Investment Overview
Gerchick Real Estate presents 5038 N 18th Avenue, a remodeled triplex configured for PadSplit shared housing with nine individually rentable furnished rooms. Each of the three residential units offers three private rooms, a shared kitchen and bathroom, a separate entrance, and its own full-size washer and dryer.
PRICE REDUCED TO $570,000. CASH ONLY. Offered strictly AS-IS. The seller reports more than $120,000 in improvements, including updated kitchens, bathrooms, flooring, windows, lighting, plumbing, electrical components, coded access and low-maintenance landscaping.
Seller update: The seller reports that the front-house vacancies are due to missing HVAC equipment and expects those spaces to lease quickly once HVAC is installed. Installation and leasing timing are not confirmed. The seller expects fixed costs to remain unchanged except electricity, which is projected to increase approximately $150 per month on average.
Current-income model: The October 7 operating summary reports five occupied rooms at $805 per room per month: $48,300 annual scheduled rent. After a 7% allowance, modeled effective gross income is $44,919, listed operating expenses are $22,519, and modeled NOI is $22,400, equivalent to a 3.93% modeled cap rate at $570,000.
Nine-room pro forma: At $805 per room per month with a 7% allowance, annual effective gross income is $80,854.20. Listed operating expenses are $27,410.20, including electricity of $550 per month and the 8% platform fee on scheduled rent. Modeled NOI is $53,444, equivalent to a 9.38% pro forma cap rate at $570,000.
Updated due diligence: The current rent roll and financial information dated October 7, 2026 are available below. These annualized models are not actual year-to-date results or verified collections. Water/sewer/trash, maintenance, gas and landscaping amounts were not supplied in the owner model and are not assumed to be zero. HVAC installation, other capital costs, reserves and debt service are excluded; additional expenses would reduce NOI and returns.
The property is approximately one block from the 19th Avenue/Camelback Valley Metro Rail station. Buyer must independently verify room rates, occupancy, collections, all expenses, HVAC condition and installation costs, PadSplit requirements, legal use and zoning.
Virtual Property Tour
Explore 5038 N 18th Avenue from anywhere with the interactive 360-degree property tour. View the remodeled interiors, furnished private rooms, shared kitchens and bathrooms, full-size laundry areas and the property’s overall layout. Select VIEW THE VIRTUAL TOUR to begin.
Location & Market Overview
5038 N 18th Avenue is centrally located in Phoenix’s established Alhambra neighborhood, just north of Camelback Road. The property offers walkable access to Valley Metro Rail together with convenient connections to employment, education, healthcare, shopping, dining and entertainment.
Strategic Location: Approximately 0.2 miles—about one block—from the 19th Avenue/Camelback light-rail station and park-and-ride facility.
Area Amenities & Demand Drivers: Near Uptown Plaza, the Melrose District, Steele Indian School Park, Encanto Park, Phoenix College, Grand Canyon University, grocery stores, restaurants and neighborhood services.
Employment & Economic Drivers: Convenient to Grand Canyon University, Banner Health, Banner–University Medical Center Phoenix, Phoenix College, Downtown Phoenix and major government and professional-service employers.
Transportation & Regional Access: Near 19th Avenue, Camelback Road and Interstate 17, with light-rail service to Midtown, Downtown Phoenix, South Phoenix and North Phoenix plus regional connections to Sky Harbor Airport, Tempe and Mesa.
Current-Income Model | 5 Occupied Rooms | Annualized
$570,000
Cash Only | As-Is Price
$44,919
Modeled Annual Effective Gross Income
$22,519
Listed Annual Operating Expenses
$22,400
Modeled Annual NOI
3.93%
Modeled Cap Rate
Nine-Room Pro Forma | 7% Allowance | Annualized
$570,000
Cash Only | As-Is Price
$80,854.20
Pro Forma Effective Gross Income
$27,410.20
Listed Pro Forma Operating Expenses
$53,444
Pro Forma Annual NOI
9.38%
Pro Forma Cap Rate
Offering Memorandum & Property Flyer
Review the Offering Memorandum and one-page property flyer for complete information about 5038 N 18th Avenue, including the PadSplit operating model, corrected financial analysis, property details, improvements, photographs, light-rail location and available due-diligence materials.
The underwriting presents both the conservative 7%-vacancy case and the full-occupancy sensitivity. Select a document below to view or download the current PDF.
Contact Linda Gerchick, CCIM, with questions or to schedule a confidential discussion about this investment opportunity. All information is subject to independent verification by the prospective buyer.
Property Documents & Due Diligence
The following property documents are available for review. Current operating records will be added as they are received.
- Current Rent Roll 10/7/2026
- Rental Comparables – Coming Soon
- Year-to-Date General Ledger 10/7/2026
- List of Improvements
- Floor Plans and Appraiser Measurements – Coming Soon
- Plat Map
- Schedule of Personal Property
- Seller Property Disclosure
- Residential Seller Property Disclosure—1–4 Units
- Insurance Loss Run
- Market Conditions Advisory
- Lead-Based Paint Disclosure
- Addendum to the Residential Purchase Contract—1–4 Units
Tenant leases are not publicly posted and will be provided only after the property is under contract to protect tenant privacy.
Explore additional photographs of 5038 N 18th Avenue, including the exterior, remodeled kitchens and bathrooms, furnished private rooms, shared living areas, full-size laundry facilities, coded entries and low-maintenance landscaping. These images provide a closer look at the property’s three-unit layout, condition and nine-room PadSplit configuration. Contact Linda Gerchick, CCIM, to schedule a private property tour.
Commercial Real Estate Investor Education
Linda Gerchick’s Practical Guide to Commercial Real Estate
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Queen of Fourplexes: Outrageous, Hilarious Stories of Real Estate
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Practical Guide to Commercial Real Estate
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