Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2923 N 38Th St Phoenix, AZ 85018

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Fully renovated fourplex in Phoenix's coveted 85018 zip code.

    Property size:
    3,000 SF
    Lot size:
    6,757.00 Acres

    Property Features for 2923 N 38Th St

    General Information

    Standard status
    Active
    Size
    3,000 SF
    Lot size
    6,757.00 Acres

    Building Details

    Year built
    1964

    We can help!

    Listing Contact
    Colton Leslie
    Source: Crexi

    Listing Agency: ORION Investment Real Estate Listing Agent: Colton Leslie

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Renovated Fourplex in Desirable Location

    Located in the highly desirable Citrus Acres neighborhood, 2923 North 38th Street is a fully renovated fourplex. The property is situated in the coveted 85018 zip code, minutes from Arcadia Lite and the Camelback Corridor. This stabilized asset offers investors the opportunity to acquire a small multifamily property. The 3,000 square foot property features interior and exterior updates, modern upgrades throughout, premium finishes, in-unit laundry, and strong curb appeal. The property has strong in-place rents and long-term tenants. It is close to dining and entertainment in a walkable neighborhood. The property offers flexible residential financing options.
    Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.9993197
    Latitude
    33.4813497

    Nearby Similar for Sale

    • $625,000

      Value-Add Opportunity in Downtown Phoenix

      Mixed-use property with income potential in a developing urban neighborhood.
      215 N 12Th Ave, Phoenix, AZ 85007
      View Details
    • $489,900
      1,720 SF

      Phoenix Office Building Investment Opportunity

      Office building near I-17 with high visibility and flexible zoning.
      8545 N Black Canyon Hwy, Phoenix, AZ 85021
      View Details
    • New
      $683,990
      2,554 SF

      New Duplex Near Downtown Phoenix

      New duplex near downtown Phoenix with light rail expansion potential.
      1712 S 3Rd St, Phoenix, AZ 85004
      View Details
    • $775,000
      4,590 SF

      New Construction Duplex in Phoenix

      New construction duplex with spacious units, modern design, and ample parking.
      5022 S 35Th Ave, Phoenix, AZ 85041
      View Details
    • $489,000
      3,060 SF

      Phoenix Duplex with Rental Potential

      Duplex with large units, ideal for rental income.
      1331 E Pueblo Ave, Phoenix, AZ 85040
      View Details
    • New
      $370,000
      2,883 SF

      Multifamily Property with Income Potential

      Unique property with five residences, ideal for investment or multigenerational living.
      1226 W Purdue Ave, Phoenix, AZ 85021
      View Details
    • $619,000

      Turnkey Phoenix Triplex Investment Property

      Fully renovated, furnished triplex in Downtown Phoenix with strong rental income.
      1515 W Tonto St, Phoenix, AZ 85007
      View Details
    • $699,900
      1,899 SF

      Phoenix Assisted Living Home

      Licensed assisted living home in prime Phoenix location.
      3569 E Utopia Rd, Phoenix, AZ 85050
      View Details
    • $780,000

      Renovated Phoenix Multifamily Short-Term Rental

      Comprehensively renovated 4-unit short-term rental in prime Phoenix location.
      322 N 11Th Pl, Phoenix, AZ 85006
      View Details
    • New
      $475,000

      Phoenix Duplex Value-Add Opportunity

      Duplex in convenient location with income potential and future upside.
      2226 N 28Th St, Phoenix, AZ 85008
      View Details
    • New
      $879,000

      Phoenix Multifamily Investment Opportunity

      Four-unit property with upside potential in North Phoenix.
      17859 N 40Th St, Phoenix, AZ 85032
      View Details
    • $599,900
      2,700 SF

      Phoenix Triplex Investment Opportunity

      Well-maintained triplex near Downtown Phoenix with strong rental potential.
      9027 N 11Th St, Phoenix, AZ 85020
      View Details

    FAQs

    What type of property is this?
    Quadplex - Fully renovated fourplex in Phoenix's coveted 85018 zip code.
    Where is this quadplex located?
    The property is located at 2923 N 38Th St Phoenix, AZ.
    What are key features of this property?
    This property features: - Fully renovated fourplex with modern upgrades and premium finishes.; - Located in the highly desirable 85018 zip code, near Arcadia Lite and the Camelback Corridor.; - Stabilized asset with strong in-place rents and long-term tenants.
    Request Owner's contact information
    2923 N 38Th St Phoenix, AZ 85018
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2923 N 38Th St
    Phoenix, AZ 85018
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    2923 N 38Th St Phoenix, AZ 85018
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Colton Leslie
    Real Estate License ID: 53585
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!