Behavioral Health Rehabilitation
For Sale
$1,795,000
1522 W Myrtle Ave, Phoenix, AZ 85021
City-licensed behavioral health facility with private recreation areas, garden features, and a separate casita or recreation room.
Property Size6,894 SF
Lot Size1.00 Acre
Price / SF$260.37
Days on Market173
Property Features for 1522 W Myrtle Ave
General Information
Standard status
Active
Size
6,894 SF
Lot size
1.00 Acre
Property subtype
Commercial
Amenities
lush garden
patio spaces
fountains
circular pool
Casita/Rec room
Building Details
Buildings
2
Listing Agency:
HomeSmart
(602) 230-7600
Listed By:
Brian Hines · License #SA044449000
Source:
Greaterphoenixhomelistings
Added: Mar 10
Changed: Aug 27
Last Checked: Aug 28 at 12:18PM
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 6,894-square-foot behavioral health property is city licensed for 10 beds and configured for rehabilitation or assisted daily living use. The improvements include a large primary building and a separate casita or recreation room, with six half bathrooms and three shower rooms. Interior and exterior areas provide private space beyond a conventional residential layout.
The approximately one-acre property is located at 1522 W Myrtle Ave in Phoenix, Arizona, and is currently zoned residential. Grounds include a landscaped garden, patio areas, fountains, and a circular pool. The site previously served as the home of Hospice of Arizona for 30 years.
The approximately one-acre property is located at 1522 W Myrtle Ave in Phoenix, Arizona, and is currently zoned residential. Grounds include a landscaped garden, patio areas, fountains, and a circular pool. The site previously served as the home of Hospice of Arizona for 30 years.
Key Highlights
- City licensed behavioral health center with a 10‑bed configuration
- 6,894‑square‑foot property on approximately 1 acre
- Large primary building plus separate casita or recreation room
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
—
—
no second resolved use
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
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Frequently Asked Questions
What type of property is this?
Rehabilitation center - City-licensed behavioral health facility with private recreation areas, garden features, and a separate casita or recreation room.
Where is this rehabilitation center located?
The property is located at 1522 W Myrtle Ave 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 behavioral health center with a 10‑bed configuration; 6,894‑square‑foot property on approximately 1 acre; Large primary building plus separate casita or recreation room
