Multifamily Community Near Employment
For Sale
$6,400,000
3044 E Fillmore St, Phoenix, AZ 85008
41-unit multifamily property near major Phoenix employment and retail.
Property Size28,700 SF
Days on Market209
Property Features for 3044 E Fillmore St
General Information
Standard status
Active
Size
28,700 SF
Property subtype
Multifamily
Site & Location
Neighborhood
Camelback East
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: Oct 26
Last Checked: Oct 26 at 12:50PM
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
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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 / Yr
$301,083
Cap Rate
4.70%
Suggested Prices Based on Cap Rates
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
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 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 4.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.87M
$7.76M – $10.35M
NOI $620,868 @ 7.0% cap · market cap 9.70%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
610
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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 $6,400,000.
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.
