Remodeled Residential Income
For Sale
$360,000
Pending
1901 E MISSOURI Avenue 220, Phoenix, AZ 85016
Updated two-bedroom, two-bath residence with new appliances, two parking spaces, and utilities included through HOA fees.
Property Size1,265 SF
Days on Market16
Property Features for 1901 E MISSOURI Avenue 220
General Information
Standard status
Pending
Size
1,265 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$1,089
Building Details
Building Size
1,265 SF
Year Built
1963
Listing Agency:
HomeSmart
(602) 549-1089
Listed By:
Matthew B. Warren
(602) 549-1089
Source:
Jcluxuryresidential
Added: Aug 6
Changed: Aug 17
Last Checked: Aug 21 at 11:28AM
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 HomeSmart
Investment Insights
Based on property information with market context.
Built in 1963, this two-bedroom, two-bath residential income property has undergone a comprehensive interior remodel with smooth drywall finishes, fresh paint, and wood-look porcelain tile flooring. The kitchen features 42-inch cabinets, a quartz island, farmhouse sink, and gas slide-in range. Appliances, including a full-size LG washer and dryer, were updated 1 year ago. Additional improvements include a newer HVAC system with a 9-year warranty, gas water heater, and dual-pane windows.
The property includes 2 parking spaces, while all utilities are covered through HOA fees. It is served by Madison School District and sits near Pizzeria Bianco, Whole Foods, Trader Joe's, Biltmore Fashion Park, and Camelback Mountain. Access to the 51 Freeway is nearby, and Sky Harbor is 10 min away.
The property includes 2 parking spaces, while all utilities are covered through HOA fees. It is served by Madison School District and sits near Pizzeria Bianco, Whole Foods, Trader Joe's, Biltmore Fashion Park, and Camelback Mountain. Access to the 51 Freeway is nearby, and Sky Harbor is 10 min away.
Key Highlights
- Two‑bedroom, two‑bath residential income property
- Comprehensively remodeled with 42‑inch kitchen cabinets and quartz island
- Appliances updated 1 year ago, including full‑size LG washer and dryer
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
4.10%
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 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$383.2K
$335.3K – $447.1K
NOI $26,823 @ 7.0% cap · market cap 7.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated two-bedroom, two-bath residence with new appliances, two parking spaces, and utilities included through HOA fees.
Where is this residential income property located?
The property is located at 1901 E MISSOURI Avenue 220 Phoenix, AZ.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath residential income property; Comprehensively remodeled with 42‑inch kitchen cabinets and quartz island; Appliances updated 1 year ago, including full‑size LG washer and dryer
