Garden-Style Apartment
For Sale
Contact for pricing
2032 W ORANGEWOOD AVE, Phoenix, AZ 85021
31-unit single-story garden-style community with private front patios, individually metered electricity, and a landscaped courtyard setting.
Property Size26,350 SF
Lot Size2.36 Acres
Price / SF$174.57
Days on Market55
Property Features for 2032 W ORANGEWOOD AVE
General Information
Standard status
Active
Size
26,350 SF
Lot size
2.36 Acres
Property subtype
Multifamily
Additional Details
Multifamily Units
31
Building Details
Year Built
1964
Stories
1
Units
31
Tenancy
Multi
Listing Agency:
JLL - Phoenix, Arizona
Listed By:
Derek Smigiel · License #AZ SA640221000
Source:
Crexi
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 11 at 10:42AM
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 JLL - Phoenix, Arizona
Investment Insights
Based on property information with market context.
Bougainvillea Garden Apartments is a 31-unit, single-story garden-style multifamily community built in 1964. The property is constructed with block walls and features built-up foam roofs. Units are individually metered for electricity, supporting straightforward utility management. The unit mix is predominantly two-bedroom, one-bath layouts, and each unit includes a large private front patio. The site is configured around an oversized courtyard that supports the garden-style character.
The community is located in a north Phoenix neighborhood, on 2.36 acres, offering a low-density environment with a central outdoor area. As described, the property has been continuously owned for more than 13 years and has not undergone significant renovations, with classic finish levels throughout.
This offering may fit investors seeking an older-but-stable, low-density apartment asset with the opportunity to pursue modernization and rebranding in-place. Because the unit interiors are described as largely untouched, operators may find it suitable for a repositioning strategy rather than a routine maintenance-only plan. The remarks also note that competitively renovated properties in the broader market have achieved higher rent levels than the subject, supporting the relevance of thoughtful upgrades to unit finishes.
The community is located in a north Phoenix neighborhood, on 2.36 acres, offering a low-density environment with a central outdoor area. As described, the property has been continuously owned for more than 13 years and has not undergone significant renovations, with classic finish levels throughout.
This offering may fit investors seeking an older-but-stable, low-density apartment asset with the opportunity to pursue modernization and rebranding in-place. Because the unit interiors are described as largely untouched, operators may find it suitable for a repositioning strategy rather than a routine maintenance-only plan. The remarks also note that competitively renovated properties in the broader market have achieved higher rent levels than the subject, supporting the relevance of thoughtful upgrades to unit finishes.
Key Highlights
- 31‑unit single‑story garden‑style multifamily community built in 1964
- Block construction with built‑up foam roofs; individually metered electricity
- Unit mix is 97% two‑bedroom, one‑bath, averaging 860 SF per unit
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
$307,334
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
6.68%
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%
$6,146,680
$6.1M
Cap Rate 7%
$4,390,486
$4.4M
Cap Rate 9%
$3,414,822
$3.4M
Market Conditions
NOI Build-Up for 26,350 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
$594.5K $22.56/SF
− Vacancy
−$35.7K −$1.35/SF
EGI
$558.8K $21.21/SF
− OpEx
−$251.5K −$9.54/SF
NOI
$307.3K $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%
$6,146,680
Cap Rate 7%
$4,390,486
Cap Rate 9%
$3,414,822
Alternative Uses
Best Use
Apartment 5plus
$4.39M
$3.84M – $5.12M
NOI $307,334 @ 7.0% cap · market cap 6.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.98M
$6.98M – $9.31M
NOI $558,715 @ 7.0% cap · market cap 12.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
31
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,098
Businesses Nearby
Explore this area
Business Placement
Demographics for 85021, AZ
40,943
Population
18,136
Households
2.3
Avg Household Size
35
Median Age
33%
College-Educated
87%
High-School Grad
6.9 sq mi
ZIP Area
5,934
Density / Sq Mi
$58,481
Median Household Income
$38,147
Median Earnings
$1,221
Median Rent
$433,000
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 - 31-unit single-story garden-style community with private front patios, individually metered electricity, and a landscaped courtyard setting.
Where is this apartment building located?
The property is located at 2032 W ORANGEWOOD AVE Phoenix, AZ.
What is the asking price?
The asking price for this property is $4,600,000.
What are key features of this property?
This property features: 31‑unit single‑story garden‑style multifamily community built in 1964; Block construction with built‑up foam roofs; individually metered electricity; Unit mix is 97% two‑bedroom, one‑bath, averaging 860 SF per unit
