4811 N 15th Avenue, Phoenix, AZ 85015 (MLS# 6992561)

4811 N 15th Avenue, Phoenix, AZ 85015

$2,400,000

Property Type: Multiple Dwellings Status: Active

Current Price: $2,400,000 Last Modified: 3/03/2026

Description

Advantageously situated directly north of Midtown's Melrose Arts District , Palm Square (''the property'') is an 18-unit community primely located in Central Phoenix. With the convenience and proximity of the Interstate 17 Freeway and State Route 51, two of The Valley's major transportation arteries, residents are provided direct access to nearly any destination across The Valley within a desirable commute time. A number of the most prominent employment and entertainment corridors in the state are just a short drive away.

Supplements: The Innovation Employment Corridor, which runs down Central Avenue, provides employment opportunities from some of the most prolific companies in Arizona such as Banner Health and IBM. In addition, Palm Square is just two miles from Grand Canyon University, the largest Christian university in the nation, with an on-campus enrollment of ±25,000 students and online enrollment of ±90,000 students. Built in 1958 Palm Square is comprised of 6 studio, 10 one-bedroom, and 2 two-bedroom floorplans. The entire community's exterior has been renovated with new paint, landscaping, roof, windows, and select mechanical (HVAC and electrical). In addition, 15 of the 18 unit's interiors have been renovated with new appliances, countertops, cabinets, flooring, fixtures, hardware, and individual washer/dryer.

More Information MLS# 6992561

Contract Info

Ownership: Fee Simple Current Price: $2,400,000 List Price: $2,400,000 Status: Active List Date: 2026-03-03

Location, Tax & Legal

Assessor's Map #: 44 Assessor's Parcel #: 69 Assessor Parcel Ltr: B Add'l Parcels: Yes Tax Municipality: Phoenix Taxes: 4286 Legal: COX ESTATES 2 LOT 64 and N2 LOT 65 and S 7ft OF LOT 63 Marketing Name: Palm Square House Number: 4811 Compass: N Street Name: 15th St Suffix: Avenue City/Town Code: Phoenix State/Province: AZ Zip Code: 85015 County Code: Maricopa Assessor Number: 155-44-069-B Tax Year: 2025

General Property Description

# of Buildings: 2 Uncvrd Parking Spcs: 3 Lot Size Dimensions: 0.67 Total # of Units: 18 Year Built: 1958 Zoning: R-4

Project Type

13 - 24 Units: 1

Construction

Block: 1

Const - Finish

Painted: 1

Roofing

Composition: 1 Tile: 1

Floors

Tile: 1 Vinyl: 1 Carpet: 1

Sale Includes

Land & Building: 1

Income & Expenses

Annual Elec Exp: 16258 Annual Ins Exp: 6513 Annual Landscape Exp: 12596 Annual Legal & Acctg: 7186 Annual Maint Exp: 15064 Annual Mgmt Exp: 9251 Owner Association: No Annual Ownr Asoc Fee: 0 Annual Rplcmnt Rsrvs: 4500 Annual Other Expense: 14513 Operating Exp: 90167 Other Income: 34057 Vacancy Allowance: 0.1 Adjusted Gross Inc: 227859.3

Pmt & Rate Info

Cap Rate: 5.88 Equity: 2400000 Down Payment %: 0 Monthly Payments: 0 Total Owed: 0

Showing Notification Methods

Showing Service: Aligned Showings Text: 1

Lockbox Type

None: 1

Community Features

No Pool: 1

Heating

Individual: 1

Cooling

Individual: 1

Exterior Amenities

Green Landscaping: 1 Desert Landscaping: 1

Tenant Pays

Electricity: 1

Appliances Included

Refrigerator: 1 Free-Standing Range: 1 Washer/Dryer: 1 W/D Hookup: 1

Road Surface Type

Asphalt: 1

Source of Fincl Data

Owner: 1

Water Source

City Franchise: 1

Sewer

Sewer - Public: 1

Parking Features

1 Space/Unit: 1

Electric

SRP: 1

Gas

None: 1

Owner Pays

Water: 1 Sewer: 1 Trash Collection: 1 Landscaping: 1

New Financing

Cash: 1 Conventional: 1 1031 Exchange: 1

Reports/Disclosures

None: 1

Environmental

None: 1

Efficiency Units

# Efficiency Units: 6 Avg Rent: 828 Avg SqFt: 415 # Baths: 6

1 Bedroom Units

# 1 Bedroom Units: 10 Avg Rent: 1075 Avg SqFt: 512 # Baths: 10

2 Bedroom Units

# 2 Bedroom Units: 2 Avg Rent: 1270 Avg SqFt: 887 # Baths: 2

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Remarks Misc

Geo Lat: 33.507574 Geo Lon: -112.090949

Legal Info

Lot Number: 64

Income Expenses

Gross Annual Sch Inc: 219120 Net Operating Income: 141099

Property Features

Project Type: 13 - 24 Units Construction: Block Const - Finish: Painted Roofing: Composition; Tile Floors: Tile; Vinyl; Carpet Sale Includes: Land & Building Community Features: No Pool Exterior Amenities: Green Landscaping; Desert Landscaping Appliances Included: Free-Standing Range; Refrigerator; Washer/Dryer; W/D Hookup Heating: Individual Cooling: Individual Water Source: City Franchise Sewer: Sewer - Public Electric: SRP Gas: None Parking Features: 1 Space/Unit Road Surface Type: Asphalt Owner Pays: Water; Trash Collection; Landscaping Tenant Pays: Electricity Source of Fincl Data: Owner Showing Notification Methods: Text Lockbox Type: None New Financing: Cash; Conventional; 1031 Exchange Environmental: None

Listing Office: Marcus & Millichap

Last Updated: March - 03 - 2026