5035 N 23RD Avenue, Phoenix, AZ 85015 (MLS# 6993194)

5035 N 23RD Avenue, Phoenix, AZ 85015

$1,780,000

Property Type: Multiple Dwellings Status: Active

Current Price: $1,780,000 Last Modified: 4/13/2026

Overview

Description

This Uptown PHX 9-unit complex is spread out on close to a 25,000 sf lot (R-3). Nice pocket north of Camelback Rd. 1 mile east of GCU & 1/2 mile east of the I-17. Opportunity Zone. The complex is buffered by the SRP-Westwood substation to the west, a newly built fire station to the south, & owner-occupied properties on the same block. 100% Occupancy! Hard to find SELLER FINANCING available but not required (6% interest-only with 30% down). Fully upgraded & fully stabilized with close to a 7 CAP (based on the 2025 P&L of $122,000 NOI). Seven buildings. The unit mix consists of (2) two-bedroom units; (4) one-bedroom units; & (3) bigger studio units. The jumbo lot/zoning offers density & additional value potential. These units could be re-positioned for GCU students or short-term rentals.

Listing Details MLS# 6993194

Location, Tax & Legal

House Number: 5035
Compass: N
Street Name: 23RD
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85015
Zip4: 2710
County Code: Maricopa
Subdivision: CAMELBACK GARDENS
Assessor Number: 153-25-053
Tax Year: 2025
Assessor's Map #: 25
Legal Description (Abbrev): CAMELBACK GARDENS MCR 29/37 LOT 4 BLK 3 & W2 OF ABAND ALLEY LY E OF & ADJ TO E LN SD LOT AS ABAND P
Assessor's Parcel #: 53
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 107300
Taxes: 6272
Legal: CAMELBACK GARDENS MCR 29/37 LOT 4 BLK 3 & W2 OF ABAND ALLEY LY E OF & ADJ TO E LN SD LOT AS ABAND P
Marketing Name: Uptown PHX 9

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: .556 acres
Year Built: 1958
Uncvrd Parking Spcs: 14
Total # of Units: 9
# of Buildings: 7
Zoning: R3
Flood Zone: No
Elementary School District: Alhambra Elementary District
High School District: Phoenix Union High School District
High School: Central High School

Remarks Misc

Cross Street: CAMELBACK RD & 23RD AVE
Directions: East of the I-17 and north of Camelback Rd.

Legal Info

Township: 2N
Range: 2E
Section: 13
Lot Number: 4

Income Expenses

Gross Annual Sch Inc: 174180
Net Operating Income: 122302

More Information

Showing Notification Methods

Showing Service: No Showing Service Used

Efficiency Units

# Efficiency Units: 3
Avg Rent: 1435
Avg SqFt: 500
# Baths: Yes

1 Bedroom Units

# 1 Bedroom Units: 4
Avg Rent: 1692
Avg SqFt: 525
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: 2
Avg Rent: 1721
Avg SqFt: 730
# Baths: Yes

Project Type

5 - 12 Units: Yes

Construction

Block: Yes
Wood Frame: Yes

Const - Finish

Painted: Yes
Stucco: Yes
Other (See Remarks): Yes

Roofing

Composition: Yes
Rolled: Yes

Floors

Laminate: Yes
Concrete: Yes
Vinyl: Yes
Wood: Yes
Ceramic Tile: Yes
Other: Yes

Sale Includes

Land & Building: Yes

Income & Expenses

Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 0
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 0
Annual Maint Exp: 0
Annual Mgmt Exp: 0
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 0
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 42708.6
Operating Exp: 48980.6
Other Income: 2400
Vacancy Allowance: 0.03
Adjusted Gross Inc: 171282.6
Total Monthly Rental Income: 14515

Pmt & Rate Info

Cap Rate: 6.87
Down Payment: 0
Equity: 1780000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Lockbox Type

