5035 N. 23rd Ave Phoenix, AZ. 85015

Units: 9 

Buildings: 7 building

Layout: 7 buildings | 4 in Front - 3 in Back

Units:  3 x Studio | 4 × 1BR/1BA | 2 x 2BR/1BA   

Interior Size: Total 5,000 SF +/- 

Zoning:  R-3 - Opportunity Zone

Year Built:  1929,1945,1958,1962 

Price: $1,699,000 

Price/Unit:  $188,777 per unit

Price/SF:  $339/sf  

Current CAP Rate: 7.2 CAP 

NOI:  $122,000 

Location: North of Camelback & East of the I-17. Nice pocket. Uptown. 

Financing Advantage

Seller financing available at 6% interest-only with 30% down is a major bonus in today’s lending environment. That flexibility alone can materially improve your cash-on-cash return depending on your strategy.

Unit Mix (9 Units | +/- 5,000 SF)

• 3 Studios
• 4 × 1BR/1BA
• 2 × 2BR/1BA  

7 Total Buildings

• 4 structures in the front
• 2 cottages in the back
• 1 triplex  

This isn’t your typical boxy 1960s courtyard. The multiple-building layout gives it character — and character rents in Uptown. 

All units separately metered electric

Washer/dryer room (pay setup)
 

Separate electric keeps expenses clean and predictable — always a plus when underwriting long-term holds.

North of Camelback & East of I-17 — that’s a really solid stretch of 85015. You’re tucked into a nice residential pocket, but still minutes from everything happening along Camelback, Uptown dining, the light rail, and easy freeway access. Long-term fundamentals here are strong. 

• .56 Acres
• Nearly 25,000 SF lot
• R-3 Zoning
• No HOA
   

That lot size is hard to find north of Camelback. Period. Whether you're holding long-term for appreciation, improving rents through interior upgrades, or exploring future density plays, the land component here gives you optionality.
 

Uptown PHX 9-unit complex spread out over close to a 25,000-sf lot with R-3 zoning. 7.2 CAP off 2025 P&L w/ 100% occupancy. Nice pocket north of Camelback Road, 1 mile east of GCU & 1/2 mile east of the I-17. Opportunity Zone. Hard to find SELLER FINANCING available but not required (6% interest-only with 30% down in 1st position only). Fully upgraded & fully stabilized. 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. Over $250,000 in renovations just a few years ago.