2-Bedroom Condominium Unit
For Sale
$3,180,000
1718 E Campbell Avenue Multi#, Phoenix, AZ 85016
Acquire a 12-unit condominium portfolio with a professionally managed HOA covering exterior and common-area services.
Property Size10,268 SF
Price / SF$309.70
Days on Market71
Property Features for 1718 E Campbell Avenue Multi#
General Information
Standard status
Active
Size
10,268 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$512
Building Details
Year Built
1973
Tenancy
Multi
Listing Agency:
Better Homes & Gardens Real Estate SJ Fowler
(480) 406-1984
Listed By:
Laura A. Good · License #SA639563000
(480) 406-1984
Source:
Exitrealty
Added: Jun 3
Changed: Aug 8
Last Checked: Aug 12 at 3:22AM
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 Better Homes & Gardens Real Estate SJ Fowler
Investment Insights
Based on property information with market context.
This offering presents a condominium-style, multi-unit portfolio comprising 12 two-bedroom, two-bath units. The portfolio includes 11 units in the 85016 zip code and one additional unit in the 85015 zip code. A professionally managed HOA provides ongoing responsibility for exterior maintenance, roof repairs, sewer service, trash collection, and common area maintenance.
The property is positioned at 16th St & Campbell Avenue in Phoenix’s Biltmore corridor. The remarks note the community is a short walk from the AZ Biltmore and is surrounded by shopping, dining, golf, and outdoor recreation.
For buyers and investors seeking a small, manageable residential income portfolio, the HOA’s scope can reduce day-to-day property management needs related to the building exterior and shared services. With all units configured as two-bedroom, two-bath condominiums, the asset may be an efficient fit for operators looking for consistent unit mix within a professionally maintained community setting.
The property is positioned at 16th St & Campbell Avenue in Phoenix’s Biltmore corridor. The remarks note the community is a short walk from the AZ Biltmore and is surrounded by shopping, dining, golf, and outdoor recreation.
For buyers and investors seeking a small, manageable residential income portfolio, the HOA’s scope can reduce day-to-day property management needs related to the building exterior and shared services. With all units configured as two-bedroom, two-bath condominiums, the asset may be an efficient fit for operators looking for consistent unit mix within a professionally maintained community setting.
Key Highlights
- 12‑unit condominium portfolio in Phoenix’ Biltmore corridor; built in 1973
- Unit mix: 11 two‑bedroom, two‑bath units at 852 SF (85016) plus 1 two‑bedroom, two‑bath at 896 SF (85015)
- Professionally managed HOA covers exterior maintenance, roof repairs, sewer service, trash collection, and common area maintenance
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
$119,761
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
3.77%
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%
$2,395,220
$2.4M
Cap Rate 7%
$1,710,871
$1.7M
Cap Rate 9%
$1,330,678
$1.3M
Market Conditions
NOI Build-Up for 10,268 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
$231.6K $22.56/SF
− Vacancy
−$13.9K −$1.35/SF
EGI
$217.7K $21.21/SF
− OpEx
−$98.0K −$9.54/SF
NOI
$119.8K $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%
$2,395,220
Cap Rate 7%
$1,710,871
Cap Rate 9%
$1,330,678
Alternative Uses
Best Use
Apartment 5plus
$1.71M
$1.50M – $2.00M
NOI $119,761 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.11M
$2.72M – $3.63M
NOI $217,719 @ 7.0% cap · market cap 6.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Multi-tenant
Tenancy
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
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 - Acquire a 12-unit condominium portfolio with a professionally managed HOA covering exterior and common-area services.
Where is this apartment building located?
The property is located at 1718 E Campbell Avenue Multi# Phoenix, AZ.
What is the asking price?
The asking price for this property is $3,180,000.
What are key features of this property?
This property features: 12‑unit condominium portfolio in Phoenix’ Biltmore corridor; built in 1973; Unit mix: 11 two‑bedroom, two‑bath units at 852 SF (85016) plus 1 two‑bedroom, two‑bath at 896 SF (85015); Professionally managed HOA covers exterior maintenance, roof repairs, sewer service, trash collection, and common area maintenance
