New Phoenix Townhome Multifamily
For Sale
Contact for pricing
21050 N 23rd Ave, Phoenix, AZ 85027
Eight modern townhomes near major Phoenix employment and entertainment.
Property Size12,000 SF
Price / SF$300
Days on Market285
Property Features for 21050 N 23rd Ave
General Information
Standard status
Active
Size
12,000 SF
Class
A
Property subtype
Multifamily
Zoning
M-H
Building Details
Year Built
2023
Listing Agency:
CBRE - Phoenix
(602) 435-3636
Listed By:
Brian Tranetzki · License #BR581404000
Source:
Crexi
Added: Nov 10, 2025
Changed: Aug 8
Last Checked: Aug 8 at 2:52PM
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 CBRE - Phoenix
Investment Insights
Based on property information with market context.
Loft23 Townhomes, constructed in 2023, presents a multifamily investment opportunity. Located at 21050 N 23rd Avenue in Phoenix, Arizona, the property features eight townhome units. Each unit includes three bedrooms, two and a half bathrooms, and approximately 1,500 square feet of living space, along with a private garage and back patio. The property is positioned north of Arizona State Route 101 and Interstate 17, providing access to employment corridors and entertainment destinations throughout Metro Phoenix. Key demand drivers include proximity to the new TSMC semiconductor campus (10 minutes away), HonorHealth Deer Valley Medical Center (1.4 miles), and Deer Valley Middle School and Barry Goldwater High School (1 mile). Outdoor recreation is accessible at Cave Buttes Recreation Area, Sonoran Preserve Desert Vista Trailhead, and Union Peak. The location offers access to Loop 101 and I-17, facilitating commutes to North Phoenix, Uptown and Midtown Phoenix, and the Biltmore District. The property totals 12000 square feet. The property's design, location, and limited supply of comparable product in the submarket position it for tenant retention, rent stability, and appreciation.
Key Highlights
- Newly built in 2023, offering modern construction and design.
- Located near major employment hubs, including the TSMC semiconductor campus and HonorHealth Deer Valley Medical Center.
- Convenient access to Loop 101 and I‑17, providing seamless connectivity to Metro Phoenix.
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
$139,962
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
3.89%
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%
$2,799,240
$2.8M
Cap Rate 7%
$1,999,457
$2.0M
Cap Rate 9%
$1,555,133
$1.6M
Market Conditions
NOI Build-Up for 12,000 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
$270.7K $22.56/SF
− Vacancy
−$16.2K −$1.35/SF
EGI
$254.5K $21.21/SF
− OpEx
−$114.5K −$9.54/SF
NOI
$140.0K $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%
$2,799,240
Cap Rate 7%
$1,999,457
Cap Rate 9%
$1,555,133
Alternative Uses
Best Use
Apartment 5plus
$2.00M
$1.75M – $2.33M
NOI $139,962 @ 7.0% cap · market cap 3.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.63M
$3.18M – $4.24M
NOI $254,443 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,479
Businesses Nearby
Explore this area
Business Placement
Demographics for 85027, AZ
38,343
Population
17,458
Households
2.2
Avg Household Size
36
Median Age
29%
College-Educated
92%
High-School Grad
11.7 sq mi
ZIP Area
3,277
Density / Sq Mi
$73,255
Median Household Income
$46,338
Median Earnings
$1,488
Median Rent
$316,100
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 - Eight modern townhomes near major Phoenix employment and entertainment.
Where is this apartment building located?
The property is located at 21050 N 23rd Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: Newly built in 2023, offering modern construction and design.; Located near major employment hubs, including the TSMC semiconductor campus and HonorHealth Deer Valley Medical Center.; Convenient access to Loop 101 and I‑17, providing seamless connectivity to Metro Phoenix.
