Multifamily Community Near Employment
For Sale
$6,850,000
3044 E Fillmore St, Phoenix, AZ 85008
41-unit multifamily property near major Phoenix employment and retail.
Property Size28,700 SF
Days on Market159
Property Features for 3044 E Fillmore St
General Information
Standard status
Active
Size
28,700 SF
Property subtype
Multifamily
Amenities
Mid-Sized Multifamily Investment Opportunity
100% Two-Bedroom Floorplans
Proximity to Key Phoenix MSA Submarkets
Building Details
Building Size
28,700 SF
Units
41
Listing Agency:
Phoenix Office
Listed By:
Paul Bay · License #License(s): AZ: SA671037000
(602) 687-6679
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 8
Last Checked: Sep 6 at 3:58AM
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 Phoenix Office
Investment Insights
Based on property information with market context.
Located west of 32nd Street on Fillmore Street, East Fillmore is a 41-unit multifamily community positioned just south of Central Phoenix's largest major employment corridor. The property is situated minutes from the Midtown submarket, surrounded by lifestyle opportunities and with proximity to Loop 202 and Interstate 10. Nearby destinations include Biltmore’s Shops at Town & Country and Camelback Colonnade, offering access to approximately 1.51 million square feet of retail, including retailers such as Whole Foods, Trader Joe’s, Best Buy and Nordstrom Rack. The Camelback Employment Corridor, home to companies such as Cisco, Charles Schwab, Accenture, and Humana, hosts approximately 46,000 employees and 1,200 employers. Midtown is home to the Innovation Employment Corridor, which runs down Central Avenue, presenting employment opportunities from companies such as Banner Health and IBM. Together, the Camelback and Innovation Corridors showcase over 117,000 employees and 3,300 employers. Completed in 1986, East Fillmore is comprised of 41 two-bedroom floorplans, offering an average of approximately 700 square feet per unit. All units have been fully renovated with new countertops, cabinets, appliances, upgraded electrical panels and in-unit washer/dryers (select units). In addition, the entire community exterior and common area has been upgraded including new dual pane windows, landscaping, exterior paint, common area, and roof. The property's centralized location provides immediate access to schools, retail, and major employment corridors.
Key Highlights
- Prime location south of Central Phoenix, near major employment corridors.
- Easy access to Loop 202 and Interstate 10.
- Proximity to retail centers like Biltmore’s Shops at Town & Country and Camelback Colonnade.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$301,083
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.40%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,021,660
$6.0M
Cap Rate 7%
$4,301,186
$4.3M
Cap Rate 9%
$3,345,367
$3.3M
Market Conditions
NOI Build-Up for 28,700 SF
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.
Gross rent
$585.5K $20.40/SF
− Vacancy
−$38.1K −$1.33/SF
EGI
$547.4K $19.07/SF
− OpEx
−$246.3K −$8.58/SF
NOI
$301.1K $10.49/SF
Area
ZIP 85008
Vacancy
6.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,021,660
Cap Rate 7%
$4,301,186
Cap Rate 9%
$3,345,367
Alternative Uses
Best Use
Apartment 5plus
$4.30M
$3.76M – $5.02M
NOI $301,083 @ 7.0% cap · market cap 4.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.87M
$7.76M – $10.35M
NOI $620,868 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
610
Businesses Nearby
Explore this area
Business Placement
Demographics for 85008, AZ
59,047
Population
24,508
Households
2.4
Avg Household Size
30
Median Age
24%
College-Educated
75%
High-School Grad
10.2 sq mi
ZIP Area
5,789
Density / Sq Mi
$61,369
Median Household Income
$36,969
Median Earnings
$1,300
Median Rent
$323,600
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?
Apartment building - 41-unit multifamily property near major Phoenix employment and retail.
Where is this apartment building located?
The property is located at 3044 E Fillmore St Phoenix, AZ.
What is the asking price?
The asking price for this property is $6,850,000.
What are key features of this property?
This property features: Prime location south of Central Phoenix, near major employment corridors.; Easy access to Loop 202 and Interstate 10.; Proximity to retail centers like Biltmore’s Shops at Town & Country and Camelback Colonnade.
