Renovated 24-Unit Apartment
For Sale
$2,999,000
4815 N 15TH Avenue, Phoenix, AZ 85015
Multiple Dwellings, Phoenix, AZ
Property Size15,000 SF
Lot Size1.09 Acres
Price / SF$199.93
Days on Market8
Property Features for 4815 N 15TH Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-4
Bedrooms
32
Bathrooms
24
Full bathrooms
3
Rooms
Bedroom 16, Bedroom 21, Bathroom 2, Bedroom 23, Bedroom 24, Bedroom 5, Bedroom 22, Bedroom 19, Bedroom 6, Bathroom 10, Bedroom 1, Bedroom 20, Bathroom 1, Bathroom 3, Bedroom 18, Bathroom 22, Bedroom 14, Bedroom 31, Bathroom 4, Bedroom 12, Bedroom 7, Bathroom 13, Bathroom 15, Bedroom 28, Bathroom 9, Bathroom 18, Bathroom 12, Bedroom 30, Bedroom 32, Bedroom 27, Bathroom 5, Bathroom 8, Bedroom 17, Bedroom 25, Bathroom 19, Bathroom 14, Bathroom 7, Bathroom 17, Bathroom 23, Bedroom 4, Bedroom 15, Bathroom 24, Bedroom 8, Bedroom 29, Bathroom 21, Bedroom 3, Bedroom 9, Bedroom 13, Bedroom 26, Bathroom 20, Bathroom 6, Bedroom 2, Bedroom 10, Bathroom 16, Bathroom 11, Bedroom 11
Security features
Security Lighting
Appliances
Free-Standing Range, Refrigerator, Washer/Dryer, W/D Hookup
Subdivision
COX ESTATES 2
Elementary school district
Osborn Elementary District
Middle school district
Phoenix Union High School District
High school district
Phoenix Union High School District
Directions
Just south of Camelback on the east side of 15th Ave.
Standard status
Active
APN
155-44-069-B
Lot size
1.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 64 COX ESTATES 2 MCR 007242
Tax Annual Amount
7236
Legal Description
LOT 64 COX ESTATES 2 MCR 007242
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Forced Air
Cooling system
Electric
Amenities
in-suite washer/dryer
storage
Building Details
Year built
1958
Number of units
24
Flooring type
Tile, Carpet, Vinyl
Building materials
Painted, Block
Roof type
Composition
Listing Agency:
Better Homes & Gardens Real Estate SJ Fowler · Real Living
(480) 649-3536
Listed By:
James C Stephens · License #BR650365000
(602) 672-3526
Added: Aug 25
Changed: Aug 29
Last Checked: Sep 1 at 8:06PM
MLS# 7072051
Copyright © 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 24-unit apartment property comprises 15,000 square feet across a mix of eight two-bedroom residences, ten one-bedroom residences, and six studio units. The property includes carport parking, additional storage, and a combination of tile, carpet, and vinyl flooring. Select residences feature in-suite washer and dryer sets, while others have washer and dryer hookups. Electrical systems have been upgraded in portions of the property, and substantial renovation work has been completed over the last five years.
The community is located at 15th Avenue and Camelback Road in Phoenix, with the property addresses including 4819, 4815, and 4811. Uptown Plaza and the Melrose District are located more than one mile away. The property is zoned R-4, sits on 1.09 acres, and was 100% occupied as of the stated August 2026 operating period.
The community is located at 15th Avenue and Camelback Road in Phoenix, with the property addresses including 4819, 4815, and 4811. Uptown Plaza and the Melrose District are located more than one mile away. The property is zoned R-4, sits on 1.09 acres, and was 100% occupied as of the stated August 2026 operating period.
Key Highlights
- 24 units with 8 two‑bedroom, 10 one‑bedroom, and 6 studio residences
- 15,000 total square feet on 1.09 acres
- 100% occupied as of the stated August 2026 operating period
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - R-4-zoned community with a varied unit mix, carports, storage, and selected in-unit laundry facilities.
Where is this apartment building located?
The property is located at 4815 N 15TH Avenue 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 with 8 two‑bedroom, 10 one‑bedroom, and 6 studio residences; 15,000 total square feet on 1.09 acres; 100% occupied as of the stated August 2026 operating period
