Two-Home Assisted Living
For Sale
$1,500,000
Phoenix, AZ 85029, Phoenix, AZ 85029
COMMERCIAL - Phoenix, AZ
Property Size3,969 SF
Price / SF$377.93
Days on Market511
Property Features
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Parking Lot
Directions
Submerged Identity- Active Business= Will be provided to qualified Buyer
Standard status
Active
APN
222-33-444
Size
3,969 SF
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air, Ceiling Fan(s)
Amenities
Smart Televisions
wheelchair accessible
courtyards
patios
outdoor covered areas
private gated access to walking path along lake
Building Details
Building materials
Stucco, Block
Listing Agency:
HomeSmart
(602) 230-7600
Listed By:
Jeffrey Masich · License #BR632450000
(480) 242-6500
Added: Mar 19, 2025
Changed: Aug 6
Last Checked: Aug 11 at 5:06PM
MLS# 6838058
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.
This 3,969-square-foot assisted living property comprises two adjacent homes with 10 licensed beds and 11 bedrooms designated for caregivers. Each residence includes five directed-care bedrooms, private resident rooms, and roll-in access to bathrooms. The interiors are furnished and include Smart Televisions, while central air, ceiling fans, electric heating, stucco and block construction, and public sewer support daily operations.
Both homes sit on a quiet cul-de-sac in Phoenix and provide wheelchair-accessible courtyards and patios, along with covered outdoor areas for visits. Private gated access connects the property to a wide walking path beside a private lake. Hospitals, shopping, and restaurants are located nearby, and the assisted living licenses are current and in good standing.
Both homes sit on a quiet cul-de-sac in Phoenix and provide wheelchair-accessible courtyards and patios, along with covered outdoor areas for visits. Private gated access connects the property to a wide walking path beside a private lake. Hospitals, shopping, and restaurants are located nearby, and the assisted living licenses are current and in good standing.
Key Highlights
- Two adjacent assisted living homes totaling 3,969 square feet
- Licensed for 10 beds with 11 bedrooms designated for caregivers
- Each home includes 5 directed‑care bedrooms with roll‑in bathroom access
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
$46,293
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
3.09%
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%
$925,860
$925.9K
Cap Rate 7%
$661,329
$661.3K
Cap Rate 9%
$514,367
$514.4K
Market Conditions
NOI Build-Up for 3,969 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
$89.5K $22.56/SF
− Vacancy
−$5.4K −$1.35/SF
EGI
$84.2K $21.21/SF
− OpEx
−$37.9K −$9.54/SF
NOI
$46.3K $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%
$925,860
Cap Rate 7%
$661,329
Cap Rate 9%
$514,367
Alternative Uses
Best Use
Apartment 5plus
$661.3K
$578.7K – $771.6K
NOI $46,293 @ 7.0% cap · market cap 3.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,157 @ 7.0% cap · market cap 5.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
5,057
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85029, AZ
47,101
Population
19,723
Households
2.4
Avg Household Size
35
Median Age
22%
College-Educated
82%
High-School Grad
9.4 sq mi
ZIP Area
5,011
Density / Sq Mi
$60,384
Median Household Income
$37,282
Median Earnings
$1,319
Median Rent
$307,800
Median Home Value
Questions? Ask Rey
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Similar Off Market Nearby
- Christian Care Manor II Assisted Living — 11802 N 19th Ave, Phoenix, AZ 85029
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- The Oasis at Fellowship Square Phoenix — 11818 N 19th Ave, Phoenix, AZ 85029
Frequently Asked Questions
What type of property is this?
Assisted living facility - Licensed care operation with accessible resident rooms, furnished interiors, and shared outdoor amenities.
Where is this assisted living facility located?
The property is located at Phoenix, AZ.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Two adjacent assisted living homes totaling 3,969 square feet; Licensed for 10 beds with 11 bedrooms designated for caregivers; Each home includes 5 directed‑care bedrooms with roll‑in bathroom access
