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8910-8912 N 3rd St 10 Unit Apartment Building $1,890,000 ($189,000/Unit) 5.18% Cap Rate Phoenix, AZ 85020
Investment Highlights
- Fully renovated 10-unit multifamily in Phoenix infill location
- Recently stabilized after ~18 months of repositioning
- De-risked future capex
- ±$355,000 in total CapEx including ±$121,000 full electrical overhaul
- Stabilized pro forma GPR of ±$142,800/year
Executive Summary
FULLY UPDATED ELECTRICAL & WIRING. Fully renovated 10-unit multifamily asset in the highly desirable Uptown Phoenix submarket. The property features a compelling unit mix across two contiguous parcels and benefits from approximately $355,000 of capital improvements completed over the last 1.5 years. With strong leasing momentum, stabilized operations, and market rent upside, this property is well-positioned for both yield-focused and appreciation-driven investors.
Financial Summary (Pro Forma - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$142,800
|
$27.46
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$7,140
|
$1.37
|
| Effective Gross Income |
$135,660
|
$26.09
|
| Taxes |
$2,732
|
$0.53
|
| Operating Expenses |
$35,048
|
$6.74
|
| Total Expenses |
$37,780
|
$7.27
|
| Net Operating Income |
$97,880
|
$18.82
|
Financial Summary (Pro Forma - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $142,800 |
| Annual Per SF | $27.46 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $7,140 |
| Annual Per SF | $1.37 |
| Effective Gross Income | |
|---|---|
| Annual | $135,660 |
| Annual Per SF | $26.09 |
| Taxes | |
|---|---|
| Annual | $2,732 |
| Annual Per SF | $0.53 |
| Operating Expenses | |
|---|---|
| Annual | $35,048 |
| Annual Per SF | $6.74 |
| Total Expenses | |
|---|---|
| Annual | $37,780 |
| Annual Per SF | $7.27 |
| Net Operating Income | |
|---|---|
| Annual | $97,880 |
| Annual Per SF | $18.82 |
Property Facts
| Price | $1,890,000 | Building Class | C |
| Price Per Unit | $189,000 | Lot Size | 0.29 AC |
| Sale Type | Investment | Building Size | 5,200 SF |
| Cap Rate | 5.18% | Average Occupancy | 80% |
| No. Units | 10 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1945/2024 |
| Property Subtype | Apartment | Parking Ratio | 1/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R-5 - Residential | ||
| Price | $1,890,000 |
| Price Per Unit | $189,000 |
| Sale Type | Investment |
| Cap Rate | 5.18% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 5,200 SF |
| Average Occupancy | 80% |
| No. Stories | 1 |
| Year Built/Renovated | 1945/2024 |
| Parking Ratio | 1/1,000 SF |
| Zoning | R-5 - Residential |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Freezer
- Patio
- Vinyl Flooring
- Window Coverings
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Online Services
- Private Bathroom
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | $975.00 | 350 |
| 1+1 | 6 | $1,098 | 500 - 600 |
| 2+1 | 2 | $1,125 | 750 |
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Walk Score®
Very Walkable (86)
Bike Score®
Very Bikeable (78)
Property Taxes
| Parcel Numbers | Total Assessment | $12,627 | |
| Land Assessment | $1,253 | Annual Taxes | $2,732 ($0.53/SF) |
| Improvements Assessment | $0 | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$1,253
Improvements Assessment
$0
Total Assessment
$12,627
Annual Taxes
$2,732 ($0.53/SF)
Tax Year
2025
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8910-8912 N 3rd St
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