24-Unit Apartment Building with
For Sale
$2,999,000
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$199.93
Days on Market8
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
Source:
Eastvalleyazhomesforsale
Added: Aug 24
Changed: Aug 31
Last Checked: Aug 30 at 3:37PM
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
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 = 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
$174,953
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
5.83%
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%
$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
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
$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 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%
$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 5.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.54M
$3.98M – $5.30M
NOI $318,054 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - 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 $2,999,000.
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
