Central Phoenix Multifamily Investment
For Sale
Contact for pricing
4811 N 15th Ave, Phoenix, AZ 85015
18-unit multifamily property in a prime Central Phoenix location.
Property Size9,383 SF
Price / SF$255.78
Days on Market218
Property Features for 4811 N 15th Ave
General Information
Standard status
Active
Size
9,383 SF
Property subtype
Multifamily
Building Details
Year Built
1958
Buildings
6
Stories
1
Units
18
Listing Agency:
Marcus & Millichap - Phoenix
Listed By:
Adam Saylor · License #AZ SA659585000
(602) 687-6768
Source:
Crexi
Added: Mar 2
Changed: Aug 8
Last Checked: Aug 8 at 6:43AM
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 Marcus & Millichap - Phoenix
Investment Insights
Based on property information with market context.
Palm Square is an 18-unit community located in Central Phoenix, directly north of Midtown's Melrose Arts District. The property benefits from its proximity to the Interstate 17 Freeway and State Route 51, providing residents with access to destinations across The Valley. The Innovation Employment Corridor, which runs down Central Avenue, is nearby, offering employment opportunities from companies such as Banner Health and IBM. Palm Square is also located two miles from Grand Canyon University, which has a large student population.
Key Highlights
- Prime location in Central Phoenix, directly north of Midtown's Melrose Arts District.
- Easy access to Interstate 17 Freeway and State Route 51.
- Proximity to the Innovation Employment Corridor with major employers like Banner Health and IBM.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$109,439
Cap Rate
4.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,188,780
$2.2M
Cap Rate 7%
$1,563,414
$1.6M
Cap Rate 9%
$1,215,989
$1.2M
Market Conditions
NOI Build-Up for 9,383 SF
Gross rent
$211.7K $22.56/SF
− Vacancy
−$12.7K −$1.35/SF
EGI
$199.0K $21.21/SF
− OpEx
−$89.5K −$9.54/SF
NOI
$109.4K $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 Rate 5%
$2,188,780
Cap Rate 7%
$1,563,414
Cap Rate 9%
$1,215,989
Alternative Uses
Best Use
Apartment 5plus
$1.56M
$1.37M – $1.82M
NOI $109,439 @ 7.0% cap · market cap 4.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.84M
$2.49M – $3.32M
NOI $198,953 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,299
Businesses Nearby
Explore this area
Business Placement
Demographics for 85015, AZ
41,436
Population
17,889
Households
2.3
Avg Household Size
33
Median Age
25%
College-Educated
78%
High-School Grad
4.9 sq mi
ZIP Area
8,456
Density / Sq Mi
$52,585
Median Household Income
$36,456
Median Earnings
$1,227
Median Rent
$312,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - 18-unit multifamily property in a prime Central Phoenix location.
Where is this apartment building located?
The property is located at 4811 N 15th Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Prime location in Central Phoenix, directly north of Midtown's Melrose Arts District.; Easy access to Interstate 17 Freeway and State Route 51.; Proximity to the Innovation Employment Corridor with major employers like Banner Health and IBM.
