$715,000

Fully remodeled three-unit Phoenix investment property configured for nine individually rentable rooms and operated using the PadSplit shared-housing model. Improvements include remodeled kitchens and baths, shaker cabinetry, stone-look countertops, stainless steel appliances, wood-look flooring, recessed lighting and updated fixtures. Each unit has a separate entrance and full-size washer and dryer.… Read More At approximately $205 per room per week, gross potential income is approximately $95,202 annually. Applying a 7% vacancy allowance, projected NOI is approximately $56,185, representing a projected 7.86% cap rate at the $715,000 offering price. Located approximately one block from Valley Metro Rail. Buyer to verify all facts, figures, expenses, occupancy assumptions and PadSplit requirements. PROPERTY OVERVIEW 5038 N 18th Avenue presents an opportunity to acquire a fully remodeled three-unit Phoenix investment property configured for nine individually rentable rooms and currently operated using the PadSplit shared-housing model. The property combines the underlying value of a triplex with the potential income diversification provided by nine separate room-rental streams. The property consists of three residential units located across two buildings. Each unit has three bedrooms, a separate entrance and its own full-size washer and dryer. The room-by-room configuration allows the property to generate income from up to nine individually rentable rooms rather than depending solely upon three traditional unit leases. RENOVATIONS AND PROPERTY FEATURES The property has undergone extensive renovations designed to improve durability, functionality and overall condition. Interior improvements include remodeled kitchens with white shaker-style cabinetry, stone-look countertops, stainless steel appliances, updated hardware and modern finishes. Bathrooms have been updated with contemporary vanities, fixtures and attractive tile tub-and-shower surrounds. Additional improvements include wood-look flooring, modern baseboards, updated windows, recessed lighting, ceiling fans, updated plumbing fixtures, interior paint and neutral finishes throughout the residential spaces. Each unit offers functional common areas, updated kitchens and individual bedrooms designed to support room-by-room occupancy. Full-size washers and dryers are provided within each unit, eliminating the need for residents to share a central laundry facility. Exterior improvements include updated paint and finishes, distinctive red entry doors, separate unit access, updated windows, exterior repairs and low-maintenance desert landscaping. The combination of separate entrances and multiple residential units supports efficient property operations while maintaining separation between the three living areas. PADSplit SHARED-HOUSING CONFIGURATION The property is currently operated using the PadSplit shared-housing model. PadSplit is a technology-based housing platform that facilitates room-by-room leasing, resident screening, payment processing and other operating functions. The nine-room configuration provides more diversified revenue than a conventional triplex relying on only three rental streams. The property includes furniture and personal property associated with the room-rental operation. Prospective purchasers should review the separate Schedule of Personal Property for a complete list of items intended to convey. PROJECTED FINANCIAL PERFORMANCE Current room pricing is approximately $205 per room per week. Using an average of 4.3 weeks per month and nine rentable rooms, the property's gross potential income is approximately $7,934 per month or $95,202 annually. A conservative 7% vacancy allowance of approximately $6,664 produces projected adjusted annual revenue of approximately $88,538. Based upon owner-provided operating expenses, projected annual operating expenses at 7% vacancy are approximately $32,353. These expenses include utilities, water, sewer, trash collection, internet service, insurance, property taxes, property management and the PadSplit technology fee calculated on occupied revenue. Projected financial performance using the 7% vacancy allowance is as follows: Offering Price: $715,000 Gross Potential Annual Income: $95,202 7% Vacancy Allowance: approximately $6,664 Projected Adjusted Annual Revenue: approximately $88,538 Projected Annual Operating Expenses: approximately $32,353 Projected Net Operating Income: approximately $56,185 Projected Cap Rate: approximately 7.86% At 100% occupancy, projected annual operating expenses increase to approximately $32,886 because the PadSplit technology fee is calculated on occupied revenue. Projected NOI at 100% occupancy is approximately $62,316, representing an estimated 8.72% cap rate at the $715,000 offering price. The financial information is provided for evaluation purposes and is based upon owner-provided expenses, current room pricing and stated occupancy assumptions. Projected rents, occupancy, expenses, NOI and cap rates are estimates and are not guaranteed. LOCATION 5038 N 18th Avenue is centrally located in Phoenix's established Alhambra neighborhood, immediately north of Camelback Road. The property offers convenient access to the Camelback Road and 19th Avenue commercial corridors, Central Phoenix, Midtown, Downtown Phoenix, Grand Canyon University and Interstate 17. One of the property's primary location advantages is its proximity to the 19th Avenue/Camelback Valley Metro Rail station and park-and-ride facility, located approximately 0.2 miles away. The station is within walking distance and is served by Valley Metro's B Line. The B Line provides direct service to North Phoenix, Midtown, Downtown Phoenix and South Phoenix. Riders can transfer at the Downtown Phoenix Hub to the A Line for connections to Phoenix Sky Harbor International Airport, Tempe and Mesa. Bus service is also available along 19th Avenue and Camelback Road, providing additional transportation options throughout Central Phoenix. Interstate 17 is approximately one mile west of the property and provides regional connectivity to Downtown Phoenix, Interstate 10, Loop 101, the West Valley and North Phoenix. AREA AMENITIES The surrounding neighborhood provides access to grocery stores, restaurants, coffee shops, pharmacies, banks, fitness centers, medical services and other daily necessities. The Camelback Road, Bethany Home Road, 19th Avenue and Central Avenue corridors offer a combination of national retailers, locally owned businesses and neighborhood services. Nearby recreational, educational and cultural destinations include Uptown Plaza, the Central Avenue dining corridor, the Melrose District, Steele Indian School Park, Encanto Park, Encanto Golf Course, Phoenix College, Grand Canyon University, Phoenix Art Museum, Heard Museum and Roosevelt Row Arts District. Entertainment and sporting destinations accessible by vehicle or light rail include GCU Arena, Mortgage Matchup Center, Chase Field, Arizona Financial Theatre, The Van Buren, Phoenix Convention Center and Downtown Phoenix's restaurants, entertainment venues and cultural attractions. EMPLOYMENT CENTERS The property is positioned near several of Central Phoenix's major employment centers. Grand Canyon University is located approximately two miles west of the property. Banner Health's corporate offices, Banner-University Medical Center Phoenix, Phoenix College and numerous government, financial, healthcare, hospitality and professional-service employers are located throughout Midtown and Downtown Phoenix. Other significant employment centers include the City of Phoenix, State of Arizona, Maricopa County, Phoenix Union High School District, the Maricopa County Community College District and Phoenix Sky Harbor International Airport and its supporting employers. The combination of walkable light-rail access, nearby bus routes, major arterial streets and convenient freeway connectivity supports access to employment, education, healthcare, shopping and entertainment destinations throughout the Phoenix metropolitan area. BUYER VERIFICATION Buyer shall independently verify all information considered material to the purchase, including but not limited to rents, room rates, occupancy, operating expenses, utility responsibilities, property management costs, PadSplit fees and requirements, zoning, permitted uses, licenses, building measurements, bedroom count, square footage, condition, personal property, financial projections, NOI and cap rates. Seller and listing broker make no representation or warranty regarding future income, occupancy, operating results or continued eligibility for any third-party housing platform. Read Less

