5038 N 18th Avenue, Phoenix, AZ 85015
Local realty services provided by:CENTURY 21 Northwest Realty
Listed by: linda s gerchick
Office: gerchick real estate
MLS#:7058179
Source:ARMLS
Price summary
- Price:$699,000
About this home
Remodeled 3-unit PadSplit investment near Valley Metro Rail at 19th Ave/Camelback. Two buildings total approximately 2,276 SF and are configured as nine furnished rentable rooms across three 3BR/1BA units. Seller reports $120,000+ in improvements, including updated kitchens, baths, flooring, windows, plumbing, electrical, lighting, coded entry and full-size laundry. At $205 per room weekly, underwriting projects $95,202 GPI, $52,820 NOI and a 7.56% cap at the $699,000 asking price after 7% vacancy. Furnishings convey as-is. Buyer to verify all facts, figures, PadSplit operations, permits and compliance. PROPERTY OVERVIEW
Fully remodeled three-unit Phoenix investment property consisting of two buildings with approximately 2,276 total square feet. The property is configured as three 3-bedroom/1-bath units, for a total of nine furnished, individually rentable rooms. The main residence is approximately 899 square feet, and the duplex totals approximately 1,377 square feet. Each unit has a private entrance, full kitchen, full bathroom, and full-size washer and dryer.
IMPROVEMENTS AND PERSONAL PROPERTY
Seller reports more than $120,000 in improvements, including remodeled kitchens and bathrooms, white shaker cabinetry, quartz countertops, stainless steel appliances, luxury vinyl plank flooring, new white vinyl windows, updated plumbing, electrical components, lighting and ceiling fans, coded entry, and low-maintenance desert landscaping. Furnishings and personal property included in the sale convey as-is; refer to the Personal Property Schedule in the Documents tab for details.
PADSPLIT SHARED-HOUSING CONFIGURATION
The property is currently operated through PadSplit as furnished, room-by-room shared housing. Residents occupy private bedrooms and share the kitchen, bathroom and laundry facilities within each unit. This is not presented as nightly vacation-rental income. Property management is currently in place. PadSplit is an independent third-party platform; seller and broker do not guarantee buyer eligibility, continued platform participation, occupancy, collections, income or transferability.
OWNER-PROVIDED PRO FORMA
The underwriting assumes nine rooms at $205 per room per week, calculated using 4.3 weeks per month, for gross potential income of $95,202 annually. Applying a 7% vacancy allowance produces effective gross income of approximately $88,538. Projected annual operating expenses are $32,353, including electricity, water/sewer/trash, internet, insurance, property taxes, management and a PadSplit technology fee equal to 8% of occupied revenue. Projected NOI is $56,185, producing a projected 7.86% cap rate at the $715,000 offering price.
For comparison only, the full-occupancy upside scenario reflects projected NOI of $62,316 and a projected 8.72% cap rate. This scenario should not be presented as current or guaranteed performance. The pro forma does not include a separate maintenance, replacement-reserve or capital-expenditure allowance unless shown in the APOD.
LOCATION
The property is approximately 0.2 mile from the Valley Metro Rail station at 19th Avenue and Camelback Road and approximately one mile from Interstate 17, providing access to Grand Canyon University, Midtown Phoenix, Downtown Phoenix and surrounding employment centers.
IMPORTANT DISCLOSURES
All financial information is owner-provided pro forma and is not a representation of actual or guaranteed future results. Physical occupancy, collections and current room rates should be verified as of the date of any offer. Buyer must independently verify square footage, permitted use, zoning, year built, unit configuration, parking, utilities, expenses, taxes, insurance, PadSplit requirements, platform fees, occupancy, collections, income, transferability and all other material facts. Review the APOD, capital-improvement schedule, personal-property schedule, disclosures and other due-diligence materials in the Documents tab....
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Home facts
- Year built:1984
- Subdivision & Development:NILE TRACT BLOCK 1
- Listing ID #:7058179
- Updated:September 04, 2026 at 01:41 AM
Rooms and interior
- Bedrooms:9
- Total bathrooms:3
- Flooring:Vinyl
Heating and cooling
- Cooling:Ceiling Fan(s), Electric, Heat Pump, Individual Cooling
- Heating:Electric, Heat Pump, Individual Heating, Natural Gas
Structure and exterior
- Year built:1984
- Construction Materials:Brick, Painted
Utilities
- Water:City Franchise, Master Meter
Finances and disclosures
- Price:$699,000
- Tax amount:$1,615 (2025)
Parking
- Total parking spaces:5
- Parking description:Additional Parking Available, Free Parking, More Than 1 Parking Space/Unit
All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Copyright 2020 Arizona Regional Multiple Listing Service, Inc. All rights reserved.New listings near 5038 N 18th Avenue
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