Dissect-a-Deal: Phoenix 8-unit multifamily

[Jeffrey Daniels]

This post is a game, intended for entertainment and educational purposes.

Using live property data and understanding that real decisions sometimes must be made quickly with uncertainty:

• Analyze the deal

• 👍vs👎

• Enjoy the discussion

I do not represent this property owner, and this is not my listing.

Investment Case Study:

3044-48 E Beck Ln, Phoenix, AZ 85032

1. Investment Synopsis

This 8-unit multifamily offering presents a stabilized, turnkey opportunity in the North Phoenix submarket, consisting of two adjacent four-plex buildings. The asset is distinguished by its 100% "townhouse-style" unit mix (all 2-bed/2-bath two-story units) featuring private backyards and in-unit laundry, amenities that strongly support tenant retention and command premium rents relative to standard apartments. With 100% current occupancy and a list cap rate of 6.2%, this property offers immediate cash flow with potential upside through professional management and utility bill-back implementation.

2. Property Overview

• • Property Type: Multifamily (Two 2-story buildings) 

  • Year Built: 1987 

• • Unit Count: 8 Units 

• • Unit Mix: (8) 2-Bedroom / 2-Bathroom Townhomes 

• • Building Size: Avg unit size ~1,000 SqFt 

• • Lot Size: 18,916 SqFt (approx. 0.43 acres) 

• • Zoning: R3 (Multifamily Residential) 

• • Parking: 10 Total Spaces (10 Covered) 

• • APN: Includes parcels 214-37-027-C and 214-37-027-D 

3. Financial Summary

• • List Price: $1,800,000 

• • Price Per Unit: $225,000 ($1,800,000 / 8 units)

• • Projected Cap Rate: 6.2% 

• • Net Operating Income (NOI): $111,592 

• • Gross Annual Income: ~$129,150 

• • Total Reported Expenses: $20,637.99 

  • • Property Taxes (2025): $3,082 

• • • Water/Sewer: $10,688.16 

  • • Insurance: $2,957.72 

  • • Landscaping: $3,000 

  • • Common Electric: $910.11

[Allan C.]

This is two x 4-units so not a commercial deal - you can acquire this on two residential loans. This matters because loan terms and insurance will be significantly favorable. 

taxes seem low so perhaps you only grabbed taxes for one building. Cap rate also seems high - expense ratio is very low (not accounting for amortized capex and other factors). What's appealing about this property is 1987 build, which is 30 yrs younger then most of Phoenix stock on the market. Electrical and sewers likely in decent condition. 

that being said, I'd like to pay less than $200k/unit if I'm this far north. Or in general get further south.