Courtesy of Gerchick Real Estate Linda S Gerchick 602-688-9279

Listing Snapshot

Days Online

Last Updated

Aug 26, 2026

Property Type

Multiple Dwellings

Beds

Year Built

1984

MLS Number

7058179

30 Days Snapshot Of 85015

$402k

-8%

(avg) sold price

-5%

homes sold

126

+57%

(avg) days on market

Snapshot

Area Map

Additional Details

Appliances & Equipment

Dishwasher, Built-In Gas Oven, Built-In Electric Oven, Microwave, Washer/Dryer

Building

Built in 1984, Construction materials: Board & Batten Siding, Painted, Brick, 3 total units

Cooling

Ceiling Fan(s), See Remarks, Electric, Heat Pump, Individual

Expenses

Electric: $6,500, Insurance: $2,400, Water sewer: $3,600

Floors

Vinyl

Heating

Forced Air, Individual, Heat Pump, Electric, Natural Gas

Parking

Off Street, Free, Add'l Parking Avail, <1 Space Per Unit, 5 total parkings

Property

Zoning: [R-3] Multiple

Roof

Composition

Sewer

Public Sewer

Taxes

Annual amount: $1,615, Lot: 12

Utilities

SRP, Individual Meter

Find The Perfect Home

'VIP' Listing Search

Whenever a listing hits the market that matches your criteria you will be immediately notified.

Join The List

Mortgage Calculator

Selling price

Down payment

Term (years)

Interest rate (%)

Monthly Payment

5038 N 18TH Avenue

'VIP' Listing Search

Schools In The Area

Similar Listings

Find My Dream Home

1. Neighborhoods

2. Home Type

3. Send