Renovated Multifamily Investment
For Sale
$3,780,000
2014 West Berridge Lane, Phoenix, AZ 85015
18-unit apartment complex in Phoenix, renovated in 2023.
Property Size15,200 SF
Price / SF$248.68
Days on Market287
Property Features for 2014 West Berridge Lane
General Information
Standard status
Active
Size
15,200 SF
Property subtype
Multiple Dwellings
Zoning
R-4
Net Operating Income
$297,317
Taxes and HOA fees
Annual Taxes
$7,322
Amenities
Central Air
Central
Vinyl
Yes
40
26
Composition
Pool
3
18
Stucco, Block
Building Details
Year Built
1961
Listing Agency:
HomeSmart
(714) 855-2644
Listed By:
Collin Corsmeier · License #SA694454000
(714) 855-2644
Source:
Compass
Added: Nov 17, 2025
Changed: Aug 25
Last Checked: Aug 31 at 12:05AM
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.
Signature 18 Apartments, located at 2014 W. Berridge Ln in Phoenix, Arizona, is a multifamily investment property. Constructed in 1961 and renovated in 2023, the complex features 18 units with 15,200 square feet of rentable space. The average unit size is 800 square feet. The property's location offers proximity to Abrazo Hospital, Christown Spectrum Mall, and various transit options. Recent capital improvements have focused on aesthetics, efficiency, and security, including landscaping and exterior enhancements. Upgraded units include new stainless steel appliances. Facility upgrades feature roof re-sealing and pool pump improvements. A dog run has been added to enhance the community feel. The property has a 6.63% actual cap rate in 2025. This investment property offers immediate cash flow with potential for future savings and tenant satisfaction.
Key Highlights
- High Cap Rate: Attractive 6.63% cap rate projected for 2025, indicating strong immediate cash flow.
- Recent Renovations completed in 2023, enhancing aesthetics, efficiency, and security.
- Upgraded Units feature new stainless steel appliances, increasing tenant appeal.
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
$177,286
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
4.69%
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%
$3,545,720
$3.5M
Cap Rate 7%
$2,532,657
$2.5M
Cap Rate 9%
$1,969,844
$2.0M
Market Conditions
NOI Build-Up for 15,200 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
$342.9K $22.56/SF
− Vacancy
−$20.6K −$1.35/SF
EGI
$322.3K $21.21/SF
− OpEx
−$145.1K −$9.54/SF
NOI
$177.3K $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%
$3,545,720
Cap Rate 7%
$2,532,657
Cap Rate 9%
$1,969,844
Alternative Uses
Best Use
Apartment 5plus
$2.53M
$2.22M – $2.95M
NOI $177,286 @ 7.0% cap · market cap 4.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.60M
$4.03M – $5.37M
NOI $322,295 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,263
Businesses Nearby
Explore this area
Business Placement
Demographics for 85015, AZ
41,436
Population
17,889
Households
2.3
Avg Household Size
33
Median Age
25%
College-Educated
78%
High-School Grad
4.9 sq mi
ZIP Area
8,456
Density / Sq Mi
$52,585
Median Household Income
$36,456
Median Earnings
$1,227
Median Rent
$312,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 18-unit apartment complex in Phoenix, renovated in 2023.
Where is this apartment building located?
The property is located at 2014 West Berridge Lane Phoenix, AZ.
What is the asking price?
The asking price for this property is $3,780,000.
What are key features of this property?
This property features: High Cap Rate: Attractive 6.63% cap rate projected for 2025, indicating strong immediate cash flow.; Recent Renovations completed in 2023, enhancing aesthetics, efficiency, and security.; Upgraded Units feature new stainless steel appliances, increasing tenant appeal.
