Renovated 28-Unit Apartment
For Sale
Contact for pricing
1621 W DENTON LN, Phoenix, AZ 85015
Garden-style community with updated interiors, premium finishes, and in-suite laundry.
Property Size23,580 SF
Price / SF$237.28
Days on Market11
Property Features for 1621 W DENTON LN
General Information
Standard status
Active
Size
23,580 SF
Property subtype
Multifamily
Net Operating Income
$144,270
Building Details
Year Built
1985
Stories
2
Units
28
Listing Agency:
JLL - Phoenix, Arizona
Listed By:
Derek Smigiel · License #AZ SA640221000
Source:
Crexi
Added: Aug 11
Changed: Aug 18
Last Checked: Aug 21 at 1:11PM
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.
Aurora Villas is a 28-unit garden-style apartment community completed in 1985 and subsequently renovated by current ownership. The property contains 23,580 square feet, with most residences configured as two-bedroom, one-bath units averaging 789 square feet. Interior improvements include white shaker cabinets, matte black hardware, quartz countertops, decorative tile backsplashes, vinyl plank flooring, stainless steel appliances, and in-suite washers and dryers.
The community is positioned in central Phoenix near Phoenix Metro Light Rail, local amenities, and schools. Its unit mix and renovated interiors provide a clearly defined multifamily configuration within the Phoenix market.
The community is positioned in central Phoenix near Phoenix Metro Light Rail, local amenities, and schools. Its unit mix and renovated interiors provide a clearly defined multifamily configuration within the Phoenix market.
Key Highlights
- 28‑unit garden‑style apartment community
- 23,580‑square‑foot multifamily property built in 1985
- Renovated interiors with quartz countertops, tile backsplashes, and vinyl plank flooring
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
$275,026
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
4.92%
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%
$5,500,520
$5.5M
Cap Rate 7%
$3,928,943
$3.9M
Cap Rate 9%
$3,055,844
$3.1M
Market Conditions
NOI Build-Up for 23,580 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
$532.0K $22.56/SF
− Vacancy
−$31.9K −$1.35/SF
EGI
$500.0K $21.21/SF
− OpEx
−$225.0K −$9.54/SF
NOI
$275.0K $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%
$5,500,520
Cap Rate 7%
$3,928,943
Cap Rate 9%
$3,055,844
Alternative Uses
Best Use
Apartment 5plus
$3.93M
$3.44M – $4.58M
NOI $275,026 @ 7.0% cap · market cap 4.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.14M
$6.25M – $8.33M
NOI $499,981 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Garden-style community with updated interiors, premium finishes, and in-suite laundry.
Where is this apartment building located?
The property is located at 1621 W DENTON LN Phoenix, AZ.
What is the asking price?
The asking price for this property is $5,595,000.
What are key features of this property?
This property features: 28‑unit garden‑style apartment community; 23,580‑square‑foot multifamily property built in 1985; Renovated interiors with quartz countertops, tile backsplashes, and vinyl plank flooring
