5038 N 18th Ave 3 Unit Apartment Building Offered at $715,000 at a 8.72% Cap Rate Phoenix, AZ 85015

An opportunity to acquire a fully remodeled Phoenix triplex currently operated using the PadSplit shared-housing model, providing nine individual income-producing rooms across three separate residential units.
The property has been thoughtfully renovated with an emphasis on both durability and resident appeal. Interiors feature white shaker-style cabinetry, stone-look countertops, stainless steel appliances, wood-look flooring, recessed lighting, updated fixtures, modern neutral finishes, and remodeled bathrooms with contemporary vanities and attractive tile tub/shower surrounds.
Each of the three units is equipped with a full-size washer and dryer, an important amenity for a shared-housing property and a significant convenience for residents. The individual bedrooms are bright and functional, with attractive finishes and layouts designed to support comfortable room-by-room occupancy.
The exterior also presents exceptionally well, with low-maintenance desert landscaping, separate unit entrances, updated windows, distinctive red entry doors, and clean curb appeal.
Unlike a traditional triplex relying on only three rental streams, this property is positioned to generate income from nine individually rentable rooms, creating greater income diversification within a single asset.
Current room pricing is approximately $205 per week per room, producing gross potential income of approximately $95,202 annually.
Using a conservative 7% vacancy allowance, projected annual occupied revenue is approximately $88,538. Based upon owner-provided operating expenses, including utilities, insurance, property taxes, property management and the PadSplit technology fee calculated only on occupied revenue, projected annual NOI is approximately $56,185.
At the $715,000 offering price, that represents an estimated 7.86% projected cap rate.
At 100% occupancy, projected NOI increases to approximately $62,316, representing an estimated 8.72% cap rate, providing additional income upside as occupancy is maximized.
Investment Highlights
$715,000 Offering Price
Fully Remodeled Triplex
9 Individual Rentable Rooms
Currently Operated Using the PadSplit Shared-Housing Model
Approximately $205 Per Room Per Week
$95,202 Gross Potential Annual Income
7% Vacancy Included in Pro Forma
Approximately $88,538 Adjusted Annual Revenue
Approximately $56,185 Projected NOI
7.86% Projected Cap Rate
Approximately $62,316 NOI at 100% Occupancy
Approximately 8.72% Cap Rate at 100% Occupancy
Full-Size Washer & Dryer in Each Unit
Remodeled Kitchens
White Shaker-Style Cabinetry
Stone-Look Countertops
Stainless Steel Appliances
Remodeled Bathrooms
Wood-Look Flooring
Recessed Lighting
Modern Neutral Interior Finishes
Separate Unit Entrances
Low-Maintenance Desert Landscaping
Nine Separate Revenue-Prod

5038 N 18th Avenue is centrally located in Phoenix’s established Alhambra neighborhood, just south of Camelback Road. The property offers convenient access to the Camelback Road and 19th Avenue commercial corridors, Interstate 17, Central Phoenix, Midtown, Downtown Phoenix, and Grand Canyon University.
A significant location advantage is the property’s proximity to the Valley Metro Rail station at 19th Avenue and Camelback Road, approximately 0.2 miles away. Residents can walk to the station and access employment centers, educational institutions, sporting events, entertainment districts, Downtown Phoenix, Phoenix Sky Harbor International Airport connections, and destinations throughout the Valley Metro system. (Valley Metro)
Area Amenities
The surrounding neighborhood provides convenient access to grocery stores, restaurants, coffee shops, pharmacies, banks, fitness centers, medical services, schools, and other everyday necessities. The nearby Camelback Road, Bethany Home Road, 19th Avenue, and Central Avenue corridors offer a broad selection of national retailers, locally owned businesses, and neighborhood services.
Residents are also within convenient driving or light-rail distance of:
Uptown Plaza and the Central Avenue dining corridor
The Melrose District’s restaurants, boutiques, and locally owned businesses
Steele Indian School Park
Encanto Park and Encanto Golf Course
Phoenix College
Grand Canyon University
Downtown Phoenix’s business, educational, medical, and cultural districts
Entertainment Venues
The property’s central location provides access to numerous entertainment, cultural, and sporting destinations. Grand Canyon University’s main campus is located at 3300 W Camelback Road and offers collegiate sporting events, concerts, theatrical productions, and other community activities. (Grand Canyon University)
Additional destinations accessible by car or light rail include:
GCU Arena
Footprint Center
PHX Arena and Downtown Phoenix sporting events
Arizona Financial Theatre
Phoenix Convention Center
The Van Buren
Phoenix Art Museum
Heard Museum
Roosevelt Row Arts District
Chase Field
Downtown Phoenix restaurants and nightlife
Major Employers
The property is positioned near several of Central Phoenix’s most significant employment centers. Grand Canyon University is located approximately two miles west of the property, while Banner Health’s corporate offices are situated along Central Avenue. Banner–University Medical Center Phoenix, the City of Phoenix, Phoenix College, and Downtown Phoenix’s government, healthcare, education, financial, hospitality, and professional-service employers are also readily accessible. (Grand Canyon University)
Major area employers and employment centers include:
Grand Canyon University
Banner Health and Banner–University Medical Center Phoenix
City of Phoenix
State of Arizona
Phoenix College and the Maricopa County Community College District
Phoenix Union High School District
Maricopa County
Downtown Phoenix financial and professional-service firms
Phoenix Sky Harbor International Airport and its supporting employers
Transportation
The property offers excellent multimodal transportation access. The 19th Avenue/Camelback Valley Metro Rail station and park-and-ride facility are located approximately 0.2 miles from the property. The station is served by the Valley Metro B Line and connects the neighborhood with Midtown and Downtown Phoenix, Grand Canyon University-area destinations, Phoenix Sky Harbor International Airport connections, Tempe, Mesa, North Phoenix, and South Phoenix. (Valley Metro)
Bus service is available along both 19th Avenue and Camelback Road, providing additional connections throughout Central Phoenix. Interstate 17 is approximately one mile west of the property, offering convenient regional access to Downtown Phoenix, the West Valley, North Phoenix, Loop 101, and Interstate 10.
The combination of walkable light-rail access, nearby bus routes, major arterial streets, and convenient freeway connectivity makes this location especially attractive to residents seeking transportation flexibility and access to major employment and entertainment destinations.