A 10-unit, fully renovated multifamily asset on two parcels in central Phoenix — block construction, on-site parking, and a completed capital plan that puts the next owner in income mode on day one.
The seller has carried the property through the heavy lift — full electrical overhaul, unit-by-unit interior renovation, and exterior refresh. Recent leases reflect a stabilized building in a real submarket, not a rehab project.
The next owner inherits a renovated, financeable asset with the deferred-maintenance risk pulled forward and paid for — and clear room to push rents on the legacy units that have not yet rolled.
| Unit | Type | SF | In-Place Rent | Other Income | Market Rent |
|---|---|---|---|---|---|
| 8910-1 | 2BR / 1BA | ±750 | $1,195 | $50 | $1,195 |
| 8910-2 | 1BR / 1BA | ±600 | $900 | $15 | $995 |
| 8910-3 | 1BR / 1BA | ±600 | $900 | $15 | $1,000 |
| 8910-4 | 1BR / 1BA | ±600 | $995 | $0 | $995 |
| 8910-4B | Studio | ±350 | $839 | $15 | $925 |
| 8912-5 | 2BR / 1BA | ±750 | $1,150 | $15 | $1,585 |
| 8912-6 | 1BR / 1BA | ±600 | $800 | $175 | $1,385 |
| 8912-7 | 1BR / 1BA | ±600 | $1,385 | $0 | $1,385 |
| 8912-8 | 1BR / 1BA | ±600 | $1,000 | $0 | $1,175 |
| 8912-8B | Studio | ±350 | $950 | $180 | $950 |
| 10 Units | 100% Occupied | ±5,800 | $10,114 | $465 | $11,590 |
Rent roll as of 5/6/2026. Property currently 100% occupied. Other Income reflects utility reimbursement (RUBS) and recurring monthly charges per Avant Garde / AppFolio property management software. Market Rent per the same software; comparable 1BR / 1BA units in the building have leased as high as $1,385.
The property manager's own market rents show $1,476 / month of gap between in-place rents and market — $17,712 / year of natural upside captured as leases renew, with no forced reset on the in-place tenant base.
Property acquired in underperforming condition with a plan to renovate interiors and completely rework the electrical infrastructure to modern code.
Full electrical overhaul ($121,577 with Bolt Electric): new panels, reorganized wiring, breakers, complete modernization. Unit-by-unit interiors: flooring, paint, fixtures, kitchens, baths. This investment period is captured in the trailing property-management P&L — and is now complete.
Systems and interiors fully upgraded. All 10 units leased. Operations have transitioned from project mode to income mode — and the statement below reflects that reality.
The statement below shows the in-place income the next owner inherits on day one — 100% occupied at current rent roll, with operating expenses limited to taxes, insurance, landlord-paid utilities, and normalized repairs & maintenance. Taxes and insurance are carried at the seller's most recent levels and should be re-quoted at acquisition.
| Operating Income | Annual |
| Gross Scheduled Rent | $121,368 |
| Utility Reimbursement (RUBS) & Other Income | $10,080 |
| Effective Gross Income (EGI) | $131,448 |
| Operating Expenses | |
| Property Taxes | $2,732 |
| Insurance | $6,985 |
| Utilities — Water / Sewer / Trash & common | $8,376 |
| Repairs & Maintenance (normalized) | $11,000 |
| Total Operating Expenses | $29,093 |
| Net Operating Income (NOI) | $102,355 |
At the property manager's documented market rents, stabilized NOI rises to $120,067 — an 8.00% cap rate at the $1,500,000 ask, captured as in-place leases renew. Separately, a utility-recovery plan — moving common-area electric to residents and raising RUBS $60 per unit — lifts NOI to $112,606, a 7.51% cap, with no rent increase. The two levers stack.
At $1,500,000, the asset prices to a 6.82% cap on in-place income — with a documented path to 8.00% as in-place leases renew to the property manager's stated market rents.
The seller pulled the deferred-maintenance risk forward and paid for it. The next owner steps into a renovated, financeable asset with a clean inspection profile and an electrical system that won't need another look for two decades.
The property sits in an infill central Phoenix submarket with limited new small-multifamily supply, strong rental demand at the workforce price point, and direct connectivity to the city's largest employment nodes.
Central Phoenix has effectively zero new construction at this price point and unit size. Tenants choose between Class A new-build at much higher rents or workforce-priced renovated stock like this asset.
Direct access to SR-51, I-17, and the I-10 spur. Downtown Phoenix, Biltmore, and Sky Harbor are each inside a 15-minute drive. Valley Metro light rail along Central Ave handles car-light tenants.
Ten renovated units. 100% occupied. $355,000+ in completed capital. 6.82% in-place yield, 8.00% stabilized. Priced at the floor of the submarket's like-vintage closed-comp range. The seller is ready to transact — submit your terms and proof of funds.