Adams Place Apartment
For Sale
$4,550,000
2121 W Adams St., Phoenix, AZ 85009
Newly constructed multifamily community with modern two-bedroom, two-bathroom residences near downtown Phoenix employment and civic centers.
Property Size17,280 SF
Days on Market8
Property Features for 2121 W Adams St.
General Information
Standard status
Active
Size
17,280 SF
Property subtype
Multifamily
Occupancy
75%
Units
Unit Mix
20 x 2BR/2BA
Multifamily Units
20
Additional Details
Highway Access
Yes
Amenities
Newly constructed multifamily community offering reduced near-term capital needs and lower ongoing maintenance requirements relative to older-vintage assets
Highly desirable unit mix comprised exclusively of spacious two-bedroom, two-bathroom floorplans averaging ±864 square feet
Strategically located less than ±1.5 miles from Downtown Phoenix and the Innovation Employment Corridor, providing immediate access to one of Arizona's largest and most dynamic concentrations of emplo
Building Details
Building Size
17,280 SF
Year Built
2025
Units
20
Listing Agency:
Phoenix Office
(602) 687-6768
Listed By:
Adam Saylor · License #License(s): AZ: SA659585000
(602) 687-6768
Source:
Marcusmillichap
Added: Aug 25
Changed: Aug 29
Last Checked: Aug 31 at 12:51PM
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 Phoenix Office
Investment Insights
Based on property information with market context.
Adams Place is a 20-unit apartment building completed in 2025 at 2121 W. Adams St. in Phoenix. The community consists entirely of approximately ±864 SF two-bedroom, two-bathroom floorplans, providing a consistent unit configuration throughout the property.
The property is situated near Interstate 10 and Interstate 17, with access to downtown Phoenix and the Midtown district. Nearby employment and institutional destinations include the Phoenix Bioscience Core, Banner University Medical Center, St. Joseph’s Medical Center, and Arizona State University’s downtown campus. Roosevelt Row and other dining, entertainment, and cultural destinations are also located within the broader urban core.
The property is situated near Interstate 10 and Interstate 17, with access to downtown Phoenix and the Midtown district. Nearby employment and institutional destinations include the Phoenix Bioscience Core, Banner University Medical Center, St. Joseph’s Medical Center, and Arizona State University’s downtown campus. Roosevelt Row and other dining, entertainment, and cultural destinations are also located within the broader urban core.
Key Highlights
- 20‑unit apartment building completed in 2025
- All units feature approximately ±864 SF two‑bedroom, two‑bathroom floorplans
- Located near Interstate 10 and Interstate 17
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
$201,546
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
4.43%
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%
$4,030,920
$4.0M
Cap Rate 7%
$2,879,229
$2.9M
Cap Rate 9%
$2,239,400
$2.2M
Market Conditions
NOI Build-Up for 17,280 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
$389.8K $22.56/SF
− Vacancy
−$23.4K −$1.35/SF
EGI
$366.4K $21.21/SF
− OpEx
−$164.9K −$9.54/SF
NOI
$201.5K $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%
$4,030,920
Cap Rate 7%
$2,879,229
Cap Rate 9%
$2,239,400
Alternative Uses
Best Use
Apartment 5plus
$2.88M
$2.52M – $3.36M
NOI $201,546 @ 7.0% cap · market cap 4.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.23M
$4.58M – $6.11M
NOI $366,398 @ 7.0% cap · market cap 8.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
845
Businesses Nearby
Explore this area
Business Placement
Demographics for 85009, AZ
50,439
Population
14,873
Households
3.4
Avg Household Size
31
Median Age
7%
College-Educated
59%
High-School Grad
14.7 sq mi
ZIP Area
3,431
Density / Sq Mi
$51,615
Median Household Income
$29,674
Median Earnings
$1,128
Median Rent
$215,300
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 - Newly constructed multifamily community with modern two-bedroom, two-bathroom residences near downtown Phoenix employment and civic centers.
Where is this apartment building located?
The property is located at 2121 W Adams St. Phoenix, AZ.
What is the asking price?
The asking price for this property is $4,550,000.
What are key features of this property?
This property features: 20‑unit apartment building completed in 2025; All units feature approximately ±864 SF two‑bedroom, two‑bathroom floorplans; Located near Interstate 10 and Interstate 17
