Two-Bedroom Residential Income
For Sale
$325,000
16 W ENCANTO Boulevard 417, Phoenix, AZ 85003
Single-level residence with fresh paint, updated flooring, balcony access, and extensive community amenities.
Property Size1,235 SF
Days on Market136
Property Features for 16 W ENCANTO Boulevard 417
General Information
Standard status
Active
Size
1,235 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,339
Amenities
pool
spa
fitness center
clubhouse
secured entry
underground parking
balcony
Building Details
Building Size
1,235 SF
Year Built
2007
Listing Agency:
My Home Group Real Estate
(602) 738-3594
Listed By:
Robert Maurice · License #SA562083000
(602) 738-3594
Source:
Alexiabertsatos
Added: Apr 17
Changed: Aug 26
Last Checked: Aug 29 at 2:56PM
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 single-level residential income property was built in 2007 and offers two bedrooms, each with access to a large balcony. Fresh paint and newer flooring contribute to a bright interior, while the laundry and utility room provides substantial storage space. The residence is north facing and has views toward the historic Willo neighborhood and the heated lap pool.
Community amenities include underground parking, secured entry, a heated pool and spa, workout facility, and clubhouse. A Walgreens pharmacy and nail salon are located at Tapestry On Central. The property is also near local theaters, art galleries, live music venues, and major sports venues.
Community amenities include underground parking, secured entry, a heated pool and spa, workout facility, and clubhouse. A Walgreens pharmacy and nail salon are located at Tapestry On Central. The property is also near local theaters, art galleries, live music venues, and major sports venues.
Key Highlights
- Two‑bedroom, single‑level residence built in 2007
- Large balcony access from both bedrooms
- Fresh paint and newer flooring throughout
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
$14,404
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
4.43%
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%
$288,080
$288.1K
Cap Rate 7%
$205,771
$205.8K
Cap Rate 9%
$160,044
$160.0K
Market Conditions
NOI Build-Up for 1,235 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
$27.9K $22.56/SF
− Vacancy
−$1.7K −$1.35/SF
EGI
$26.2K $21.21/SF
− OpEx
−$11.8K −$9.54/SF
NOI
$14.4K $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%
$288,080
Cap Rate 7%
$205,771
Cap Rate 9%
$160,044
Alternative Uses
Best Use
Apartment 5plus
$205.8K
$180.1K – $240.1K
NOI $14,404 @ 7.0% cap · market cap 4.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$374.1K
$327.3K – $436.4K
NOI $26,186 @ 7.0% cap · market cap 8.06%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Single-level residence with fresh paint, updated flooring, balcony access, and extensive community amenities.
Where is this residential income property located?
The property is located at 16 W ENCANTO Boulevard 417 Phoenix, AZ.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two‑bedroom, single‑level residence built in 2007; Large balcony access from both bedrooms; Fresh paint and newer flooring throughout
