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    1510 48Th St Phoenix, AZ 85008

    Sponsored
    For Sale
    $10,950,000

    51-Unit Apartment Complex, East Phoenix

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 51-unit apartment building in Phoenix, Arizona, presents a compelling value-add investment opportunity. Located at 1510 N 48th St, in the desirable East Phoenix area, this three-building complex boasts 48,450 square feet of net rentable space, spread across three stories. Built in 1985, the property features wood-frame construction with recently installed built-up roofs and individual electric meters. All 51 units are spacious two-bedroom, two-bathroom floor plans, averaging approximately 950 square feet and including private patios. The property is zoned R4-A and has a Maricopa County APN of 125-14-003. Currently, the asking price is $10,950,000, representing a price per unit of $214,705.88. Significant revenue enhancement potential exists through a planned upgrade package including new white shaker-style cabinetry, quartz countertops, brushed nickel fixtures and hardware, stainless steel appliances, and in-suite washer/dryers, projected to increase rental income by approximately $100 per unit based on comparable properties. The property benefits from its proximity to the Biltmore-Camelback financial district and a major data center development, as well as excellent access to Loop 202 and SR 143 freeways, providing easy commutes throughout the Phoenix metropolitan area. A 3.70% fixed-rate assumable financing option is available, with a due date of 2031. This presents a rare chance to acquire a boutique multifamily asset with substantial upside potential.

    Property Features for 1510 48Th St

    General Information

    Property type
    Multifamily properties

    Building Details

    Year Built
    1985
    Buildings
    3
    Stories
    3
    Units
    51

    HighLights

    • Assumable financing at a fixed 3.70% rate, maturing in 2031.
    • 100% of units are large two‑bedroom, two‑bathroom floor plans with private patios.
    • Value‑add opportunity with potential for revenue growth.
    • Significant upside potential through rent increases and lease‑up.
    • Excellent access to major roadways with high traffic volume.
    Property Profile Location Intelligence

    Current Use by Public Records

    Phoenix 12 Step ... Addiction Treatment Center Alice Tahir Studio Beauty Salon New Horizons Apartments Apartment Complex

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.9786989
    Latitude
    33.4638894

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    FAQs

    What type of property is this?
    Multifamily property - 51-Unit Apartment Complex, East Phoenix
    Where is this multifamily property located?
    The property is located at 1510 48Th St Phoenix, AZ.
    What is the asking price?
    The asking price for this property is $10,950,000.
    What are key features of this property?
    This property features: Assumable financing at a fixed 3.70% rate, maturing in 2031.; 100% of units are large two-bedroom, two-bathroom floor plans with private patios.; Value-add opportunity with potential for revenue growth.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1510 48Th St Phoenix, AZ 85008
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