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Cove on 44th 4030 N 44th Ave 256 Unit Apartment Building For Sale Phoenix, AZ 85031
Investment Highlights
- 256-unit community with strong in-place occupancy and proven operational upside.
- 59 units fully renovated; 197 units remain as income-generating renovation runway.
- Prime location near I-17 and I-10 with access to Downtown Phoenix and major employers.
- Over $1.9 million invested in capital improvements, reducing deferred maintenance exposure.
- Projected $528,000 annual premium potential upon full upgrade completion.
- Amenity-rich community featuring pools, fitness center, dog park, and sports courts.
Executive Summary
Cove on 44th presents an exceptional value-add multifamily investment opportunity in Phoenix, Arizona. This 256-unit, garden-style community sits on 8.05 acres and features individually metered studio and one-bedroom homes. Built in 1983, the property benefits from direct access to I-17 and I-10, providing enhanced connectivity to Downtown Phoenix and major employment centers. Over $1.9 million in recent capital improvements have enhanced plumbing, HVAC systems, and common areas, reducing deferred maintenance risks. Current ownership has initiated a successful renovation program, completing 59 premium unit upgrades and leaving significant upside across 197 remaining units. Upon stabilization, the renovation plan is projected to drive over $528,000 in additional annual income through rent premiums and utility recapture. With strong in-place occupancy, below-market rents, and proximity to major job hubs, Cove on 44th offers investors durable cash flow today and meaningful growth potential in one of Phoenix's most dynamic submarkets.
Property Facts
| Sale Type | Investment | Lot Size | 8.05 AC |
| No. Units | 256 | Building Size | 141,258 SF |
| Property Type | Multifamily | Average Occupancy | 96% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1983 |
| Building Class | B | Parking Ratio | 2.58/1,000 SF |
| Zoning | R-4 | ||
| Sale Type | Investment |
| No. Units | 256 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 8.05 AC |
| Building Size | 141,258 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built | 1983 |
| Parking Ratio | 2.58/1,000 SF |
| Zoning | R-4 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Freezer
Site Amenities
- Clubhouse
- Courtyard
- Fitness Center
- Laundry Facilities
- Pool
- Property Manager on Site
- Spa
- Tennis Court
- Grill
- Online Services
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 11 | - | 452 |
| 1+1 | 245 | - | 452 - 598 |
1 1
Fairly walkable
50/100
Very drivable
80/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 107-22-001X | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $860,790 CAD |
Property Taxes
Parcel Number
107-22-001X
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$860,790 CAD
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Cove on 44th | 4030 N 44th Ave
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