Top-Level Residential Income
For Sale
$250,000
Pending
1901 E Missouri Ave #216, Phoenix, AZ 85016
Condominium with an updated kitchen, stainless steel appliances, and covered parking.
Property Size1,265 SF
Days on Market38
Property Features for 1901 E Missouri Ave #216
General Information
Standard status
Pending
Size
1,265 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Amenities
pool
grill
Building Details
Year Built
1963
Construction
Mid-Century Modern
Listing Agency:
Realty One Group
Listed By:
Brandon Howe Team
(602) 909-6513
Source:
Howerealtygroup
Added: Aug 11
Changed: Sep 17
Last Checked: Sep 16 at 6:46PM
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 Realty One Group
Investment Insights
Based on property information with market context.
This top-floor condominium in Caribbean Gardens offers three bedrooms, two bathrooms, and a spacious interior layout. The kitchen has been updated with stainless steel appliances, while the community dates to 1963 and reflects Mid-Century Modern design. Two covered parking spaces are included.
Community amenities include a pool and grill located near the residence. The HOA covers all utilities except Wi-Fi. The property is in Phoenix, with access to major highways, public transportation, and the Biltmore shopping and dining district.
Community amenities include a pool and grill located near the residence. The HOA covers all utilities except Wi-Fi. The property is in Phoenix, with access to major highways, public transportation, and the Biltmore shopping and dining district.
Key Highlights
- Three‑bedroom, two‑bath condominium in Caribbean Gardens
- Updated kitchen with stainless steel appliances
- Top‑level residence with pool and grill nearby
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
$14,754
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
5.90%
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%
$295,080
$295.1K
Cap Rate 7%
$210,771
$210.8K
Cap Rate 9%
$163,933
$163.9K
Market Conditions
NOI Build-Up for 1,265 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
$28.5K $22.56/SF
− Vacancy
−$1.7K −$1.35/SF
EGI
$26.8K $21.21/SF
− OpEx
−$12.1K −$9.54/SF
NOI
$14.8K $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%
$295,080
Cap Rate 7%
$210,771
Cap Rate 9%
$163,933
Alternative Uses
Best Use
Apartment 5plus
$210.8K
$184.4K – $245.9K
NOI $14,754 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$383.2K
$335.3K – $447.1K
NOI $26,823 @ 7.0% cap · market cap 10.73%
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
Yes
Utilities to site
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 with an updated kitchen, stainless steel appliances, and covered parking.
Where is this residential income property located?
The property is located at 1901 E Missouri Ave #216 Phoenix, AZ.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Three‑bedroom, two‑bath condominium in Caribbean Gardens; Updated kitchen with stainless steel appliances; Top‑level residence with pool and grill nearby
