29-Unit Renovated Apartment
For Sale
Contact for pricing
1625 W Missouri Ave, Phoenix, AZ 85015
Interior upgrades and in-unit washer and dryers are in place throughout the property.
Property Size22,700 SF
Price / SF$196.04
Days on Market153
Property Features for 1625 W Missouri Ave
General Information
Standard status
Active
Size
22,700 SF
Class
B
Property subtype
Multifamily
Occupancy
80%
Investment Type
Value Add
Net Operating Income
$212,401
Financials
Asking Price
$4,450,000
Average Monthly Rent
$1,074
Additional Details
Multifamily Units
29
Amenities
in-unit washer and dryer
Building Details
Year Built
1963
Units
29
Listing Agency:
Matthews
(480) 703-8955
Listed By:
Kyle Inman · License #AZ SA691658000
Source:
Crexi
Added: Apr 2
Changed: Aug 31
Last Checked: Aug 29 at 11:22PM
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 Matthews
Investment Insights
Based on property information with market context.
This 29-unit apartment community in Phoenix was constructed in 1963 and includes approximately 772 SF per unit on average. Interior renovations have been completed across the property, with upgraded finishes and in-unit washer and dryer equipment provided in every residence. The apartment layout offers a mix of efficient residential units within an established multifamily asset.
The property is located in the Midtown Phoenix submarket, with access to employment centers and lifestyle amenities in Midtown and Central Phoenix. Its existing renovations and operating position provide a basis for continued management-focused performance improvements without relying on major capital work.
The property is located in the Midtown Phoenix submarket, with access to employment centers and lifestyle amenities in Midtown and Central Phoenix. Its existing renovations and operating position provide a basis for continued management-focused performance improvements without relying on major capital work.
Key Highlights
- 29‑unit multifamily community in the Midtown Phoenix submarket
- Constructed in 1963
- Average unit size of approximately 772 SF
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
$264,762
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
5.95%
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%
$5,295,240
$5.3M
Cap Rate 7%
$3,782,314
$3.8M
Cap Rate 9%
$2,941,800
$2.9M
Market Conditions
NOI Build-Up for 22,700 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
$512.1K $22.56/SF
− Vacancy
−$30.7K −$1.35/SF
EGI
$481.4K $21.21/SF
− OpEx
−$216.6K −$9.54/SF
NOI
$264.8K $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%
$5,295,240
Cap Rate 7%
$3,782,314
Cap Rate 9%
$2,941,800
Alternative Uses
Best Use
Apartment 5plus
$3.78M
$3.31M – $4.41M
NOI $264,762 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.88M
$6.02M – $8.02M
NOI $481,322 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
29
Residential units
Location Intelligence
Trade Area within ½ mile
1,491
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Interior upgrades and in-unit washer and dryers are in place throughout the property.
Where is this apartment building located?
The property is located at 1625 W Missouri Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $4,450,000.
What are key features of this property?
This property features: 29‑unit multifamily community in the Midtown Phoenix submarket; Constructed in 1963; Average unit size of approximately 772 SF
