Units: 24 Units
Interior Size: 15,000 +/- SF
Lot Size: 1.09 acres across 3 lots
Zoning: R-4
Year Built: 1958
Location: Camelback / 15th Ave. — 1+ mile to Uptown Plaza, the Melrose District and Brophy College Preparatory
Opportunity zone: Yes
Historic Zone: No
HOA: none
Price: $2,999,000
Price/unit: Under $125,000/unit
Price/SF: Under $200/SF
Forward Pro-forma 6+ Cap
Current Operations:
Offered at a highly competitive price of under $125,000/door and less than $200/sq ft. The complex underperformed in 2025 due to some vacancy and repair issues. However, Palm Square 24 is now 100% occupied with $21,200 gross rents for August 2026. Strong property management adjusted to the market and is now operating from a stronger position than it was in 2025.
There has already been significant work completed on the property over the last several years, but there is still value-add remaining.
Many recent upgrades include: electrical, HVAC, plumbing, kitchens, baths, and in-unit washer/dryers.
24 Units Total
6 Huge Studio Units
10 Large 1-Bedroom Units
8 Large 2-Bedroom Units
The property also includes separate laundry and storage areas, creating additional operational possibilities for a future owner.
The property is approximately 1+ mile from Uptown Plaza, the Melrose Arts District and Brophy College Preparatory, providing access to the Uptown, Melrose and central Phoenix areas. It is also just a few blocks to an LRT station.
The combination of central Phoenix location, multifamily zoning and more than an acre of land is an important part of the investment story.
1.09 acres
3 lots
R-4 zoning
Opportunity Zone
No HOA
No Historic District
The land shouldn't be overlooked.
You're not just buying 24 existing units. You're buying approximately 1.09 acres across three lots with R-4 zoning in central Phoenix.
What that ultimately allows a future owner to do should be independently evaluated based on zoning, site configuration, utilities, development standards and the buyer's plans for the property.
But having this much land, spread across three lots, creates another layer to the investment beyond simply looking at the existing income statement.
This is not being marketed as a fully stabilized, passive multifamily investment based solely on historical income.
Palm Square 24 underperformed in 2025 due to vacancy and repair issues, but the property is now 100% occupied and operating from a much stronger position.
The opportunity is for a buyer to evaluate the asset based on where it stands today, not only on the prior year's performance. That means looking at current occupancy, remaining operational improvements, and the potential to strengthen income as the property continues to stabilize.
Significant work has already been completed over the last several years, reducing some of the heavy lifting, while still leaving additional value-add opportunities for the next owner.
24 units. Approximately 15,000 SF. 1.09 acres. Three lots. R-4 zoning.
8 two-bedroom units, 10 one-bedroom units and 6 studio units.
Offered at $2,999,000, or under $125,000 per unit and under $200/SF.
Many units have in-unit washer/dryers sets with upgraded kitchens and bathrooms (2022 -2023). Multiple storage units and washer/dryer rooms that provide more space or possibly additional density. Several units have private patios. Solid steel structure carports in the rear of the complex. Close proximity to light rail, Uptown Plaza, and the Melrose District.
There have been many upgrades, but it is not a top-to-bottom fully gutted product either. Within the last 5 years, several electrical systems/wiring were replaced, as well most of the HVAC units. Many of the units have been significantly upgraded, including washer/dryers set added. This is a value-add, but without some of the heavy lifting required in today's marketplace. The block and area continue to gentrify with $1 million residential homes not far away. It will require strong, steady property management with a continued pursuit of maximizing income and reducing expenses. But the long-term potential is there, and it is situated on 1.09 acres within an opportunity zone.
It is better suited for an investor who sees the combination of 24 units, central Phoenix location, 1.09 acres, three lots, R-4 zoning and a basis under $125,000 per door
Please do not disturb the tenants. Buyer to complete and rely on own due diligence.
Cass Stephens Commercial Broker
cstephens@ccim.net
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