Three-Bedroom Residential Income
For Sale
$270,000
5115 N 22nd Avenue N 3, Phoenix, AZ 85015
Apartment with a divided bedroom layout, dedicated laundry room, and updated interior finishes.
Property Size1,134 SF
Days on Market85
Property Features for 5115 N 22nd Avenue N 3
General Information
Standard status
Active
Size
1,134 SF
Property subtype
Apartment
Site & Location
Neighborhood
Alhambra
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$610
Amenities
Laundry room
Building Details
Building Size
1,134 SF
Year Built
1983
Listing Agency:
My Home Group Real Estate
Listed By:
Janet Herrera
(602) 317-9253
Source:
Alexiabertsatos
Added: Aug 11
Changed: Oct 31
Last Checked: Nov 1 at 12:57PM
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 My Home Group Real Estate
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 apartment offers three bedrooms and two baths within a split floor plan designed to separate living and sleeping areas. The interior includes a dedicated laundry room, white shaker cabinetry, 3cm quartz countertops, and dual-pane windows. Appliances were installed in 2023, adding a recent update to the unit’s functional features.
Built in 1983, the property is located at 5115 N 22nd Avenue N 3 in Phoenix, Arizona 85015.
Built in 1983, the property is located at 5115 N 22nd Avenue N 3 in Phoenix, Arizona 85015.
Key Highlights
- 3‑bedroom, 2‑bath apartment
- Split floor plan
- Appliances installed in 2023
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,226
Cap Rate
4.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$264,520
$264.5K
Cap Rate 7%
$188,943
$188.9K
Cap Rate 9%
$146,956
$147.0K
Market Conditions
NOI Build-Up for 1,134 SF
Gross rent
$25.6K $22.56/SF
− Vacancy
−$1.5K −$1.35/SF
EGI
$24.0K $21.21/SF
− OpEx
−$10.8K −$9.54/SF
NOI
$13.2K $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%
$264,520
Cap Rate 7%
$188,943
Cap Rate 9%
$146,956
Alternative Uses
Best Use
Apartment 5plus
$188.9K
$165.3K – $220.4K
NOI $13,226 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$343.5K
$300.6K – $400.8K
NOI $24,045 @ 7.0% cap · market cap 8.91%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,178
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
Frequently Asked Questions
What type of property is this?
Residential income property - Apartment with a divided bedroom layout, dedicated laundry room, and updated interior finishes.
Where is this residential income property located?
The property is located at 5115 N 22nd Avenue N 3 Phoenix, AZ.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: 3‑bedroom, 2‑bath apartment; Split floor plan; Appliances installed in 2023
