Top-Level Residential Income
For Sale
$299,900
1901 E Missouri Ave #204, Phoenix, AZ 85016
HOA coverage includes utilities, waste service, pool care, and exterior maintenance.
Property Size1,358 SF
Price / SF$220.84
Days on Market9
Property Features for 1901 E Missouri Ave #204
General Information
Standard status
Active
Size
1,358 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Amenities
pool
grill area
Building Details
Year Built
1963
Listing Agency:
Apb Valley Spaces
(602) 279-0121
Listed By:
Jeremy Jennings · License #SA684096000
(623) 986-6650
Source:
Theazliving
Added: Sep 24
Changed: Oct 1
Last Checked: Oct 1 at 10:57AM
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 Apb Valley Spaces
Investment Insights
Based on property information with market context.
This top-floor condo at Caribbean Gardens offers 1,358 square feet, with three bedrooms and two bathrooms. Built in 1963, the unit has an updated kitchen with stainless steel appliances and views of the community pool. Two covered parking spaces are included.
The community pool and grill area are close to the unit. The property is at 1901 E Missouri Ave in Phoenix, with the Biltmore shopping and dining district, major freeways, and public transit described as minutes away. HOA coverage includes water, sewer, trash, electricity, gas, pool service, and exterior maintenance.
The community pool and grill area are close to the unit. The property is at 1901 E Missouri Ave in Phoenix, with the Biltmore shopping and dining district, major freeways, and public transit described as minutes away. HOA coverage includes water, sewer, trash, electricity, gas, pool service, and exterior maintenance.
Key Highlights
- 1,358‑square‑foot, three‑bedroom, two‑bathroom condo
- Top‑floor unit with views of the community pool
- Updated kitchen with stainless steel appliances
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
$15,839
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
5.28%
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%
$316,780
$316.8K
Cap Rate 7%
$226,271
$226.3K
Cap Rate 9%
$175,989
$176.0K
Market Conditions
NOI Build-Up for 1,358 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
$30.6K $22.56/SF
− Vacancy
−$1.8K −$1.35/SF
EGI
$28.8K $21.21/SF
− OpEx
−$13.0K −$9.54/SF
NOI
$15.8K $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%
$316,780
Cap Rate 7%
$226,271
Cap Rate 9%
$175,989
Alternative Uses
Best Use
Apartment 5plus
$226.3K
$198.0K – $264.0K
NOI $15,839 @ 7.0% cap · market cap 5.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$411.3K
$359.9K – $479.9K
NOI $28,794 @ 7.0% cap · market cap 9.60%
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
2,475
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 - HOA coverage includes utilities, waste service, pool care, and exterior maintenance.
Where is this residential income property located?
The property is located at 1901 E Missouri Ave #204 Phoenix, AZ.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1,358‑square‑foot, three‑bedroom, two‑bathroom condo; Top‑floor unit with views of the community pool; Updated kitchen with stainless steel appliances
