Fourth-Floor Residential Income
For Sale
$649,990
16 W ENCANTO Boulevard 408, Phoenix, AZ 85003
Phoenix condo with open interiors, multiple balconies, and access to extensive community amenities.
Property Size2,563 SF
Days on Market173
Property Features for 16 W ENCANTO Boulevard 408
General Information
Standard status
Active
Size
2,563 SF
Property subtype
Apartment
Additional Details
Furnished
No
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,327
Amenities
gym
cinema
sauna
pool
spa
gas grills
clubhouse
theater room
fitness center
Building Details
Building Size
2,563 SF
Year Built
2007
Listing Agency:
Libertas Real Estate
(602) 448-1110
Listed By:
Dawne Celeste Klemke
(602) 448-1110
Source:
Alexiabertsatos
Added: Feb 20
Changed: Aug 10
Last Checked: Aug 11 at 1:19PM
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 Libertas Real Estate
Investment Insights
Based on property information with market context.
This fourth-floor residential income property at Tapestry on Central is a 2007-built condo with an open floor plan and expansive windows. Interior features include laminate flooring, a fireplace, stone accents, recessed lighting, and a kitchen equipped with granite countertops, stainless steel appliances, tile backsplash, ample storage, and a large island. The primary suite includes balcony access, a walk-in closet, custom wall detailing, and an ensuite bathroom with dual granite vanities and a soaking tub. A second bedroom offers its own balcony, full bathroom, and walk-in closet. Multiple private balconies extend the living area and provide views toward downtown Phoenix and the surrounding mountains.
The property is located at 16 W Encanto Boulevard in Phoenix, near restaurants, shops, cafes, and entertainment. Light rail service provides access to Downtown and Midtown. Community amenities include a fitness center, theater room, pool, spa, sauna, clubhouse, and gas grills. Furnishings are available separately by bill of sale.
The property is located at 16 W Encanto Boulevard in Phoenix, near restaurants, shops, cafes, and entertainment. Light rail service provides access to Downtown and Midtown. Community amenities include a fitness center, theater room, pool, spa, sauna, clubhouse, and gas grills. Furnishings are available separately by bill of sale.
Key Highlights
- Fourth‑floor condo at Tapestry on Central, built in 2007
- Open floor plan with expansive windows and views toward downtown Phoenix and surrounding mountains
- Kitchen with granite countertops, stainless steel appliances, tile backsplash, storage, and island
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
$29,894
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
4.60%
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%
$597,880
$597.9K
Cap Rate 7%
$427,057
$427.1K
Cap Rate 9%
$332,156
$332.2K
Market Conditions
NOI Build-Up for 2,563 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
$57.8K $22.56/SF
− Vacancy
−$3.5K −$1.35/SF
EGI
$54.4K $21.21/SF
− OpEx
−$24.5K −$9.54/SF
NOI
$29.9K $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%
$597,880
Cap Rate 7%
$427,057
Cap Rate 9%
$332,156
Alternative Uses
Best Use
Apartment 5plus
$427.1K
$373.7K – $498.2K
NOI $29,894 @ 7.0% cap · market cap 4.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$776.4K
$679.3K – $905.8K
NOI $54,345 @ 7.0% cap · market cap 8.36%
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 - Phoenix condo with open interiors, multiple balconies, and access to extensive community amenities.
Where is this residential income property located?
The property is located at 16 W ENCANTO Boulevard 408 Phoenix, AZ.
What is the asking price?
The asking price for this property is $649,990.
What are key features of this property?
This property features: Fourth‑floor condo at Tapestry on Central, built in 2007; Open floor plan with expansive windows and views toward downtown Phoenix and surrounding mountains; Kitchen with granite countertops, stainless steel appliances, tile backsplash, storage, and island
