Log In/Sign Up
Your email has been sent.
Cove on 44th 4030 N 44th Ave 256 Unit Apartment Building For Sale Phoenix, AZ 85031
Investment Highlights
- 256-unit community with strong in-place occupancy and proven operational upside.
- 59 units fully renovated; 197 units remain as income-generating renovation runway.
- Prime location near I-17 and I-10 with access to Downtown Phoenix and major employers.
- Over $1.9 million invested in capital improvements, reducing deferred maintenance exposure.
- Projected $528,000 annual premium potential upon full upgrade completion.
- Amenity-rich community featuring pools, fitness center, dog park, and sports courts.
Executive Summary
Cove on 44th presents an exceptional value-add multifamily investment opportunity in Phoenix, Arizona. This 256-unit, garden-style community sits on 8.05 acres and features individually metered studio and one-bedroom homes. Built in 1983, the property benefits from direct access to I-17 and I-10, providing enhanced connectivity to Downtown Phoenix and major employment centers. Over $1.9 million in recent capital improvements have enhanced plumbing, HVAC systems, and common areas, reducing deferred maintenance risks. Current ownership has initiated a successful renovation program, completing 59 premium unit upgrades and leaving significant upside across 197 remaining units. Upon stabilization, the renovation plan is projected to drive over $528,000 in additional annual income through rent premiums and utility recapture. With strong in-place occupancy, below-market rents, and proximity to major job hubs, Cove on 44th offers investors durable cash flow today and meaningful growth potential in one of Phoenix's most dynamic submarkets.
Property Facts Under Contract
| Sale Type | Investment | Lot Size | 8.05 AC |
| No. Units | 256 | Building Size | 141,258 SF |
| Property Type | Multifamily | Average Occupancy | 96% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1983 |
| Building Class | B | Parking Ratio | 2.58/1,000 SF |
| Zoning | R-4 | ||
| Sale Type | Investment |
| No. Units | 256 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 8.05 AC |
| Building Size | 141,258 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built | 1983 |
| Parking Ratio | 2.58/1,000 SF |
| Zoning | R-4 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Freezer
Site Amenities
- Clubhouse
- Courtyard
- Fitness Center
- Laundry Facilities
- Pool
- Property Manager on Site
- Spa
- Tennis Court
- Grill
- Online Services
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 11 | - | 452 |
| 1+1 | 245 | - | 452 - 598 |
1 1
Fairly walkable
50/100
Very drivable
80/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 107-22-001X | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $630,311 |
Property Taxes
Parcel Number
107-22-001X
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$630,311
1 of 14
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
