3-Home Multifamily
New
For Sale
$1,115,000
1334 E FLOWER Street, Phoenix, AZ 85014
Multiple Dwellings, Phoenix, AZ
Property Size3,666 SF
Price / SF$304.15
Days on Market3
Property Features for 1334 E FLOWER Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1-6
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bathroom 1, Bedroom 5, Bathroom 3, Bathroom 4, Bedroom 4, Bathroom 2, Bedroom 2, Bedroom 1, Bedroom 3
Parking features
Open
Pool private
1
Appliances
Disposal, Dishwasher, Refrigerator, Built-In Gas Oven, Microwave, Washer/Dryer
Subdivision
ASHBY ACRES LOTS 11 13 14
Elementary school
Longview Elementary School
Middle school
Osborn Middle School
High school
North High School
Elementary school district
Osborn Elementary District
Middle school district
Phoenix Union High School District
High school district
Phoenix Union High School District
Directions
West to Randolph Road, south to Flower St. Home is on NE corner.
Standard status
Active
APN
118-10-008
Taxes and HOA fees
Tax Year
2025
Tax Description
ASHBY AC PT LOT 11 W 106.98' OF S 156.70' EX 20' STRIP FOR ALLEY ALG N LI
Tax Annual Amount
4718
Legal Description
ASHBY AC PT LOT 11 W 106.98' OF S 156.70' EX 20' STRIP FOR ALLEY ALG N LI
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Ceiling Fan(s), Central Air
Amenities
pool
private courtyards
covered patios
Building Details
Year built
1943
Number of units
3
Flooring type
Tile
Building materials
Painted, Stucco, Block
Roof type
Foam
Listing Agency:
Realty ONE Group
(480) 315-1240
Listed By:
Nicole Zopolos
(480) 620-4068
Added: Sep 30
Changed: Oct 1
Last Checked: Oct 2 at 3:06PM
MLS# 7087259
Copyright © 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The property brings together three residences with 3,666 SF of total living area. The main home, built in 1943, contains 2,274 SF, three bedrooms, two bathrooms, and an office. Two casitas add 496 SF with one bedroom and one bathroom, and 896 SF with two bedrooms and one bathroom. The smaller casita is newly built. Each dwelling has its own laundry, parking, and fenced yard.
Interior and outdoor features include Saltillo tile, wood flooring, a fireplace, cove ceilings, and a remodeled kitchen. Private courtyards, covered patios, and a pool provide additional shared property amenities. The parcel is zoned R1-6 and connects to public sewer.
Interior and outdoor features include Saltillo tile, wood flooring, a fireplace, cove ceilings, and a remodeled kitchen. Private courtyards, covered patios, and a pool provide additional shared property amenities. The parcel is zoned R1-6 and connects to public sewer.
Key Highlights
- Three separate residences total 3,666 SF
- Main house: 2,274 SF, 3 bedrooms, 2 bathrooms, and an office
- Casita: 496 SF with 1 bedroom and 1 bathroom; newly built
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$42,758
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.83%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$855,160
$855.2K
Cap Rate 7%
$610,829
$610.8K
Cap Rate 9%
$475,089
$475.1K
Market Conditions
NOI Build-Up for 3,666 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$82.7K $22.56/SF
− Vacancy
−$5.0K −$1.35/SF
EGI
$77.7K $21.21/SF
− OpEx
−$35.0K −$9.54/SF
NOI
$42.8K $11.66/SF
Area
Phoenix, AZ
Vacancy
6.00%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$855,160
Cap Rate 7%
$610,829
Cap Rate 9%
$475,089
Alternative Uses
Best Use
Apartment 5plus
$610.8K
$534.5K – $712.6K
NOI $42,758 @ 7.0% cap · market cap 3.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$971.7K – $1.30M
NOI $77,732 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,166
Businesses Nearby
Explore this area
Business Placement
Demographics for 85014, AZ
26,381
Population
14,778
Households
1.8
Avg Household Size
37
Median Age
43%
College-Educated
90%
High-School Grad
4.0 sq mi
ZIP Area
6,595
Density / Sq Mi
$69,995
Median Household Income
$48,465
Median Earnings
$1,339
Median Rent
$447,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Multifamily property - R1-6-zoned property combines three separate residences with individual laundry and parking.
Where is this multifamily property located?
The property is located at 1334 E FLOWER Street Phoenix, AZ.
What is the asking price?
The asking price for this property is $1,115,000.
What are key features of this property?
This property features: Three separate residences total 3,666 SF; Main house: 2,274 SF, 3 bedrooms, 2 bathrooms, and an office; Casita: 496 SF with 1 bedroom and 1 bathroom; newly built
