Second-Floor Residential Income
New
For Sale
$182,000
2020 W Union Hills Drive #211, Phoenix, AZ 85027
Two-bedroom residence with an open kitchen, fireplace, patio, and proximity to a pool.
Property Size1,076 SF
Days on Market6
Property Features for 2020 W Union Hills Drive #211
General Information
Standard status
Active
Size
1,076 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$597
Amenities
fireplace
patio
Building Details
Building Size
1,076 SF
Year Built
1984
Stories
2
Listing Agency:
Keller Williams Realty Phoenix
(602) 350-8309
Listed By:
Jera M Banks
(602) 350-8309
Source:
Sunhaven-realestate
Added: Aug 18
Changed: Aug 21
Last Checked: Aug 22 at 2:25PM
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 Keller Williams Realty Phoenix
Investment Insights
Based on property information with market context.
This second-floor residential income property at 2020 W Union Hills Drive #211 includes 2 bedrooms and 1 bath. The interior features a great room with fireplace, a kitchen equipped with stainless steel appliances and a pantry, and a dining area. A patio extends the living area outdoors. The property was built in 1984.
The residence is near a pool, with biking and hiking trails bordering the neighborhood. It also offers access to freeways and is located near shopping, restaurants, museums, and nightlife.
The residence is near a pool, with biking and hiking trails bordering the neighborhood. It also offers access to freeways and is located near shopping, restaurants, museums, and nightlife.
Key Highlights
- 2‑bedroom, 1‑bath second‑floor residence
- Great room with fireplace and patio
- Kitchen includes stainless steel appliances and pantry
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
$12,550
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
6.90%
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%
$251,000
$251.0K
Cap Rate 7%
$179,286
$179.3K
Cap Rate 9%
$139,444
$139.4K
Market Conditions
NOI Build-Up for 1,076 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
$24.3K $22.56/SF
− Vacancy
−$1.5K −$1.35/SF
EGI
$22.8K $21.21/SF
− OpEx
−$10.3K −$9.54/SF
NOI
$12.5K $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%
$251,000
Cap Rate 7%
$179,286
Cap Rate 9%
$139,444
Alternative Uses
Best Use
Apartment 5plus
$179.3K
$156.9K – $209.2K
NOI $12,550 @ 7.0% cap · market cap 6.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$325.9K
$285.2K – $380.3K
NOI $22,815 @ 7.0% cap · market cap 12.54%
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
1,115
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 - Two-bedroom residence with an open kitchen, fireplace, patio, and proximity to a pool.
Where is this residential income property located?
The property is located at 2020 W Union Hills Drive #211 Phoenix, AZ.
What is the asking price?
The asking price for this property is $182,000.
What are key features of this property?
This property features: 2‑bedroom, 1‑bath second‑floor residence; Great room with fireplace and patio; Kitchen includes stainless steel appliances and pantry
