Mid-Century Residential Income
For Sale
$269,900
1101 E BETHANY HOME Road 15, Phoenix, AZ 85014
Architect-designed residences with maintained landscaping and convenient access to restaurants, shopping, and area recreation.
Property Size1,020 SF
Days on Market251
Property Features for 1101 E BETHANY HOME Road 15
General Information
Standard status
Active
Size
1,020 SF
Property subtype
Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,341
Building Details
Building Size
1,020 SF
Year Built
1961
Construction
mid-century modern
Listing Agency:
Polly Mitchell Global Realty
Listed By:
Carressa Solis
(602) 330-1114
Source:
Alexiabertsatos
Added: Jan 10
Changed: Sep 15
Last Checked: Sep 16 at 11:10PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Polly Mitchell Global Realty
Investment Insights
Based on property information with market context.
This residential income property dates to 1961 and is part of an enclave containing 30 residences. The design is attributed to architects Knight & McDaniel, with a window wall oriented toward landscaped grounds maintained by the HOA. The property is presented as a condominium residence within the community.
The setting in North Central Phoenix places the property near Route 51, restaurants, shopping, and entertainment. Biltmore Fashion Park, the Biltmore Resort and golf facilities, Palo Verde Golf Course, and Piestewa Peak are also identified nearby. The property is within the Madison Elementary School District and offers walking access to local restaurants.
The setting in North Central Phoenix places the property near Route 51, restaurants, shopping, and entertainment. Biltmore Fashion Park, the Biltmore Resort and golf facilities, Palo Verde Golf Course, and Piestewa Peak are also identified nearby. The property is within the Madison Elementary School District and offers walking access to local restaurants.
Key Highlights
- 1961 mid‑century modern enclave designed by architects Knight & McDaniel
- Community contains 30 residences
- Window wall overlooks landscaped grounds maintained by the HOA
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
$11,897
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
4.41%
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%
$237,940
$237.9K
Cap Rate 7%
$169,957
$170.0K
Cap Rate 9%
$132,189
$132.2K
Market Conditions
NOI Build-Up for 1,020 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
$23.0K $22.56/SF
− Vacancy
−$1.4K −$1.35/SF
EGI
$21.6K $21.21/SF
− OpEx
−$9.7K −$9.54/SF
NOI
$11.9K $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%
$237,940
Cap Rate 7%
$169,957
Cap Rate 9%
$132,189
Alternative Uses
Best Use
Apartment 5plus
$170.0K
$148.7K – $198.3K
NOI $11,897 @ 7.0% cap · market cap 4.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$309.0K
$270.4K – $360.5K
NOI $21,628 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,376
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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Frequently Asked Questions
What type of property is this?
Residential income property - Architect-designed residences with maintained landscaping and convenient access to restaurants, shopping, and area recreation.
Where is this residential income property located?
The property is located at 1101 E BETHANY HOME Road 15 Phoenix, AZ.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: 1961 mid‑century modern enclave designed by architects Knight & McDaniel; Community contains 30 residences; Window wall overlooks landscaped grounds maintained by the HOA
