Behavioral Health Rehabilitation
New
For Sale
$1,795,000
1522 W Myrtle Avenue, Phoenix, AZ 85021
Residentially zoned center with garden spaces, a separate casita, and dedicated recreation areas.
Property Size6,894 SF
Days on Market7
Property Features for 1522 W Myrtle Avenue
General Information
Standard status
Active
Size
6,894 SF
Property subtype
Business Opportunity
Amenities
lush garden
patio spaces
fountains
circular pool
Building Details
Building Size
6,894 SF
Buildings
2
Listing Agency:
HomeSmart
(602) 614-8822
Listed By:
Brian Hines · License #SA044449000
(602) 614-8822
Source:
Sunhaven-realestate
Added: Aug 15
Changed: Aug 17
Last Checked: Aug 20 at 2:00PM
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 city-licensed, 10-bed behavioral health center occupies a one-acre property at 1522 W Myrtle Avenue in Phoenix. The site includes a primary building along with a separate casita or recreation room, offering more space than a conventional residential layout. Interior features include 6 half bathrooms and 3 shower rooms.
The property is currently zoned residential and includes landscaped garden areas with patios, fountains, and a circular pool. It was previously occupied by Hospice of Arizona for 30 years and is configured for ADL or behavioral health rehabilitation use. The combination of specialized bathroom facilities, multiple structures, and outdoor recreation areas provides a distinctive physical setting for a rehabilitation center.
The property is currently zoned residential and includes landscaped garden areas with patios, fountains, and a circular pool. It was previously occupied by Hospice of Arizona for 30 years and is configured for ADL or behavioral health rehabilitation use. The combination of specialized bathroom facilities, multiple structures, and outdoor recreation areas provides a distinctive physical setting for a rehabilitation center.
Key Highlights
- City‑licensed 10‑bed behavioral health center
- One‑acre property at 1522 W Myrtle Avenue, Phoenix, AZ 85021
- 6 half bathrooms and 3 shower rooms
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
$98,281
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
5.48%
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%
$1,965,620
$2.0M
Cap Rate 7%
$1,404,014
$1.4M
Cap Rate 9%
$1,092,011
$1.1M
Market Conditions
NOI Build-Up for 6,894 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
$182.0K $26.40/SF
− Vacancy
−$18.2K −$2.64/SF
EGI
$163.8K $23.76/SF
− OpEx
−$65.5K −$9.50/SF
NOI
$98.3K $14.26/SF
Area
Phoenix, AZ
Vacancy
10.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$1,965,620
Cap Rate 7%
$1,404,014
Cap Rate 9%
$1,092,011
Alternative Uses
Best Use
Healthcare Medical
$1.40M
$1.23M – $1.64M
NOI $98,281 @ 7.0% cap · market cap 5.48%
Second Best
Apartment 5plus
$1.15M
$1.01M – $1.34M
NOI $80,408 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,178 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
759
Businesses Nearby
Explore this area
Business Placement
Demographics for 85021, AZ
40,943
Population
18,136
Households
2.3
Avg Household Size
35
Median Age
33%
College-Educated
87%
High-School Grad
6.9 sq mi
ZIP Area
5,934
Density / Sq Mi
$58,481
Median Household Income
$38,147
Median Earnings
$1,221
Median Rent
$433,000
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Rehabilitation center - Residentially zoned center with garden spaces, a separate casita, and dedicated recreation areas.
Where is this rehabilitation center located?
The property is located at 1522 W Myrtle Avenue Phoenix, AZ.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: City‑licensed 10‑bed behavioral health center; One‑acre property at 1522 W Myrtle Avenue, Phoenix, AZ 85021; 6 half bathrooms and 3 shower rooms
