lot size
1.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 64 COX ESTATES 2 MCR 007242
Tax Annual Amount
7236
Legal Description
LOT 64 COX ESTATES 2 MCR 007242
Utilities
Sewer type
Public Sewer
Heating system
Varies by Unit (Heating), Heat Pump (Heating), Forced Air
Cooling system
Varies by Unit, Electric
Amenities
in-suite washer/dryer sets
carports
Building Details
Year built
1958
Number of units
24
Flooring type
Carpet, Tile, Vinyl
Building materials
Painted, Block
Roof type
Composition
Listing Agency:
Better Homes & Gardens Real Estate SJ Fowler · Real Living
(480) 649-3536
Listed By:
James C Stephens · License #BR650365000
(602) 672-3526
Added: Aug 25
Changed: Sep 29
Last Checked: Oct 6 at 12:06PM
MLS# 7072051
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.
The 24-unit apartment property was built in 1958 and includes eight two-bedroom apartments, 10 one-bedroom apartments, and six studios. The buildings total 15,000 square feet across 1.09 acres and are zoned R-4. Renovations have been completed over the past five years; some apartments have in-unit washers and dryers and upgraded electrical systems. Parking includes carports, and the property is served by public sewer.
The property is at 15th Avenue and Camelback Road in Phoenix. Uptown Plaza and the Melrose District are more than a mile away. All units are currently occupied, and the stated capitalization rate is 6.35%.
The property is at 15th Avenue and Camelback Road in Phoenix. Uptown Plaza and the Melrose District are more than a mile away. All units are currently occupied, and the stated capitalization rate is 6.35%.
Key Highlights
- 24 apartments: 8 two‑bedroom units, 10 one‑bedroom units, and 6 studios
- 15,000 square feet on 1.09 acres
- 100% occupied; 6.35% cap rate
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$174,953
Cap Rate
6.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,499,060
$3.5M
Cap Rate 7%
$2,499,329
$2.5M
Cap Rate 9%
$1,943,922
$1.9M
Market Conditions
NOI Build-Up for 15,000 SF
Gross rent
$338.4K $22.56/SF
− Vacancy
−$20.3K −$1.35/SF
EGI
$318.1K $21.21/SF
− OpEx
−$143.1K −$9.54/SF
NOI
$175.0K $11.66/SF
Area
Phoenix, AZ
Vacancy
6.00%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,499,060
Cap Rate 7%
$2,499,329
Cap Rate 9%
$1,943,922
Alternative Uses
Best Use
Apartment 5plus
$2.50M
$2.19M – $2.92M
NOI $174,953 @ 7.0% cap · market cap 6.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.54M
$3.98M – $5.30M
NOI $318,054 @ 7.0% cap · market cap 11.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
24
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,299
Businesses Nearby
Explore this area
Business Placement
Demographics for 85015, AZ
41,436
Population
17,889
Households
2.3
Avg Household Size
33
Median Age
25%
College-Educated
78%
High-School Grad
4.9 sq mi
ZIP Area
8,456
Density / Sq Mi
$52,585
Median Household Income
$36,456
Median Earnings
$1,227
Median Rent
$312,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - All residences are occupied, and the property is zoned R-4.
Where is this apartment building located?
The property is located at 4815 N 15TH Avenue Phoenix, AZ.
What is the asking price?
The asking price for this property is $2,799,000.
What are key features of this property?
This property features: 24 apartments: 8 two‑bedroom units, 10 one‑bedroom units, and 6 studios; 15,000 square feet on 1.09 acres; 100% occupied; 6.35% cap rate
