377 N 15TH Street, Phoenix, AZ 85006, Phoenix, 85006 - 8 bed, 4 bath
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377 N 15TH Street
Phoenix, AZ 85006
ACTIVE
CONDITION: GOOD
8Beds
4Baths
2,652Sq Ft
0Lot Size
Property Price
LIST PRICE$660,000
EST. MARKET VALUE
$676,858
SUMMARY
This fourplex presents a Prime Investment Opportunity with a List Price of $660,000—positioned well below the $676,858 Fair Market Value by 2%. This valuation gap offers $16,858 in Instant Equity. With a Condition Rating of 3, the property features recent renovations in 75% of units and updated HVAC systems, minimizing immediate capital expenditure. Located in the Garfield Historic District, this Residential Income Asset is ideal for Buy-and-Hold Investors or Value-Add Investors seeking stable cash flow in a high-demand downtown Phoenix location.
Estimated Market Value
$676,858
Based on Realkey algorithm analyzing recent comparable sales in Phoenix.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 377 N 15TH Street Subject | $660,000* List Price | 8 | 4 | 2,652 | $255 | - |
A 1101 E ROOSEVELT Street Active | $749,999 List Price | 0 | 0 | 2,555 | $294 | 0.7 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Good
TeardownExcellent
Property is move-in ready.
While built in 1983, the property is well-maintained with 75% of the units recently renovated featuring modern shaker cabinets, new flooring, and updated interiors. Additionally, 50% of the HVAC systems are nearly new (2-4 years old), making the units functional and move-in ready.
PROSSTRENGTHS & OPPORTUNITIES
- Prime Historic Location
Situated in the highly desirable Garfield Historic District near Roosevelt Row, the property offers exceptional walkability and strong long-term appreciation potential in one of downtown Phoenix's most sought-after neighborhoods.
- Recent Capital Improvements
With three of the four units already renovated and two HVAC systems replaced within the last 2-4 years, the property reduces immediate capital expenditure requirements for a new investor.
- Favorable Expense Structure
The investment features a low-overhead operating model where the owner is only responsible for water, sewer, and trash, maximizing the net operating income relative to the $53,160 gross annual revenue.
CONSRISKS & DEFICIENCIES
- Compact Unit Square Footage
At approximately 650 square feet per 2-bedroom unit, the living spaces are notably small, which may limit the tenant profile and cap future rent increases compared to larger competing units.
- Lower School Ratings
The assigned public schools for this address have relatively low ratings (3-4 out of 10), which could be a deterrent for long-term family tenants and impact the property's broader market appeal.
About 377 N 15TH Street
The 15th Street fourplex consists of four 2-bedroom, 1-bath units, each approximately 650 square feet. Average rents are $1,107 per unit, producing gross annual income of approximately $53,160. Operating expenses are low, with the owner responsible only for water, sewer, and trash. Three of the four units have been renovated, and two HVAC systems have been replaced within the last 2-4 years. Located in the highly desirable Garfield Historic District, the property offers historic charm, excellent walkability, and close proximity to Roosevelt Row, making it an attractive investment with strong long-term upside in one of downtown Phoenix's most sought-after neighborhoods.
Property Details
Public Facts
- Property Type
- Residential Income
- Year Built
- 1983
- Lot Size
- -
Interior
- Total Bedrooms
- 8
- Total Bathrooms
- 4 (4 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Phoenix Unified Schools
Thomas A Edison School
Grades PK-8 • 0.3 mi
4/10
Garfield School
Grades PK-8 • 0.4 mi
3/10
Ralph Waldo Emerson Elementary School
Grades PK-8 • 1.3 mi
3/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 8.0 | 0.0 |
| Baths | 4.0 | 0.0 |
| Square foot | 2,652 | - |
| Lot Size | - | - |
| Price | $660.0K | $228.9K |
| Price per sq ft | $249 | $256 |
| Built year | 1983 | 0 |
| HOA | $0 | $0 |
| Days on market | 22 | 4774 |
Pricing History
Listed for Sale
Aug 4, 2026
$660,000
Initial Listing