Phoenix Triplex Investment
For Sale
$560,000
Pending
1215 East Mission Lane, Phoenix, AZ 85020
Well-maintained triplex in Phoenix with updated interiors and steady income.
Property Size1,850 SF
Days on Market125
Property Features for 1215 East Mission Lane
General Information
Standard status
Pending
Size
1,850 SF
Property subtype
Multiple Dwellings
Net Operating Income
$33,100
Taxes and HOA fees
Annual Taxes
$991
Amenities
Central Air, Ceiling Fan(s)
Tile, Ceramic Tile, Vinyl
Yes
No
Rolled/Hot Mop
No Pool
1
3
Brick Veneer, Painted, Block
Building Details
Year Built
1954
Listing Agency:
My Home Group Real Estate
(623) 340-3957
Listed By:
Daniel Barraza · License #SA639785000
(623) 340-3957
Source:
Compass
Added: Apr 29
Changed: Aug 23
Last Checked: Aug 29 at 2:30PM
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 My Home Group Real Estate
Investment Insights
Based on property information with market context.
This well-maintained triplex in Phoenix presents an investment opportunity, offering steady income in a tenant-rich location. The property features a functional layout and ample on-site parking. Each of the three units offers a comfortable floor plan with updated interiors, making them attractive to both tenants and investors. The units have been refreshed with modern finishes, including wood-look flooring, neutral paint tones, updated kitchens with shaker cabinetry, and renovated bathrooms featuring stylish tile work and contemporary fixtures. Newer windows, roof, and A/C units contribute to the property's turn-key condition. The property size is 1850 square feet.
Key Highlights
- Steady income from a well‑maintained triplex in a tenant‑rich location.
- Turn‑key property with newer windows, roof, and A/C units.
- Updated interiors with modern finishes including wood‑look flooring and neutral paint tones.
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
$24,231
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
4.33%
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%
$484,620
$484.6K
Cap Rate 7%
$346,157
$346.2K
Cap Rate 9%
$269,233
$269.2K
Market Conditions
NOI Build-Up for 1,850 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
$36.6K $19.80/SF
− Vacancy
−$2.0K −$1.09/SF
EGI
$34.6K $18.71/SF
− OpEx
−$10.4K −$5.61/SF
NOI
$24.2K $13.10/SF
Area
Phoenix, AZ
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$484,620
Cap Rate 7%
$346,157
Cap Rate 9%
$269,233
Alternative Uses
Best Use
Multifamily LT 5
$346.2K
$302.9K – $403.9K
NOI $24,231 @ 7.0% cap · market cap 4.33%
Second Best
Apartment 5plus
$308.3K
$269.7K – $359.6K
NOI $21,578 @ 7.0% cap · market cap 3.85%
Theoretical Best
Office A
$560.4K
$490.3K – $653.8K
NOI $39,227 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
971
Businesses Nearby
Explore this area
Business Placement
Demographics for 85020, AZ
34,534
Population
18,231
Households
1.9
Avg Household Size
43
Median Age
43%
College-Educated
90%
High-School Grad
8.8 sq mi
ZIP Area
3,924
Density / Sq Mi
$78,412
Median Household Income
$48,230
Median Earnings
$1,389
Median Rent
$400,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained triplex in Phoenix with updated interiors and steady income.
Where is this triplex located?
The property is located at 1215 East Mission Lane Phoenix, AZ.
What is the asking price?
The asking price for this property is $560,000.
What are key features of this property?
This property features: Steady income from a well‑maintained triplex in a tenant‑rich location.; Turn‑key property with newer windows, roof, and A/C units.; Updated interiors with modern finishes including wood‑look flooring and neutral paint tones.
