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    Cove on 44th 4030 N 44th Ave, Phoenix, AZ 85031

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    256-unit apartment community with renovation upside in Phoenix.

    Type:Multifamily
    Lot size:
    8.05 Acres
    Added:
    May 19, 2026
    Days on Market:
    5
    Last Refresh:
    May 19 at 3:36 am

    Property Features for Cove on 44th 4030 N 44th Ave

    General Information

    Standard status
    Active
    Lot size
    8.05 Acres
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Chris Roach
    Chris Roach

    Listing agent Chris Roach

    Listing office Phoenix

    Listing date May 19, 2026

    Source Colliers

    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

    HighLights

    • Strong in‑place occupancy indicates genuine renter demand.
    • Proven renovation program with 59 units already upgraded, commanding a rent premium.
    • Opportunity to renovate 197 remaining units, projected to generate over $528,000 in annual premium income at full stabilization.
    • Immediate upside potential by increasing effective rent to match market rates.
    • Direct access to both I‑17 and I‑10 highways, with a short commute to Downtown Phoenix.
    • Improved operations under current management.

    Overview

    Cove on 44th is a 256-unit garden-style apartment community built in 1983. It features individually metered studio and one-bedroom floor plans. The property is spread across 12 buildings on approximately 8.05 acres. It offers direct access to both I-17 and I-10, providing a short commute to Downtown Phoenix. The property benefits from strong in-place occupancy and a proven renovation program. The location is supported by the Phoenix metro’s continued population and job growth. The property has been managed by Chamberlin & Associates since July 2024, with operations improving under their management. A value-add program is underway, with 59 units already renovated under a proven Deluxe upgrade concept commanding a meaningful rent premium. The remaining 197 units represent an opportunity for new ownership to continue the program. At full stabilization, the renovation program is projected to generate over $528,000 in annual premium income across renovation premiums, washer/dryer installation, and additional utility reimbursement opportunities.
    Location Intelligence

    Current Use by Public Records

    Single Auto Sale Car Dealership Tides on 44th Apartment Complex

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.1539626
    Latitude
    33.4937043

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    FAQs

    What type of property is this?
    Apartment building - 256-unit apartment community with renovation upside in Phoenix.
    Where is this apartment building located?
    The property is located at Cove on 44th 4030 N 44th Ave Phoenix, AZ.
    What are key features of this property?
    This property features: Strong in‑place occupancy indicates genuine renter demand.; Proven renovation program with 59 units already upgraded, commanding a rent premium.; Opportunity to renovate 197 remaining units, projected to generate over $528,000 in annual premium income at full stabilization.
    (602) 222-5144
    We can help!
    Listing Contact
    Chris Roach
    Chris Roach
    Learn More
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    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
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