Price Cut + New Lease! Arcadia 4-Plex 4821 E Sheridan St 4 Unit Apartment Building $1,595,000 ($398,750/Unit) 4.85% Cap Rate Phoenix, AZ 85008

This fully renovated Arcadia 4-plex just became one of the most compelling small multifamily plays in the Phoenix market. Recently reduced from $1,695,000* to $1,595,000, 4821 E Sheridan combines over *$500,000 in capital improvements*, strong rent potential, and an A+ Arcadia location that continues to attract high-quality tenants.
One unit has leased at $1,895 per month + $50 in RUBS, and two additional units are available to show and in active lease-up. For investors seeking a turnkey asset with both income growth and long-term appreciation, this property checks all the boxes.
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Investment Highlights
Unit mix:4 fully renovated units with modern finishes
Leasing update: One unit leased at $1,895/mo + $50 RUBS; two units currently available to show w/an additional unit leases as well
Capital improvements: Over $500,000 invested in structural, mechanical, and interior upgrades
Turnkey condition: Minimal ongoing maintenance and virtually no deferred items
Location: Arcadia area – one of Phoenix’s most desirable, supply-constrained neighborhoods
Recent Leasing & Income Story
The latest lease at $1,895 per month + $50 in RUBS validates the strength of this Arcadia location and the quality of the renovation. With two remaining units available and in active lease-up, an incoming owner benefits from fresh, market-rate rents and a clean slate of new tenancies.
This combination of recent price reduction and demonstrated rent level positions 4821 E Sheridan as a rare opportunity to acquire a fully renovated asset below replacement cost in a top-tier submarket.
Major Renovations & Capital Improvements
Ownership has completed a comprehensive renovation program touching nearly every component of the property, including:
Roof, Exterior & Structure
* Complete roof replacement with 30-year architectural shingles
* Synthetic underlayment, flashing, and roof prep for long-term durability
* Stuccoed and freshly painted exterior
* New entry doors and upgraded fencing for added privacy and security
Mechanical & Electrical
* 4 new Goodman A/C units (three at 2 tons, one at 2.5 tons)
* Upgraded electrical service including new panels, breakers, and dedicated circuits
Landscaping, Hardscape & Parking
* Removal of older trees, sidewalks, and debris to open and clean the site
* New concrete driveways to 3 units and storage area
* 5 grass parcels in the front and rear yards for an elevated curb appeal
* River rock bordering grass, sidewalks, and driveways for a clean, low-maintenance finish
* New mailbox receptacle and upgraded fencing
* 4 newly built storage units, fully finished and painted
* Refreshed covered parking with upgraded woodwork and paint
*Interior Finishes & Appliances*
* Modern kitchens with new cabinets, countertops, sinks, and backsplashes
* Updated bathrooms with new toilets, sinks, cabinets, counters, mirrors, showers, and tubs
* Leveled floors with new flooring throughout each unit
* Fresh interior paint and new overhead fans in every room
* 11 Milgard dual-pane windows and 3 new sliding doors
* Full appliance packages: refrigerators, dishwashers, ranges, microwaves, in-unit washer/dryers, and water heaters in all 4 units
**Arcadia Location – Lifestyle and Demand Driver**
Arcadia is one of Phoenix’s most sought-after neighborhoods, known for its *mature landscaping, established character, and central location*. Residents enjoy:
* Quick access to Camelback Mountain and the Arizona Canal Trail for hiking, biking, and outdoor recreation
* Proximity to destination dining and retail such as *Chelsea’s Kitchen, The Henry, and La Grande Orange*
* A strong community feel with well-regarded schools, parks, and neighborhood amenities
* Easy access to key employment corridors, Old Town Scottsdale, the Biltmore area, and Phoenix Sky Harbor International Airport
This location supports premium rent levels and consistent demand from tenants who want the Arcadia lifestyle with updated, low-maintenance living.
**Summary**
With a *$100,000 price reduction*, a *fresh lease at $1,895 + $50 RUBS*, and over *$500,000 in improvements* already completed, 4821 E Sheridan offers investors a rare turnkey 4-plex opportunity in a premier Arcadia location. This is an ideal hold for investors focused on durable cash flow, pride of ownership, and long-term appreciation in one of Phoenix’s most established, high-demand neighborhoods.
*Buyer to verify all facts and figures.*