Renovated Apartment
For Sale
$4,675,000
3601 N 5th Ave, Phoenix, AZ 85013
Updated apartment community with in-unit laundry and refreshed interiors, courtyards, roofing, and HVAC systems.
Property Size25,165 SF
Days on Market90
Property Features for 3601 N 5th Ave
General Information
Standard status
Active
Size
25,165 SF
Property subtype
Multifamily
Amenities
in-unit washer and dryer
ROBUST POPULATION GROWTH Maricopa County, encompassing most of Phoenix, had the largest population surge in the U.S. from 2020 to 2023, with over 165,000 people added.
ADVANCED MANUFACTURING BASE Intel Corp. and Taiwan Semiconductor Manufacturing Company, among other electronics producers, are expanding Phoenix operations, attracting additional suppliers and service
MOUNTING TOURISM INDUSTRY Warm winters and amenities, including golf courses and resorts, draw vacationers. Nightly hotel booking volumes reached a record high in 2023.
Building Details
Building Size
25,165 SF
Units
21
Construction
mid-century art deco
Listed By:
Rich Butler · License #License(s): AZ: SA031210000
(602) 687-6782
Source:
Marcusmillichap
Added: Jul 9
Changed: Sep 8
Last Checked: Oct 5 at 3:09PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Rich Butler
Investment Insights
Based on property information with market context.
Shorewood is an apartment community with mid-century Art Deco architecture and a comprehensive renovation program. Improvements include new flooring, upgraded kitchens and bathrooms, refreshed front and interior courtyard landscaping, roof work, and multiple HVAC replacements. Every unit includes a full-size washer and dryer.
The property is located at 3601 N 5th Ave in Phoenix, within the Midtown Central Phoenix Corridor. Renovation work has been completed since 2021, combining the building’s original architectural character with updated interior and exterior features.
The property is located at 3601 N 5th Ave in Phoenix, within the Midtown Central Phoenix Corridor. Renovation work has been completed since 2021, combining the building’s original architectural character with updated interior and exterior features.
Key Highlights
- Apartment community with mid‑century Art Deco architecture
- Full‑size washer and dryer included in every unit
- Renovations completed since 2021
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$293,512
Cap Rate
6.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,870,240
$5.9M
Cap Rate 7%
$4,193,029
$4.2M
Cap Rate 9%
$3,261,244
$3.3M
Market Conditions
NOI Build-Up for 25,165 SF
Gross rent
$567.7K $22.56/SF
− Vacancy
−$34.1K −$1.35/SF
EGI
$533.7K $21.21/SF
− OpEx
−$240.1K −$9.54/SF
NOI
$293.5K $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%
$5,870,240
Cap Rate 7%
$4,193,029
Cap Rate 9%
$3,261,244
Alternative Uses
Best Use
Apartment 5plus
$4.19M
$3.67M – $4.89M
NOI $293,512 @ 7.0% cap · market cap 6.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.62M
$6.67M – $8.89M
NOI $533,589 @ 7.0% cap · market cap 11.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
5,005
Businesses Nearby
Explore this area
Business Placement
Demographics for 85013, AZ
21,970
Population
11,618
Households
1.9
Avg Household Size
38
Median Age
47%
College-Educated
90%
High-School Grad
3.7 sq mi
ZIP Area
5,938
Density / Sq Mi
$68,895
Median Household Income
$53,067
Median Earnings
$1,435
Median Rent
$476,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated apartment community with in-unit laundry and refreshed interiors, courtyards, roofing, and HVAC systems.
Where is this apartment building located?
The property is located at 3601 N 5th Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $4,675,000.
What are key features of this property?
This property features: Apartment community with mid‑century Art Deco architecture; Full‑size washer and dryer included in every unit; Renovations completed since 2021
