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    Turnkey Midtown Phoenix Multifamily Investment Title is generated by Realmo AI

    4132 North 3rd Avenue, Phoenix, AZ 85013

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    For Sale
    $1,550,000

    Remodeled, furnished four-unit property with flexible rental strategies and strong tenant demand.

    Type:Multiple Dwellings
    Added:
    Jan 13, 2026
    Days on Market:
    142
    Last Refresh:
    Mar 13 at 3:13 pm

    Property Features for 4132 North 3rd Avenue

    General Information

    Standard status
    Active
    Property subtype
    Multiple Dwellings

    Building Details

    Year Built
    1950

    We can help!

    Listing Contact
    Janelle Aleman

    Listing agent Janelle Aleman License #01985992

    Listing office REAL BROKERAGE TECHNOLOGIES

    Listing date Jan 13, 2026

    Source Compass

    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 REAL BROKERAGE TECHNOLOGIES

    HighLights

    • Turnkey, fully furnished four‑unit multifamily property in highly desirable Midtown Phoenix location.
    • Ideal for mid‑term rentals catering to traveling professionals and medical tenants, with proximity to major hospitals and employment hubs.
    • Each unit is extensively remodeled with modern finishes, including in‑unit washer/dryers, updated kitchens, and individual metering.
    • Flexible R4 zoning allows for continued medium‑term rentals, short‑term/Airbnb operation, or a hybrid strategy.
    • Value‑add opportunity with a shared courtyard that can be enhanced into a resort‑style amenity.
    • No HOA and efficient long‑term ownership supported by newer Low‑E windows, updated doors, and newer water heaters.

    Overview

    Located in Midtown Phoenix, this turnkey four-unit multifamily property is positioned near Indian School Road and Central Avenue. The property consists of two separate duplex buildings with two legal addresses and two APNs, totaling four fully furnished 2-bedroom, 1-bath units. The units have been extensively remodeled and are currently operated as mid-term rentals, catering to traveling professionals and medical tenants on three-month leases. The location is minutes from St. Joseph's Hospital, Phoenix Children's Hospital, Downtown Phoenix, major employment hubs, and the 51 and I-10 freeways. Phoenix Sky Harbor International Airport is also nearby. Each unit includes in-unit washer and dryers, wood-look tile flooring, updated kitchens with shaker cabinetry, granite countertops, and stainless-steel appliances. Each unit is individually metered and features newer Low-E windows, updated doors, and newer water heaters. Built in 1950, the property has been significantly modernized. Zoned R4, the property allows for continued medium-term rental use, short-term/Airbnb operation, or a hybrid strategy. There is no HOA, and the asset is turnkey. The shared courtyard presents a value-add opportunity, including the potential to create a resort-style community amenity such as a pool or enhanced outdoor gathering space, subject to buyer verification. The property is suited for a cash buyer or 1031 exchange investor seeking a stabilized, income-producing multifamily asset in a high-demand central Phoenix corridor. A house-hacker scenario also works well, allowing an owner-occupant to live in one unit while offsetting expenses with the remaining rentals.
    Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.0784557
    Latitude
    33.4961243

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    FAQs

    What type of property is this?
    Quadplex - Remodeled, furnished four-unit property with flexible rental strategies and strong tenant demand.
    Where is this quadplex located?
    The property is located at 4132 North 3rd Avenue Phoenix, AZ.
    What is the asking price?
    The asking price for this property is $1,550,000.
    What are key features of this property?
    This property features: Turnkey, fully furnished four‑unit multifamily property in highly desirable Midtown Phoenix location.; Ideal for mid‑term rentals catering to traveling professionals and medical tenants, with proximity to major hospitals and employment hubs.; Each unit is extensively remodeled with modern finishes, including in‑unit washer/dryers, updated kitchens, and individual metering.
    (815) 822-3440
    We can help!
    Listing Contact
    Janelle Aleman
    Real Estate License ID: 01985992
    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.

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