Renovated 8-Unit Multifamily
For Sale
$1,650,000
4119 N 11th Ave, Phoenix, AZ 85013
Fully renovated 8-unit community completed in 1958 with a mix of one- and two-bedroom floorplans.
Property Size5,400 SF
Price / SF$305.56
Days on Market159
Property Features for 4119 N 11th Ave
General Information
Standard status
Active
Size
5,400 SF
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
8
Building Details
Year Built
1958
Year Renovated
2023
Tenancy
Multi
Listing Agency:
Phoenix Office
(602) 687-6700
Listed By:
Paul Bay · License #AZ: SA671037000
(602) 687-6679
Source:
Marcusmillichap
Added: Apr 3
Changed: Jul 21
Last Checked: Sep 7 at 4:46AM
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.
Villa at Melrose is an 8-unit multifamily community north of Indian School Road on 11th Avenue, completed in 1958 and fully renovated in 2023. The property includes four one-bedroom and four two-bedroom floorplans. Interiors feature new countertops and cabinets, stainless steel appliances, upgraded electrical panels, and in-unit washer/dryers in select units.
The community’s exterior and common areas have also been upgraded, including new landscaping, exterior paint, common area improvements, and roof updates.
For day-to-day tenant functionality, the mix of unit sizes is designed to support both one- and two-bedroom households, while the 2023 renovation work covers both in-unit finishes and key shared components of the property.
The community’s exterior and common areas have also been upgraded, including new landscaping, exterior paint, common area improvements, and roof updates.
For day-to-day tenant functionality, the mix of unit sizes is designed to support both one- and two-bedroom households, while the 2023 renovation work covers both in-unit finishes and key shared components of the property.
Key Highlights
- 8‑unit multifamily community completed in 1958 and fully renovated in 2023
- Unit mix: 4 one‑bedroom (50%) and 4 two‑bedroom (50%) floorplans
- Average unit size of about 675 SF per unit
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
$62,983
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
3.82%
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%
$1,259,660
$1.3M
Cap Rate 7%
$899,757
$899.8K
Cap Rate 9%
$699,811
$699.8K
Market Conditions
NOI Build-Up for 5,400 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
$121.8K $22.56/SF
− Vacancy
−$7.3K −$1.35/SF
EGI
$114.5K $21.21/SF
− OpEx
−$51.5K −$9.54/SF
NOI
$63.0K $11.66/SF
Area
Phoenix, AZ
Vacancy
6.00%
Lease Rate
$22.56 /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%
$1,259,660
Cap Rate 7%
$899,757
Cap Rate 9%
$699,811
Alternative Uses
Best Use
Apartment 5plus
$899.8K
$787.3K – $1.05M
NOI $62,983 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,499 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,239
Businesses Nearby
Explore this area
Business Placement
Demographics for 85013, AZ
21,970
Population
11,618
Households
1.9
Avg Household Size
38
Median Age
47%
College-Educated
90%
High-School Grad
3.7 sq mi
ZIP Area
5,938
Density / Sq Mi
$68,895
Median Household Income
$53,067
Median Earnings
$1,435
Median Rent
$476,200
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 - Fully renovated 8-unit community completed in 1958 with a mix of one- and two-bedroom floorplans.
Where is this apartment building located?
The property is located at 4119 N 11th Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 8‑unit multifamily community completed in 1958 and fully renovated in 2023; Unit mix: 4 one‑bedroom (50%) and 4 two‑bedroom (50%) floorplans; Average unit size of about 675 SF per unit
