What do Phoenix multifamily income 4plex’es look like?
Small multifamily investors from other states or even other countries like Canada usually don’t know what small income properties like fourplexes look like in Phoenix and upon their arrival are surprised, so I thought I’d present a short overview of what they look like. The styles are very much different in Greater Phoenix then what you would find up North of back East.
Fourplexes or 4plexes in Greater Phoenix come in a variety of styles, usually following the trends at the time they were built. The oldest ones are found in Central Phoenix and Downtown Scottsdale.
The property above is located in the Medlock Place Historic district neighborhood. This is a row of several fourplexes in Central Phoenix. These were built in the late 50’s. You’ll find this type of architecture, a mix of low built ranch style buildings and buildings with moder elements quite often. It really depends on the area whether they are attractive or not. Just as with homes, well maintained properties look very good, despite being over 50 years old. In fact centrally located older multifamily properties can have an advantage over new built properties because of an increasing popularity of historic and older but well maintained apartment properties in Phoenix.
The property below was built in the 50’s as well. Its located along the Rose Lane corridor in North Central Phoenix where four units apartment buildings are mixed in with single family homes in a wonderful lush green mature neighborhood, desirable by both tenants and owner occupied residents.
This is an example of a ranch home style Phoenix fourplex. It’s actually 2 building under one roof with back yard for all units and a shared pool which has seems been made into a yard for the private use of one units. The original landscaping was grass as is common in the area, but a recent trend toward conservation and the realization that desert landscaping is not only beautiful but also economical has convinced this owner along with several others along the street to change it to desert landscaping. This is a bit off topic but the lush desert landscape has increased the appeal of the property to prospective tenants.
The appeal of ranch style fourplex is that it looks more like a house then an apartment community. Often each tenant has covered parking and a storage space. While there are such building in original condition, many have since been in whole or in part re-modelled; you’ll often find the need to do some deferred maintenance on older buildings but the location and the style make them popular with tenants.
Toward the 70’s the properties changes slightly, becoming a bit more bland and unlike single family homes. I don’t have any examples here. The property below is built in the 1970’s and has many characteristics of that time; characteristics like simple design and a carry through of the low roof line from the decades past.
The next big boom time for fourplex construction in Greater Phoenix came in the mid 1980’s. These fourplexes are much different from those of the past. By now construction was mostly framed with a stucco finish for both homes and fourplexes. Since land had increased in prices it’s more common to find two story fourplexes in the late 70’s and 80’s onwards then it its in the 50’s and 60’s, but land cost was not the only reason for this.
The fourplex below, a 4plex in North Central Phoenix has many of the characteristics of the time. You’ll find more 2br units and overall the side of apartments units had grown. Many now feature 2 bathrooms or at lease 2 sinks in a bathroom. There are walk in closets, sometimes, fireplaces.
The newest fourplexes like the one below located in Fountain Hills, are larger, more townhouse like with tile roof and a stucco finish. They are still basic but larger. It’s not uncommon to find fourplexes built after 2000 with 3 bedrooms and 2 bathrooms. Some, like the one below, have garages. Of course, the price per unit for the new fourplexes is much higher then the older buildings but rents are not proportionally higher in most cases.
Still, don’t discard the older properties. These tend to be in some of the more desirable established neighborhoods like Central Phoenix, some of the Phoenix historic neighborhood, the rapidly developing Downtown Scottsdale or the Madison Schools area; each of these neighborhoods is very desirable by tenants and residents. Many of the newer fourplexes built in the last few years are infill properties in areas that had cheap land for a reason; new buildings in a certain areas don’t equate to better investments.
This should give you a good overview of what fourplexes look like in Greater Phoenix. Of course the diversity is greater then that presented here, but the styles don’t diverge very much from what you see here.
Call Artur Ciesielski, CCIM (Certified Commercial Investment Member) at 602.628.4349 if you would like to discuss investing in Greater Phoenix real estate income properties.
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I would be interested to speak w/ you about working part time with investment properties. I am interested in helping investors in locating the best property for their goals or assisting with office work just to be around the business and learn it from a good source. My background is finance, I have an AZ Real Estate License that is currently in non-active status with the state. I have never activated my license in AZ. I’ll give you a call next week to discuss further or you can contact me at 602-334-3976. Thanks. Kim