Uptown Phoenix Multifamily
For Sale
$1,699,000
5035 North 23rd Avenue, 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 Market228
Property Features for 5035 North 23rd Avenue
General Information
Standard status
Active
Size
5,000 SF
Lot size
0.57 Acres
Property subtype
Multiple Dwellings
Zoning
R3
Net Operating Income
$122,302
Taxes and HOA fees
Annual Taxes
$6,272
Amenities
Other, See Remarks, Electric, Heat Pump
Other, Heat Pump, Electric, Natural Gas
Laminate, Other, Ceramic Tile, Vinyl, Wood, Concrete
Yes
11
9
Composition, Rolled/Hot Mop
Sidewalk(s)
Other, See Remarks, No Pool
7
Wood Frame, Painted, Stucco, Block
Building Details
Year Built
1958
Listing Agency:
Better Homes & Gardens Real Estate SJ Fowler
Listed By:
James C Stephens · License #BR650365000
(602) 672-3526
Source:
Compass
Added: Mar 2
Changed: Oct 15
Last Checked: Oct 15 at 1:04AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$58,318
Cap Rate
3.43%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
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
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 North 23rd Avenue 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.
