Updated Residential Income
For Sale
$235,000
1916 W Morningside Drive #66, Phoenix, AZ 85023
Upgraded residential property with a private garage, remodeled baths, and an open kitchen and dining arrangement.
Property Size968 SF
Price / SF$242.77
Days on Market8
Property Features for 1916 W Morningside Drive #66
General Information
Standard status
Active
Size
968 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$515
Amenities
private garage
Building Details
Building Size
968 SF
Year Built
1978
Stories
2
Listing Agency:
eXp Realty
(718) 269-9305
Listed By:
Yelena Kushmakova
(718) 269-9305
Source:
Aznewhorizonrealty
Added: Aug 15
Changed: Aug 21
Last Checked: Aug 22 at 12:44PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 968-square-foot residential income property, built in 1978, has been extensively updated while retaining a practical two-bedroom, two-bathroom layout. The interior includes a remodeled kitchen with white soft-close cabinetry, quartz countertops, a sitting bar, and stainless steel appliances. A separate dining room connects to the living area, while new carpet extends through the home. Both bathrooms feature contemporary finishes, including a walk-in tile shower and tub. Each bedroom offers generous closet storage.
Exterior and mechanical improvements include a private garage, a roof that is 3 years old, and energy-efficient vinyl windows installed in 2021. The property is located at 1916 W. Morningside Drive #66 in Phoenix, Arizona 85023.
Exterior and mechanical improvements include a private garage, a roof that is 3 years old, and energy-efficient vinyl windows installed in 2021. The property is located at 1916 W. Morningside Drive #66 in Phoenix, Arizona 85023.
Key Highlights
- 968 SF residential income property built in 1978
- Two‑bedroom, two‑bathroom layout with separate dining room
- Remodeled kitchen with quartz counters and 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
$11,290
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
4.80%
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%
$225,800
$225.8K
Cap Rate 7%
$161,286
$161.3K
Cap Rate 9%
$125,444
$125.4K
Market Conditions
NOI Build-Up for 968 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
$21.8K $22.56/SF
− Vacancy
−$1.3K −$1.35/SF
EGI
$20.5K $21.21/SF
− OpEx
−$9.2K −$9.54/SF
NOI
$11.3K $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%
$225,800
Cap Rate 7%
$161,286
Cap Rate 9%
$125,444
Alternative Uses
Best Use
Apartment 5plus
$161.3K
$141.1K – $188.2K
NOI $11,290 @ 7.0% cap · market cap 4.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$293.2K
$256.6K – $342.1K
NOI $20,525 @ 7.0% cap · market cap 8.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
768
Businesses Nearby
Explore this area
Business Placement
Demographics for 85023, AZ
35,241
Population
14,765
Households
2.4
Avg Household Size
36
Median Age
32%
College-Educated
91%
High-School Grad
7.4 sq mi
ZIP Area
4,762
Density / Sq Mi
$72,442
Median Household Income
$43,936
Median Earnings
$1,429
Median Rent
$359,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Upgraded residential property with a private garage, remodeled baths, and an open kitchen and dining arrangement.
Where is this residential income property located?
The property is located at 1916 W Morningside Drive #66 Phoenix, AZ.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: 968 SF residential income property built in 1978; Two‑bedroom, two‑bathroom layout with separate dining room; Remodeled kitchen with quartz counters and stainless steel appliances
