Renovated 8-Unit Multifamily
4119 N 11th Ave Phoenix, AZ 85013
4119 N 11th Ave, Phoenix, AZ, 85013
$1,650,000
For Sale
$1,650,000
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 Market111
Property Features for 4119 N 11th Ave
General Information
- Standard status
- Active
- Size
- 5,400 SF
- Property subtype
- Multifamily
Listing agency
Phoenix Office
(602) 687-6679
Listed by
Paul Bay · License #AZ: SA671037000
(602) 687-6679
Source
Marcusmillichap
Added: Apr 3 Updated: Jul 21 at 7:44AM Checked: Jul 21 at 7:44AM
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
Local Financial Insights For Apartment 5plus
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 | $121.8k | $22.56 |
| − Vacancy | −$7.3k | −$1.35 |
| EGI | $114.5k | $21.21 |
| − OpEx | −$51.5k | −$9.54 |
| NOI | $63.0k | $11.66 |
5,400 SF · lease $22.56/SF/yr · vacancy 6.00% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Urbana at 11th
Apartment Complex
Similar For Sale Nearby
FAQs
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
