Updated Residential Income
For Sale
$399,000
1901 E MISSOURI Avenue 207, Phoenix, AZ 85016
Condominium residence with renovated interiors, private balconies, covered parking, and utility-inclusive HOA service.
Property Size1,356 SF
Days on Market17
Property Features for 1901 E MISSOURI Avenue 207
General Information
Standard status
Active
Size
1,356 SF
Total Parking Spaces
2
Property subtype
Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,165
Amenities
in-unit washer/dryer
private balconies
smart-home technology
private storage unit
dual-pane windows
Building Details
Building Size
1,356 SF
Year Built
1963
Construction
mid-century
Listing Agency:
Compass
Listed By:
Philippe D Tibi
(602) 320-1000
Source:
Jcluxuryresidential
Added: Sep 2
Changed: Sep 5
Last Checked: Sep 16 at 10:33PM
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 Compass
Investment Insights
Based on property information with market context.
This condominium residence in the Caribbean Gardens community combines its 1963 construction with substantial interior updates. The open layout includes a remodeled kitchen equipped with a stainless steel refrigerator, induction cooktop, convection oven, in-cabinet microwave, and stackable washer and dryer. Both bathrooms were updated in 2025. Two private balconies extend the living area, while dual-pane windows, smart-home features, and a private storage unit add practical functionality. Two covered parking spaces are located near the residence.
The property is at 1901 E Missouri Avenue in Phoenix’s Biltmore area, with access to Biltmore Fashion Park, restaurants, shopping, golf, resorts, and daily services. Nearby freeway access connects the residence with Downtown Phoenix, Scottsdale, Arcadia, and Sky Harbor International Airport. HOA service covers all utilities.
The property is at 1901 E Missouri Avenue in Phoenix’s Biltmore area, with access to Biltmore Fashion Park, restaurants, shopping, golf, resorts, and daily services. Nearby freeway access connects the residence with Downtown Phoenix, Scottsdale, Arcadia, and Sky Harbor International Airport. HOA service covers all utilities.
Key Highlights
- Two bathrooms updated in 2025
- Updated kitchen with induction cooktop, convection oven, and in‑cabinet microwave
- Stackable washer and dryer located within the residence
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
$15,816
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
3.96%
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%
$316,320
$316.3K
Cap Rate 7%
$225,943
$225.9K
Cap Rate 9%
$175,733
$175.7K
Market Conditions
NOI Build-Up for 1,356 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
−$12.9K −$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%
$316,320
Cap Rate 7%
$225,943
Cap Rate 9%
$175,733
Alternative Uses
Best Use
Apartment 5plus
$225.9K
$197.7K – $263.6K
NOI $15,816 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$410.7K
$359.4K – $479.2K
NOI $28,752 @ 7.0% cap · market cap 7.21%
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 - Condominium residence with renovated interiors, private balconies, covered parking, and utility-inclusive HOA service.
Where is this residential income property located?
The property is located at 1901 E MISSOURI Avenue 207 Phoenix, AZ.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two bathrooms updated in 2025; Updated kitchen with induction cooktop, convection oven, and in‑cabinet microwave; Stackable washer and dryer located within the residence
