Cove on 44th
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Cove on 44th 4030 N 44th Ave, Phoenix, AZ 85031
256-unit apartment community with renovation upside in Phoenix.
Lot Size8.05 Acres
Days on Market73
Property Features for Cove on 44th 4030 N 44th Ave
General Information
Standard status
Active
Lot size
8.05 Acres
Property subtype
Multifamily
Listing Agency:
Phoenix
(602) 222-5144
Listed By:
Chris Roach · License #BR537697000
(602) 222-5144
Source:
Colliers
Added: May 19
Changed: Jul 10
Last Checked: Jul 30 at 2:31AM
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 Phoenix
Investment Insights
Based on property information with market context.
Cove on 44th is a 256-unit garden-style apartment community built in 1983. It features individually metered studio and one-bedroom floor plans. The property is spread across 12 buildings on approximately 8.05 acres. It offers direct access to both I-17 and I-10, providing a short commute to Downtown Phoenix. The property benefits from strong in-place occupancy and a proven renovation program. The location is supported by the Phoenix metro’s continued population and job growth. The property has been managed by Chamberlin & Associates since July 2024, with operations improving under their management. A value-add program is underway, with 59 units already renovated under a proven Deluxe upgrade concept commanding a meaningful rent premium. The remaining 197 units represent an opportunity for new ownership to continue the program. At full stabilization, the renovation program is projected to generate over $528,000 in annual premium income across renovation premiums, washer/dryer installation, and additional utility reimbursement opportunities.
Key Highlights
- Strong in‑place occupancy indicates genuine renter demand.
- Proven renovation program with 59 units already upgraded, commanding a rent premium.
- Opportunity to renovate 197 remaining units, projected to generate over $528,000 in annual premium income at full stabilization.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
781
Businesses Nearby
Explore this area
Business Placement
Demographics for 85031, AZ
31,162
Population
8,816
Households
3.5
Avg Household Size
29
Median Age
8%
College-Educated
64%
High-School Grad
4.1 sq mi
ZIP Area
7,600
Density / Sq Mi
$59,641
Median Household Income
$36,097
Median Earnings
$1,503
Median Rent
$240,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 256-unit apartment community with renovation upside in Phoenix.
Where is this apartment building located?
The property is located at Cove on 44th 4030 N 44th Ave Phoenix, AZ.
What are key features of this property?
This property features: Strong in‑place occupancy indicates genuine renter demand.; Proven renovation program with 59 units already upgraded, commanding a rent premium.; Opportunity to renovate 197 remaining units, projected to generate over $528,000 in annual premium income at full stabilization.
