Corner-Unit Residential Income
For Sale
$236,000
20420 N 6th Drive #8, Phoenix, AZ 85027
Updated condominium with two bedrooms, two baths, included appliances, a private patio, and covered parking.
Property Size994 SF
Price / SF$237.42
Days on Market12
Property Features for 20420 N 6th Drive #8
General Information
Standard status
Active
Size
994 SF
Total Parking Spaces
1
Property subtype
Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$569
Amenities
private patio
Building Details
Building Size
994 SF
Year Built
1986
Stories
1
Listing Agency:
101 Realty & Management LLC
(602) 460-3113
Listed By:
Christopher Sanchez · License #BR638387000
(602) 460-3113
Source:
Aznewhorizonrealty
Added: Aug 12
Changed: Aug 14
Last Checked: Aug 22 at 1:55PM
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 101 Realty & Management LLC
Investment Insights
Based on property information with market context.
This corner-unit condominium provides 994 square feet with two bedrooms and two bathrooms. The interior has been refreshed with new paint and carpet, while the kitchen includes its appliances. A private patio extends the living area, and the property includes one covered parking space.
Built in 1986, the condominium is located at 20420 N 6th Drive #8 in Phoenix, Arizona. Access to Loop 101, I-17, and SR-51 places the home near shopping, dining, entertainment, and major employers throughout the Valley. Its residential income property classification supports consideration for both personal ownership and rental use.
Built in 1986, the condominium is located at 20420 N 6th Drive #8 in Phoenix, Arizona. Access to Loop 101, I-17, and SR-51 places the home near shopping, dining, entertainment, and major employers throughout the Valley. Its residential income property classification supports consideration for both personal ownership and rental use.
Key Highlights
- 994‑square‑foot corner‑unit condominium with 2 bedrooms and 2 bathrooms
- Updated interior with fresh paint and brand‑new carpet
- Kitchen includes all appliances
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
$11,594
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
4.91%
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%
$231,880
$231.9K
Cap Rate 7%
$165,629
$165.6K
Cap Rate 9%
$128,822
$128.8K
Market Conditions
NOI Build-Up for 994 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
$22.4K $22.56/SF
− Vacancy
−$1.3K −$1.35/SF
EGI
$21.1K $21.21/SF
− OpEx
−$9.5K −$9.54/SF
NOI
$11.6K $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%
$231,880
Cap Rate 7%
$165,629
Cap Rate 9%
$128,822
Alternative Uses
Best Use
Apartment 5plus
$165.6K
$144.9K – $193.2K
NOI $11,594 @ 7.0% cap · market cap 4.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$301.1K
$263.5K – $351.3K
NOI $21,076 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
355
Businesses Nearby
Explore this area
Business Placement
Demographics for 85027, AZ
38,343
Population
17,458
Households
2.2
Avg Household Size
36
Median Age
29%
College-Educated
92%
High-School Grad
11.7 sq mi
ZIP Area
3,277
Density / Sq Mi
$73,255
Median Household Income
$46,338
Median Earnings
$1,488
Median Rent
$316,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium with two bedrooms, two baths, included appliances, a private patio, and covered parking.
Where is this residential income property located?
The property is located at 20420 N 6th Drive #8 Phoenix, AZ.
What is the asking price?
The asking price for this property is $236,000.
What are key features of this property?
This property features: 994‑square‑foot corner‑unit condominium with 2 bedrooms and 2 bathrooms; Updated interior with fresh paint and brand‑new carpet; Kitchen includes all appliances
