Remodeled End-Unit Residential Income
For Sale
$360,000
101 N 7th Street #267, Phoenix, AZ 85034
Two-bedroom, two-bath residence with updated finishes, city views, and access to shared recreational amenities.
Property Size1,259 SF
Days on Market28
Property Features for 101 N 7th Street #267
General Information
Standard status
Active
Size
1,259 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,713
Amenities
pool
spa
clubhouse
workout facility
Building Details
Building Size
1,259 SF
Year Built
1986
Stories
2
Listing Agency:
HomeSmart
(602) 230-7600
Listed By:
Donna Harris
(602) 549-8208
Source:
Sunhaven-realestate
Added: Aug 6
Changed: Aug 30
Last Checked: Aug 31 at 5:12PM
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 HomeSmart
Investment Insights
Based on property information with market context.
This remodeled second-level end unit at Renaissance Park offers two bedrooms and two bathrooms, along with abundant windows and city views. Interior improvements include white shaker cabinetry, granite countertops, rounded interior corners, and an electric fireplace with stone surrounds. The bathrooms have updated cabinetry, granite counters, and tiled showers, while the bedrooms provide spacious accommodations. Built in 1986, the residence is positioned for use as a primary home, second home, or investment property.
The property is in downtown Phoenix, within walking distance of the Phoenix Science Center, Children’s Museum, Phoenix Convention Center, Heritage Square, Chase Field, restaurants, and entertainment venues. Community amenities include a pool, two spas, a clubhouse, and a workout facility.
The property is in downtown Phoenix, within walking distance of the Phoenix Science Center, Children’s Museum, Phoenix Convention Center, Heritage Square, Chase Field, restaurants, and entertainment venues. Community amenities include a pool, two spas, a clubhouse, and a workout facility.
Key Highlights
- Remodeled second‑level end unit at Renaissance Park
- Two bedrooms and two bathrooms with spacious bedrooms
- White shaker cabinets, granite counters, and tiled showers
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
$14,684
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
4.08%
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%
$293,680
$293.7K
Cap Rate 7%
$209,771
$209.8K
Cap Rate 9%
$163,156
$163.2K
Market Conditions
NOI Build-Up for 1,259 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
$28.4K $22.56/SF
− Vacancy
−$1.7K −$1.35/SF
EGI
$26.7K $21.21/SF
− OpEx
−$12.0K −$9.54/SF
NOI
$14.7K $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%
$293,680
Cap Rate 7%
$209,771
Cap Rate 9%
$163,156
Alternative Uses
Best Use
Apartment 5plus
$209.8K
$183.6K – $244.7K
NOI $14,684 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$381.4K
$333.7K – $444.9K
NOI $26,695 @ 7.0% cap · market cap 7.42%
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
4,041
Businesses Nearby
Explore this area
Business Placement
Demographics for 85034, AZ
5,033
Population
2,901
Households
1.7
Avg Household Size
32
Median Age
32%
College-Educated
81%
High-School Grad
11.6 sq mi
ZIP Area
434
Density / Sq Mi
$53,545
Median Household Income
$43,236
Median Earnings
$1,205
Median Rent
$397,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom, two-bath residence with updated finishes, city views, and access to shared recreational amenities.
Where is this residential income property located?
The property is located at 101 N 7th Street #267 Phoenix, AZ.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Remodeled second‑level end unit at Renaissance Park; Two bedrooms and two bathrooms with spacious bedrooms; White shaker cabinets, granite counters, and tiled showers
