Remodeled Residential Income
For Sale
$345,000
Pending
16 W ENCANTO Boulevard 415, Phoenix, AZ 85003
Two-bedroom residence with a den, updated finishes, secured parking, and access to extensive community amenities.
Property Size1,277 SF
Days on Market34
Property Features for 16 W ENCANTO Boulevard 415
General Information
Standard status
Pending
Size
1,277 SF
Total Parking Spaces
2
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,120
Amenities
heated community pool and spa
workout facility
clubhouse
secured entry
Building Details
Building Size
1,277 SF
Year Built
2007
Listing Agency:
My Home Group Real Estate
(602) 738-3594
Listed By:
Robert Maurice · License #SA562083000
(602) 738-3594
Source:
Jcluxuryresidential
Added: Jul 28
Changed: Aug 20
Last Checked: Aug 29 at 4:56PM
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 My Home Group Real Estate
Investment Insights
Based on property information with market context.
This remodeled residential income property offers a two-bedroom layout with split bedrooms, a den adjoining the kitchen, and an open living arrangement. The kitchen and bathrooms have been updated, while large windows and a private patio overlook the historic Willo neighborhood and courtyard pool. A dedicated laundry and utility room adds substantial storage capacity.
The residence includes two secured underground parking spaces and access to a heated community pool and spa, workout facility, and clubhouse. On-site conveniences include a Walgreens pharmacy and nail salon. The property is positioned near local theaters, art galleries, live music venues, and major sports venues in Midtown Phoenix.
The residence includes two secured underground parking spaces and access to a heated community pool and spa, workout facility, and clubhouse. On-site conveniences include a Walgreens pharmacy and nail salon. The property is positioned near local theaters, art galleries, live music venues, and major sports venues in Midtown Phoenix.
Key Highlights
- Remodeled kitchen and bathrooms with an open interior layout
- Two split bedrooms plus a den near the kitchen
- Large windows and patio facing the historic Willo neighborhood and courtyard pool
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
$14,894
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
4.32%
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%
$297,880
$297.9K
Cap Rate 7%
$212,771
$212.8K
Cap Rate 9%
$165,489
$165.5K
Market Conditions
NOI Build-Up for 1,277 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
$28.8K $22.56/SF
− Vacancy
−$1.7K −$1.35/SF
EGI
$27.1K $21.21/SF
− OpEx
−$12.2K −$9.54/SF
NOI
$14.9K $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%
$297,880
Cap Rate 7%
$212,771
Cap Rate 9%
$165,489
Alternative Uses
Best Use
Apartment 5plus
$212.8K
$186.2K – $248.2K
NOI $14,894 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$386.8K
$338.5K – $451.3K
NOI $27,077 @ 7.0% cap · market cap 7.85%
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
3,589
Businesses Nearby
Explore this area
Business Placement
Demographics for 85003, AZ
11,042
Population
6,117
Households
1.8
Avg Household Size
37
Median Age
45%
College-Educated
87%
High-School Grad
1.9 sq mi
ZIP Area
5,812
Density / Sq Mi
$56,672
Median Household Income
$55,122
Median Earnings
$1,258
Median Rent
$577,700
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 a den, updated finishes, secured parking, and access to extensive community amenities.
Where is this residential income property located?
The property is located at 16 W ENCANTO Boulevard 415 Phoenix, AZ.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Remodeled kitchen and bathrooms with an open interior layout; Two split bedrooms plus a den near the kitchen; Large windows and patio facing the historic Willo neighborhood and courtyard pool
