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3611 N 5th Ave, Phoenix, AZ, 85013

Melrose On 5th
$3,400,000

Key Information

Cap Rate
5.26%
$ per SF
$236
Tot. SF
14,400
Units
12
Year Built
1961
Type
Apartments
NOI
$178,903

Highlights

  • 12 Units, Built in 1961: The property consists of 12 units constructed in 1961, offering a classic garden-style multifamily asset.
  • Spacious Floor Plans: Each unit features a rare 3-bedroom, 2-bathroom layout with approximately 1,200 SF of living space.
  • Fully Renovated Interiors: Interiors are upgraded with washer/dryer, stainless steel appliances, faux vinyl wood flooring, and modern bathrooms.
  • Attractive Community Amenities: Residents enjoy gated entry, swimming pool, BBQ grills, covered parking, and low-maintenance landscaping.
  • Prime Midtown Location: Located in the heart of Midtown Phoenix’s Melrose District, a rapidly redeveloping and walkable urban neighborhood.
  • Immediate Transit Access: Property benefits from immediate access to Valley Metro Light Rail and major freeways (SR-51, I-10, I-17).
  • Strong Rent Growth Potential: Limited supply of large-unit apartments and continued demand for centrally located workforce housing.
  • High Occupancy: The property is currently 100% occupied, reflecting strong tenant demand.
  • Proven Value-Add: Extensive repositioning completed in 2016, blending mid-century architecture with modern finishes.
  • Surrounded by Amenities: Walking distance to dining, retail, entertainment, and major employment centers.

Photos

Location

Agents

Broker of Record

David Harrington

License # CO701910000, BR715518000 (AZ)
Matthews Real Estate Investment Services, Inc
4110 N Scottsdale Rd Suite 100, Scottsdale, AZ 85251