24-Unit Apartment Building with
For Sale
$2,799,000
4815 N 15th Ave, Phoenix, AZ 85015
R-4 apartment property with renovated units, separate laundry facilities, storage areas, and private patios in select residences.
Property Size15,000 SF
Lot Size1.09 Acres
Price / SF$186.60
Days on Market51
Property Features for 4815 N 15th Ave
General Information
Standard status
Active
Size
15,000 SF
Lot size
1.09 Acres
Property subtype
Multi-Family
Zoning
R-4
Occupancy
100%
Financials
Asking Price
$2,999,000
Opportunity Zone
Yes
Units
Unit Mix
8 x 2BR, 10 x 1BR, 6 x Studio
Multifamily Units
24
Additional Details
Public Transit
Yes
Amenities
in-unit washer/dryers
upgraded kitchens and bathrooms
storage units
washer/dryer rooms
private patios
Building Details
Year Built
1958
Listing Agency:
Better Homes & Gardens Real Estate SJ Fowler
Listed By:
James C Stephens · License #BR650365000
(480) 699-0777
Source:
Eastvalleyazhomesforsale
Added: Aug 26
Changed: Oct 1
Last Checked: Oct 14 at 11:26PM
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 Better Homes & Gardens Real Estate SJ Fowler
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Investment Insights
Based on property information with market context.
Palm Square 24 is a 24-unit apartment community at 4815 N 15th Ave in Phoenix, comprising 15,000 square feet across 1.09 acres and 3 lots. The unit mix includes 8 large two-bedroom apartments, 10 large one-bedroom apartments, and 6 studio units, with an average unit size of 625 square feet. The property was built in 1958 and is currently fully occupied as of August 2026.
Several apartments received kitchen and bathroom improvements during 2022–2023, and many include in-unit washer and dryer sets. Recent capital work also includes replacement of several electrical systems and wiring, along with most HVAC units. The site offers separate laundry and storage facilities, private patios at select units, and steel carports at the rear.
The property carries R-4 zoning, has no HOA, and is outside a historic district. It is positioned near the intersection of 15th Street and Camelback Road, within a few blocks of a light rail station and approximately 1 mile from Uptown Plaza and the Melrose District.
Several apartments received kitchen and bathroom improvements during 2022–2023, and many include in-unit washer and dryer sets. Recent capital work also includes replacement of several electrical systems and wiring, along with most HVAC units. The site offers separate laundry and storage facilities, private patios at select units, and steel carports at the rear.
The property carries R-4 zoning, has no HOA, and is outside a historic district. It is positioned near the intersection of 15th Street and Camelback Road, within a few blocks of a light rail station and approximately 1 mile from Uptown Plaza and the Melrose District.
Key Highlights
- 24 units across 15,000 total Sq Ft
- Unit mix includes (8) 2 bed, (10) 1 bed, and (6) studio units
- 1.09 acres over 3 lots with R‑4 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$174,953
Cap Rate
6.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,499,060
$3.5M
Cap Rate 7%
$2,499,329
$2.5M
Cap Rate 9%
$1,943,922
$1.9M
Market Conditions
NOI Build-Up for 15,000 SF
Gross rent
$338.4K $22.56/SF
− Vacancy
−$20.3K −$1.35/SF
EGI
$318.1K $21.21/SF
− OpEx
−$143.1K −$9.54/SF
NOI
$175.0K $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 Rate 5%
$3,499,060
Cap Rate 7%
$2,499,329
Cap Rate 9%
$1,943,922
Alternative Uses
Best Use
Apartment 5plus
$2.50M
$2.19M – $2.92M
NOI $174,953 @ 7.0% cap · market cap 6.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.54M
$3.98M – $5.30M
NOI $318,054 @ 7.0% cap · market cap 11.36%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
24
Residential units
100%
Occupancy
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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - R-4 apartment property with renovated units, separate laundry facilities, storage areas, and private patios in select residences.
Where is this apartment building located?
The property is located at 4815 N 15th Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $2,799,000.
What are key features of this property?
This property features: 24 units across 15,000 total Sq Ft; Unit mix includes (8) 2 bed, (10) 1 bed, and (6) studio units; 1.09 acres over 3 lots with R‑4 zoning
