2925 N 38TH Street, Phoenix, AZ 85018 (MLS# 7013792)

2925 N 38TH Street, Phoenix, AZ 85018

$900,000

Property Type: Multiple Dwellings Status: Active

Current Price: $900,000 Last Modified: 4/17/2026

Overview

Description

FULLY REMODELED UNITS! This multi-family property presents a strong, turnkey investment opportunity with immediate and reliable cash flow. The asset consists of four units, including two 2 bedroom 2 bath units and two 1 bedroom 1 bath units, offering a desirable unit mix that attracts a broad tenant base. Each unit has been thoughtfully upgraded with modern finishes, minimizing near term capital expenditures and reducing ongoing maintenance concerns. The 2 bedroom units average approximately 850 square feet, while the 1 bedroom units offer around 700 square feet, providing efficient and highly rentable layouts. The property delivers excellent income performance, with all units renting at 1,200 per month, creating consistent and predictable revenue. This makes it an ideal opportunity

Supplements: investors seeking stable cash flow, strong rental demand, and a low maintenance asset. With its combination of renovations, solid in place rents, and appealing unit mix, this property is well positioned for long term appreciation and continued income growth.

Listing Details MLS# 7013792

Location, Tax & Legal

House Number: 2925
Compass: N
Street Name: 38TH
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85018
Zip4: 7025
County Code: Maricopa
Subdivision: CITRUS ACRES LOTS 1 THRU 20
Assessor Number: 127-21-008-C
Tax Year: 2025
Assessor's Map #: 21
Legal Description (Abbrev): CITRUS ACRES LOT 83 E 50.5' OF W 209.5'
Assessor's Parcel #: 8
Assessor Parcel Ltr: C
Add'l Parcels: Yes
Tax Municipality: Phoenix
Census Tract: 110902
Taxes: 1654
Legal: CITRUS ACRES LOT 83 E 50.5' OF W 209.5'
Marketing Name: Sterling Apartments

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: irr
Year Built: 1964
Uncvrd Parking Spcs: 4
Total # of Units: 10
# of Buildings: Yes
Zoning: multi
Elementary School District: Creighton Elementary District
High School District: Phoenix Union High School District
Elementary School: Monte Vista Elementary School
Jr. High School: Monte Vista Elementary School
High School: Camelback High School

Remarks Misc

Cross Street: Thomas & 38th St
Directions: Heating North on 38th St, property is on the East side of Street.

Legal Info

Township: 2N
Range: 3E
Section: 25
Lot Number: 83

Income Expenses

Gross Annual Sch Inc: 57600
Net Operating Income: 41000

More Information

Showing Notification Methods

Showing Service: Aligned Showings

1 Bedroom Units

# 1 Bedroom Units: Yes
Avg Rent: 1200
Avg SqFt: 700
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: Yes
Avg Rent: 1200
Avg SqFt: 700
# Baths: Yes

3 Bedrooms Units

# 3 Bedroom Units: 2
Avg Rent: 1200
Avg SqFt: 850
# Baths: 2

4 Bedrooms Units

# 4 Bedroom Units: 2
Avg Rent: 1200
Avg SqFt: 850
# Baths: 2

Project Type

Four Plex: Yes

Construction

Block: Yes

Const - Finish

Painted: Yes
Stucco: Yes

Roofing

Foam: Yes

Floors

Laminate: Yes

Sale Includes

Land & Building: Yes

Income & Expenses

Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 1654
Other Income: 12000
Vacancy Allowance: 0.5
Adjusted Gross Inc: 34800

Pmt & Rate Info

Cap Rate: 4.56
Equity: 900000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0

Lockbox Type

Supra: Yes
Combo: Yes
See Private Remarks: Yes

Community Features

No Pool: Yes
Pool: Yes

Heating

Forced Air: Yes

Cooling

Central Air: Yes

Exterior Amenities

Cable TV Available: Yes

Tenant Pays

Gas: Yes
Water: Yes
Sewer: Yes
Electricity: Yes
Cable TV: Yes

Appliances Included

Dishwasher: Yes
Microwave: Yes
Refrigerator: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

Free: Yes
>1 Space Per Unit: Yes
Paved: Yes
Add'l Parking Avail: Yes

Electric

SRP: Yes

Gas

SW Gas: Yes

Owner Pays

Trash Collection: Yes
Landscaping: Yes

New Financing

Cash: Yes
VA: Yes
Conventional: Yes
FHA: Yes

Existing 1st Loan

Treat as Free&Clear: Yes

Reports/Disclosures

Seller Prop Disc Stm: Yes

Environmental

None: Yes

Efficiency Units

Avg Rent: 0

Property Features

Project Type: Four Plex Construction: Block Const - Finish: Painted; Stucco Roofing: Foam Floors: Laminate Sale Includes: Land & Building Community Features: No Pool; Pool Exterior Amenities: Cable TV Available Appliances Included: Refrigerator; Dishwasher; Microwave Heating: Forced Air Cooling: Central Air Water Source: City Franchise Sewer: Sewer - Public Electric: SRP Gas: SW Gas Parking Features: >1 Space Per Unit; Add'l Parking Avail; Free; Paved Road Surface Type: Asphalt Owner Pays: Trash Collection; Landscaping Tenant Pays: Water; Sewer; Electricity; Gas; Cable TV Source of Fincl Data: Owner Lockbox Type: Supra; Combo; See Private Remarks Existing 1st Loan: Treat as Free&Clear New Financing: Cash; VA; FHA; Conventional Environmental: None

Listing Office: Keller Williams Integrity First

Last Updated: April - 17 - 2026