Uptown Phoenix Multifamily
For Sale
Contact for pricing
5035 N 23rd Ave, Phoenix, AZ 85015
Nine-unit complex near GCU with value-add potential.
Property Size5,000 SF
Lot Size0.57 Acres
Price / SF$339.80
Days on Market171
Property Features for 5035 N 23rd Ave
General Information
Standard status
Active
Size
5,000 SF
Class
C
Total Parking Spaces
14
Lot size
0.57 Acres
Property subtype
Multifamily
Zoning
R-3
Occupancy
97%
Investment Type
Stabilized
Net Operating Income
$122,000
Building Details
Year Built
1929
Year Renovated
2022
Buildings
7
Stories
1
Units
9
Listing Agency:
SJ Fowler Real Estate
Listed By:
Cass Stephens · License #BR650365000
Source:
Crexi
Added: Mar 4
Changed: Aug 17
Last Checked: Aug 20 at 8:42PM
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 SJ Fowler Real Estate
Investment Insights
Based on property information with market context.
This nine-unit complex in Uptown Phoenix is situated on a lot close to 25,000 square feet with R-3 zoning. Located north of Camelback Road, it is one mile east of Grand Canyon University (GCU) and a half-mile east of Interstate 17, placing it within an Opportunity Zone. The property is buffered by the SRP-Westwood substation to the west and a newly constructed fire station to the south, with owner-occupied properties on the same block. The unit mix includes two two-bedroom units, four one-bedroom units, and three larger studio units, spread across seven buildings. The zoning and lot size offer density and additional value potential. The units could be repositioned for GCU students or short-term rentals. The property is fully upgraded and stabilized, with a capitalization rate close to 7% based on a projected net operating income (NOI) of $122,000 for 2025. The property size is 5,000 square feet.
Key Highlights
- Fully upgraded and stabilized complex with a close to 7 CAP (based on 2025 P&L of $122,000 NOI).
- Seller financing available (6% interest‑only with 30% down).
- Large lot (close to 25,000 sf) with R‑3 zoning offering density and additional value potential.
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
$58,318
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
3.43%
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%
$1,166,360
$1.2M
Cap Rate 7%
$833,114
$833.1K
Cap Rate 9%
$647,978
$648.0K
Market Conditions
NOI Build-Up for 5,000 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
$112.8K $22.56/SF
− Vacancy
−$6.8K −$1.35/SF
EGI
$106.0K $21.21/SF
− OpEx
−$47.7K −$9.54/SF
NOI
$58.3K $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%
$1,166,360
Cap Rate 7%
$833,114
Cap Rate 9%
$647,978
Alternative Uses
Best Use
Apartment 5plus
$833.1K
$729.0K – $972.0K
NOI $58,318 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.33M – $1.77M
NOI $106,018 @ 7.0% cap · market cap 6.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,200
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 - Nine-unit complex near GCU with value-add potential.
Where is this apartment building located?
The property is located at 5035 N 23rd Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: Fully upgraded and stabilized complex with a close to 7 CAP (based on 2025 P&L of $122,000 NOI).; Seller financing available (6% interest‑only with 30% down).; Large lot (close to 25,000 sf) with R‑3 zoning offering density and additional value potential.
