Renovated Garden-Style Apartment
For Sale
Contact for pricing
1601 W MISSOURI AVE, Phoenix, AZ 85015
26-unit community with mostly two-bedroom floor plans and updated interior finishes.
Property Size20,700 SF
Price / SF$231.88
Days on Market57
Property Features for 1601 W MISSOURI AVE
General Information
Standard status
Active
Size
20,700 SF
Property subtype
Multifamily
Additional Details
Public Transit
Yes
Multifamily Units
26
Building Details
Year Built
1979
Buildings
4
Stories
2
Units
27
Construction
garden-style
Listing Agency:
JLL - Phoenix, Arizona
Listed By:
Derek Smigiel · License #AZ SA640221000
Source:
Crexi
Added: Aug 11
Changed: Sep 27
Last Checked: Oct 5 at 5:48PM
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 JLL - Phoenix, Arizona
Investment Insights
Based on property information with market context.
M Square is a 26-unit garden-style apartment community in Phoenix, built in 1979 and extensively renovated. The property primarily offers two-bedroom, one-bath residences averaging 900 square feet. Interior improvements include white shaker cabinets, brushed nickel hardware, quartz countertops, vinyl plank flooring, and stainless steel appliances. In-suite washers and dryers are available in select units.
The community is located near the Phoenix Metro Light Rail, schools, and neighborhood amenities. Its address is 1601 W Missouri Ave, Phoenix, AZ 85015.
The community is located near the Phoenix Metro Light Rail, schools, and neighborhood amenities. Its address is 1601 W Missouri Ave, Phoenix, AZ 85015.
Key Highlights
- 26‑unit garden‑style apartment community
- Built in 1979 and extensively renovated
- Majority two‑bedroom/one‑bath floor plans averaging 900 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$241,435
Cap Rate
5.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,828,700
$4.8M
Cap Rate 7%
$3,449,071
$3.4M
Cap Rate 9%
$2,682,611
$2.7M
Market Conditions
NOI Build-Up for 20,700 SF
Gross rent
$467.0K $22.56/SF
− Vacancy
−$28.0K −$1.35/SF
EGI
$439.0K $21.21/SF
− OpEx
−$197.5K −$9.54/SF
NOI
$241.4K $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 Rate 5%
$4,828,700
Cap Rate 7%
$3,449,071
Cap Rate 9%
$2,682,611
Alternative Uses
Best Use
Apartment 5plus
$3.45M
$3.02M – $4.02M
NOI $241,435 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.27M
$5.49M – $7.32M
NOI $438,915 @ 7.0% cap · market cap 9.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
26
Residential units
Location Intelligence
Trade Area within ½ mile
1,611
Businesses Nearby
Explore this area
Business Placement
Demographics for 85015, AZ
41,436
Population
17,889
Households
2.3
Avg Household Size
33
Median Age
25%
College-Educated
78%
High-School Grad
4.9 sq mi
ZIP Area
8,456
Density / Sq Mi
$52,585
Median Household Income
$36,456
Median Earnings
$1,227
Median Rent
$312,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - 26-unit community with mostly two-bedroom floor plans and updated interior finishes.
Where is this apartment building located?
The property is located at 1601 W MISSOURI AVE Phoenix, AZ.
What is the asking price?
The asking price for this property is $4,800,000.
What are key features of this property?
This property features: 26‑unit garden‑style apartment community; Built in 1979 and extensively renovated; Majority two‑bedroom/one‑bath floor plans averaging 900 square feet
