Remodeled Two-Bedroom
For Sale
$195,000
12440 N 20TH Street 202, Phoenix, AZ 85022
Second-floor residence in a gated community with a balcony, pool views, and assigned covered parking.
Property Size726 SF
Days on Market92
Property Features for 12440 N 20TH Street 202
General Information
Standard status
Active
Size
726 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$433
Amenities
gated community
inside washer/dryer
walk out balcony
community pool
assigned covered parking
Building Details
Building Size
726 SF
Year Built
1986
Listing Agency:
Realty One Group
(623) 566-8863
Listed By:
Adam Hamblen · License #SA548243000
(623) 566-8863
Source:
Alexiabertsatos
Added: May 26
Changed: Aug 13
Last Checked: Aug 24 at 12:41PM
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 Realty One Group
Investment Insights
Based on property information with market context.
This single-level condo offers 2 bedrooms and 1 bath within a gated community. Interior improvements include a remodeled kitchen with appliances, eat-in dining space, new flooring throughout, and fresh interior paint. The layout also includes a spacious great room and an inside washer/dryer.
A walk-out balcony overlooks the community pool, while assigned covered parking provides dedicated on-site parking. Built in 1986, the residence is located on the second floor and combines updated interior finishes with practical features for everyday use.
A walk-out balcony overlooks the community pool, while assigned covered parking provides dedicated on-site parking. Built in 1986, the residence is located on the second floor and combines updated interior finishes with practical features for everyday use.
Key Highlights
- Remodeled 2‑bedroom, 1‑bath single‑level condo
- Second‑floor unit in a gated community
- Kitchen remodel includes appliances and eat‑in dining area
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
$8,468
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
4.34%
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%
$169,360
$169.4K
Cap Rate 7%
$120,971
$121.0K
Cap Rate 9%
$94,089
$94.1K
Market Conditions
NOI Build-Up for 726 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
$16.4K $22.56/SF
− Vacancy
−$983 −$1.35/SF
EGI
$15.4K $21.21/SF
− OpEx
−$6.9K −$9.54/SF
NOI
$8.5K $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%
$169,360
Cap Rate 7%
$120,971
Cap Rate 9%
$94,089
Alternative Uses
Best Use
Apartment 5plus
$121.0K
$105.9K – $141.1K
NOI $8,468 @ 7.0% cap · market cap 4.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$219.9K
$192.4K – $256.6K
NOI $15,394 @ 7.0% cap · market cap 7.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
622
Businesses Nearby
Explore this area
Business Placement
Demographics for 85022, AZ
51,314
Population
25,020
Households
2.1
Avg Household Size
39
Median Age
36%
College-Educated
91%
High-School Grad
9.4 sq mi
ZIP Area
5,459
Density / Sq Mi
$66,601
Median Household Income
$45,875
Median Earnings
$1,517
Median Rent
$385,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Second-floor residence in a gated community with a balcony, pool views, and assigned covered parking.
Where is this residential income property located?
The property is located at 12440 N 20TH Street 202 Phoenix, AZ.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: Remodeled 2‑bedroom, 1‑bath single‑level condo; Second‑floor unit in a gated community; Kitchen remodel includes appliances and eat‑in dining area
