Newer 8-Unit Townhome
For Sale
Contact for pricing
21050 N 23RD AVE, Phoenix, AZ 85027
Eight Class A townhomes were built in 2023 and are offered for sale as a multifamily income property.
Property Size12,000 SF
Price / SF$266.25
Days on Market133
Property Features for 21050 N 23RD AVE
General Information
Standard status
Active
Size
12,000 SF
Class
A
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$175,809
Additional Details
Multifamily Units
8
Building Details
Year Built
2023
Buildings
1
Stories
2
Units
17
Listing Agency:
Newmark - Phoenix
Listed By:
Ryan Ash · License #AZ
(602) 852-3784
Source:
Crexi
Added: Apr 29
Changed: Sep 5
Last Checked: Sep 7 at 2:15AM
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 Newmark - Phoenix
Investment Insights
Based on property information with market context.
This offering is an 8-unit Class A townhome community built in 2023. The property is presented for sale as a residential income asset with all units within a cohesive townhome configuration.
The public remarks note the location as near Taiwan Semiconductor Manufacturing Company (TSMC), which may support demand for well-located housing in the area.
As a newer multifamily structure, this is positioned as a purpose-built townhome product within an 8-unit setup.
The public remarks note the location as near Taiwan Semiconductor Manufacturing Company (TSMC), which may support demand for well-located housing in the area.
As a newer multifamily structure, this is positioned as a purpose-built townhome product within an 8-unit setup.
Key Highlights
- 8‑unit Class A townhome multifamily property
- Townhomes were built in 2023 (YearBuilt: 2023)
- Located near Taiwan Semiconductor Manufacturing Company (TSMC)
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
4.38%
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 4.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.63M
$3.18M – $4.24M
NOI $254,443 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
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 Class A townhomes were built in 2023 and are offered for sale as a multifamily income property.
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 $3,195,000.
What are key features of this property?
This property features: 8‑unit Class A townhome multifamily property; Townhomes were built in 2023 (YearBuilt: 2023); Located near Taiwan Semiconductor Manufacturing Company (TSMC)
