Melrose on 5th 3611 N 5th Ave 12 Unit Apartment Building $4,706,382 CAD ($392,199 CAD/Unit) 5.26% Cap Rate Phoenix, AZ 85013

Matthews™ is pleased to present Melrose on 5th, a 12-unit, garden-style multifamily community located in the highly sought after Melrose district in Midtown Phoenix. Originally constructed in 1961, the asset went through extensive repositioning in 2016 and features a rare unit mix of (12) spacious 3-bedroom, 2-bathroom floor plans measuring approximately 1,200 square feet each. This pride-of-ownership asset successfully blends timeless mid-century architecture with modern interior finishes, creating strong tenant appeal in one of Phoenix’s most desirable urban neighborhoods.
The unit interiors are thoughtfully upgraded and feature stackable washer/dryers, fully equipped kitchens with dishwashers and built-in microwaves, stainless steel appliances, faux vinyl wood flooring, and modernized bathrooms. Exterior amenities include gated access entry ways, charcoal barbeque grills, resort-style swimming pool, covered parking, and low maintenance desert landscaping. The combination of expansive floor plans and attractive community amenities differentiates the asset from surrounding multifamily inventory and position the property to attract long-term tenants seeking larger living spaces in an urban infill location.
Strategically positioned just west of Central Avenue near Osborn Road, the property benefits from immediate access to the Valley Metro Light Rail, Downtown Phoenix, Midtown employment centers, and some of the city’s most popular restaurants, retail, and entertainment destinations. The Melrose District continues to experience strong redevelopment momentum and has emerged as one of Phoenix’s premier live-work-play neighborhoods due to its walkability, local character, and central location. The property also offers convenient connectivity to SR-51, I-10, and I-17, providing excellent regional access throughout the Phoenix metro area.
Melrose on 5th presents investors with a compelling opportunity to acquire a well-maintained, renovated multifamily asset within one of Phoenix’s strongest urban infill corridors. With limited supply of large-unit apartment product and continued demand for centrally located workforce housing, the property is well-positioned to capitalize on future rental growth and long-term appreciation
David Harrington
License # CO701910000, BR715518000 (AZ)
Matthews Real Estate Investment Services, Inc
4110 N Scottsdale Rd Suite 100, Scottsdale, AZ 85251
(866) 889-0550