Residential Income Property with
For Sale
$239,900
1401 E PUGET Avenue 3, Phoenix, AZ 85020
Two-level townhouse features remodeled bathrooms, an updated kitchen, in-unit laundry, and access to a community pool and spa.
Property Size1,149 SF
Days on Market40
Property Features for 1401 E PUGET Avenue 3
General Information
Standard status
Active
Size
1,149 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$752
Amenities
pool
spa
gas cooking grill
laundry room
wood burning fireplace
Building Details
Building Size
1,149 SF
Year Built
1985
Listing Agency:
HomeSmart
Listed By:
Mike Fillion
(602) 679-7300
Source:
Alexiabertsatos
Added: Aug 10
Changed: Sep 10
Last Checked: Sep 17 at 12:19AM
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 townhouse at 1401 E PUGET Avenue 3 offers a two-level layout with both bedrooms upstairs, each opening to its own walkout balcony. The primary bedroom includes built-in cabinetry, while both bathrooms have been remodeled with 18'' tile, glass shower doors, newer lighting, and updated countertops. Upper-level carpet and pad have also been upgraded, and custom tile appears on the lower floor and in the upper bathroom.
The family room includes a wood-burning fireplace. The kitchen provides extensive cabinet storage, granite countertops, upgraded appliances, and a refrigerator. A washer and dryer are included in the closet-style laundry area off the back patio, which also offers storage. The unit is located steps from the community pool and spa and includes a gas cooking grill outside the front entrance. Built in 1985, the property is in Phoenix, AZ 85020.
The family room includes a wood-burning fireplace. The kitchen provides extensive cabinet storage, granite countertops, upgraded appliances, and a refrigerator. A washer and dryer are included in the closet-style laundry area off the back patio, which also offers storage. The unit is located steps from the community pool and spa and includes a gas cooking grill outside the front entrance. Built in 1985, the property is in Phoenix, AZ 85020.
Key Highlights
- Two upstairs bedrooms, each with its own walkout balcony
- Both bathrooms remodeled with 18'' tile, glass shower doors, newer lights, and updated countertops
- Kitchen includes granite countertops, upgraded appliances, refrigerator, and extensive cabinet storage
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
$13,401
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
5.59%
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%
$268,020
$268.0K
Cap Rate 7%
$191,443
$191.4K
Cap Rate 9%
$148,900
$148.9K
Market Conditions
NOI Build-Up for 1,149 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
$25.9K $22.56/SF
− Vacancy
−$1.6K −$1.35/SF
EGI
$24.4K $21.21/SF
− OpEx
−$11.0K −$9.54/SF
NOI
$13.4K $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%
$268,020
Cap Rate 7%
$191,443
Cap Rate 9%
$148,900
Alternative Uses
Best Use
Apartment 5plus
$191.4K
$167.5K – $223.4K
NOI $13,401 @ 7.0% cap · market cap 5.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$348.0K
$304.5K – $406.1K
NOI $24,363 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
364
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Two-level townhouse features remodeled bathrooms, an updated kitchen, in-unit laundry, and access to a community pool and spa.
Where is this residential income property located?
The property is located at 1401 E PUGET Avenue 3 Phoenix, AZ.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Two upstairs bedrooms, each with its own walkout balcony; Both bathrooms remodeled with 18'' tile, glass shower doors, newer lights, and updated countertops; Kitchen includes granite countertops, upgraded appliances, refrigerator, and extensive cabinet storage
