Remodeled Multifamily Property in
For Sale
$900,000
2925 N 38TH Street, Phoenix, AZ 85018
MULTI_FAMILY - Phoenix, AZ
Property Size3,100 SF
Price / SF$290.32
Days on Market109
Property Features for 2925 N 38TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
multi
Pool private
1
Appliances
Dishwasher, Refrigerator, Microwave
Subdivision
CITRUS ACRES LOTS 1 THRU 20
Elementary school
Monte Vista Elementary School
Middle school
Monte Vista Elementary School
High school
Camelback High School
Elementary school district
Creighton Elementary District
Middle school district
Phoenix Union High School District
High school district
Phoenix Union High School District
Directions
Heating North on 38th St, property is on the East side of Street.
Standard status
Active
APN
127-21-008-C
Taxes and HOA fees
Tax Year
2025
Tax Description
CITRUS ACRES LOT 83 E 50.5' OF W 209.5'
Tax Annual Amount
1654
Legal Description
CITRUS ACRES LOT 83 E 50.5' OF W 209.5'
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1964
Number of units
4
Flooring type
Laminate
Building materials
Painted, Stucco, Block
Roof type
Foam
Listing Agency:
Keller Williams Integrity First Realty · Keller Williams Realty
(480) 854-2400
Listed By:
Heather Openshaw
(480) 462-5939
Added: Apr 14
Changed: Jul 3
Last Checked: Jul 31 at 7:06PM
MLS# 7013792
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.
This multifamily property in Phoenix, Arizona, offers a turnkey investment opportunity with immediate cash flow. The property consists of four units: two units with 2 bedrooms and 2 bathrooms, and two units with 1 bedroom and 1 bathroom. The 2-bedroom units average approximately 850 square feet, while the 1-bedroom units offer around 700 square feet. All units have been remodeled with modern finishes. Each unit rents for $1,200 per month.
Key Highlights
- Fully remodeled units minimize capital expenditures and maintenance.
- Strong, turnkey investment with immediate and reliable cash flow.
- Desirable unit mix: two 2 bed/2 bath and two 1 bed/1 bath units.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $61.4k | $19.80 |
| − Vacancy | −$3.4k | −$1.09 |
| EGI | $58.0k | $18.71 |
| − OpEx | −$17.4k | −$5.61 |
| NOI | $40.6k | $13.10 |
3,100 SF · lease $19.80/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$580.0K
$507.5K – $676.7K
NOI $40,603 @ 7.0% cap · market cap 4.51%
Second Best
Apartment 5plus
$516.5K
$452.0K – $602.6K
NOI $36,157 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$939.0K
$821.6K – $1.10M
NOI $65,731 @ 7.0% cap · market cap 7.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
899
Businesses Nearby
Explore this area
Business Placement
Demographics for 85018, AZ
37,944
Population
19,487
Households
1.9
Avg Household Size
40
Median Age
57%
College-Educated
92%
High-School Grad
15.1 sq mi
ZIP Area
2,513
Density / Sq Mi
$87,637
Median Household Income
$58,555
Median Earnings
$1,411
Median Rent
$805,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Turnkey investment with immediate cash flow in Phoenix, Arizona.
Where is this quadplex located?
The property is located at 2925 N 38TH Street Phoenix, AZ.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Fully remodeled units minimize capital expenditures and maintenance.; Strong, turnkey investment with immediate and reliable cash flow.; Desirable unit mix: two 2 bed/2 bath and two 1 bed/1 bath units.
