Remodeled Residential Income
For Sale
$269,900
1622 E CAMPBELL Avenue R, Phoenix, AZ 85016
An updated interior includes a chef’s kitchen, formal dining area, and enclosed covered patio with substantial storage.
Property Size852 SF
Days on Market8
Property Features for 1622 E CAMPBELL Avenue R
General Information
Standard status
Active
Size
852 SF
Property subtype
Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$512
Building Details
Building Size
852 SF
Year Built
1973
Listing Agency:
Wise Choice Properties
Listed By:
James Carpenter
(480) 612-1880
Source:
Alexiabertsatos
Added: Sep 25
Changed: Sep 28
Last Checked: Oct 1 at 7:20PM
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 Wise Choice Properties
Investment Insights
Based on property information with market context.
Built in 1973, this residential income property has a remodeled interior with LVP flooring throughout. The kitchen features quartz countertops, white shaker cabinetry with slow-close drawers, recessed lighting, a stainless steel sink, a temperature-controlled faucet, and Whirlpool appliances. A formal dining area adds a separate space for meals. The primary bedroom and guest bathroom have updated cabinetry, toilets, and sinks; a large guest bedroom is also included.
An enclosed, covered patio provides additional storage space. The property is described as close to restaurants, shopping, and the 51 freeway.
An enclosed, covered patio provides additional storage space. The property is described as close to restaurants, shopping, and the 51 freeway.
Key Highlights
- Interior remodel with LVP flooring throughout
- Kitchen includes quartz counters, white shaker cabinets, recessed lighting, and Whirlpool appliances
- Primary bedroom and guest bathroom have updated cabinetry, toilets, and sinks
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
$9,937
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
3.68%
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%
$198,740
$198.7K
Cap Rate 7%
$141,957
$142.0K
Cap Rate 9%
$110,411
$110.4K
Market Conditions
NOI Build-Up for 852 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
$19.2K $22.56/SF
− Vacancy
−$1.2K −$1.35/SF
EGI
$18.1K $21.21/SF
− OpEx
−$8.1K −$9.54/SF
NOI
$9.9K $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%
$198,740
Cap Rate 7%
$141,957
Cap Rate 9%
$110,411
Alternative Uses
Best Use
Apartment 5plus
$142.0K
$124.2K – $165.6K
NOI $9,937 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$258.1K
$225.8K – $301.1K
NOI $18,065 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,326
Businesses Nearby
Explore this area
Business Placement
Demographics for 85016, AZ
37,326
Population
21,363
Households
1.7
Avg Household Size
38
Median Age
50%
College-Educated
94%
High-School Grad
8.2 sq mi
ZIP Area
4,552
Density / Sq Mi
$85,085
Median Household Income
$53,781
Median Earnings
$1,575
Median Rent
$508,400
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - An updated interior includes a chef’s kitchen, formal dining area, and enclosed covered patio with substantial storage.
Where is this residential income property located?
The property is located at 1622 E CAMPBELL Avenue R Phoenix, AZ.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Interior remodel with LVP flooring throughout; Kitchen includes quartz counters, white shaker cabinets, recessed lighting, and Whirlpool appliances; Primary bedroom and guest bathroom have updated cabinetry, toilets, and sinks
