10213 N 15th Ave

LevRose Commercial Real Estate is pleased to present the 15th Avenue Triplex, a three-unit multifamily investment offered at $450,000 in the heart of North Central Phoenix. Situated on a ±7,271 SF R-3 infill parcel, the property delivers ±1,554 rentable square feet across three units—two 2-bedroom/1-bath units and one 1-bedroom/1-bath—in a single-story configuration that is rarely delivered new in this submarket. Built in 1981 and priced at $150,000 per unit, each unit is individually metered for electricity across three separate meters, keeping the operating expense load at just $8,666 annually, or approximately 23% of gross operating income. Every unit features a private patio, and the property benefits from on-site laundry and six on-site parking spaces—amenities that support tenant retention and stable occupancy in a rental market where off-street parking remains in demand.From an investment standpoint, the offering delivers a 6.45% cap rate on in-place income of $38,877, with a clear path to a 6.87% proforma cap as gross scheduled income moves to $40,800 and cash-on-cash return improves from 3.50% to 5.57%. The property currently operates under owner management, leaving room in the proforma for professional management efficiencies and rent optimization on approximately $1,923 of annual upside. The location is a key value driver: sited on 15th Avenue minutes from both the Black Canyon Freeway (I-17) and the Piestewa Freeway (SR-51), the property offers tenants direct access to Downtown Phoenix and Midtown employment corridors, within a three-mile radius serving 148,848 residents and 36,792 renter-occupied households at an average income of $87,735. The result is a well-located, cash-flowing asset with immediate income, defined rent upside, and a scarce small-lot profile—an ideal acquisition for a private investor or 1031 buyer seeking a stable, manageable asset with room to grow.