None: Yes

Community Features

No Pool: Yes
Other: Yes
See Remarks: Yes

Heating

Heat Pump: Yes
Electric: Yes
Natural Gas: Yes
Other: Yes

Cooling

Electric: Yes
Heat Pump: Yes
Other: Yes
See Remarks: Yes

Exterior Amenities

Desert Landscaping: Yes
Fenced: Yes
Curb(s) & Gutter(s): Yes
Cable TV Available: Yes
Sidewalk(s): Yes
Separate Storage: Yes
Other (See Remarks): Yes

Interior Features

Unfurnished: Yes
Other (See Remarks): Yes

Tenant Pays

Electricity: Yes
Other (See Remarks): Yes

Appliances Included

Dishwasher: Yes
Microwave: Yes
Refrigerator: Yes
Free-Standing Range: Yes
Other: Yes
See Remarks: Yes

Road Access Type

City Street: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes
Other (See Remarks): Yes

Road Responsibility

City Maintained Road: Yes

Water Source

City Franchise: Yes
See Remarks: Yes

Sewer

Sewer - Public: Yes
Sewer-In & Connected: Yes
See Remarks: Yes

Parking Features

Free: Yes
>1 Space Per Unit: Yes
Paved: Yes
Assigned: Yes
Off Street: Yes

Electric

SRP: Yes

Gas

Other (See Remarks): Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes
Landscaping: Yes
See Remarks: Yes

New Financing

Cash: Yes
Conventional: Yes
Owner May Carry: Yes
Other (See Remarks): Yes

Special

Incorporated Area: Yes

Existing 1st Loan

Conventional: Yes

Existing 1st Loan Type

Not Applicable: Yes

Existing 1st Loan Terms

Not Applicable: Yes

Existing 2nd Loan

Other (See Remarks): Yes

Existing 2nd Loan Type

Not Applicable: Yes

Existing 2nd Loan Terms

Not Applicable: Yes

Existing 3rd Loan

Other (See Remarks): Yes

Existing 3rd Loan Type

Not Applicable: Yes

Reports/Disclosures

Seller Prop Disc Stm: Yes
Other (See Remarks): Yes

Existing 3rd Loan Terms

Not Applicable: Yes

Environmental

Other (See Remarks): Yes

Existing Othr Ln Trm

Not Applicable: Yes

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 5 - 12 Units Construction: Block; Wood Frame Const - Finish: Painted; Stucco; Other (See Remarks) Roofing: Composition; Rolled Floors: Laminate; Concrete; Vinyl; Wood; Ceramic Tile; Other Sale Includes: Land & Building Community Features: No Pool; Other; See Remarks Exterior Amenities: Desert Landscaping; Fenced; Curb(s) & Gutter(s); Cable TV Available; Sidewalk(s); Separate Storage; Other (See Remarks) Interior Features: Unfurnished; Other (See Remarks) Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Microwave; Other; See Remarks Heating: Natural Gas; Heat Pump; Other Cooling: Electric; Heat Pump; Other; See Remarks Water Source: City Franchise; See Remarks Sewer: Sewer - Public; Sewer-In & Connected; See Remarks Electric: SRP Gas: Other (See Remarks) Parking Features: >1 Space Per Unit; Assigned; Free; Paved; Off Street Road Access Type: City Street Road Surface Type: Asphalt Road Responsibility: City Maintained Road Owner Pays: Water; Trash Collection; Landscaping; See Remarks Tenant Pays: Electricity; Other (See Remarks) Source of Fincl Data: Owner; Other (See Remarks) Special: Incorporated Area Lockbox Type: None Existing 1st Loan: Conventional Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Not Applicable Existing 2nd Loan: Other (See Remarks) Existing 2nd Loan Type: Not Applicable Existing 2nd Loan Terms: Not Applicable Existing 3rd Loan: Other (See Remarks) Existing 3rd Loan Type: Not Applicable Existing 3rd Loan Terms: Not Applicable Existing Othr Ln Trm: Not Applicable New Financing: Cash; Conventional; Owner May Carry; Other (See Remarks) Environmental: Other (See Remarks)

Listing Office: Better Homes & Gardens Real Estate SJ Fowler

Last Updated: April - 13 - 2026