Renovated Residential Income
For Sale
$285,000
220 N 22ND Place 2041, Mesa, AZ 85213
Two-bedroom, two-bath residence with an open layout, private balcony, storage, and assigned covered parking.
Property Size1,155 SF
Days on Market14
Property Features for 220 N 22ND Place 2041
General Information
Standard status
Active
Size
1,155 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$685
Amenities
private balcony with storage
Building Details
Building Size
1,155 SF
Year Built
1987
Listing Agency:
Real Broker
Listed By:
Kenny Klaus · License #SA515503000
(480) 354-7344
Source:
Alexiabertsatos
Added: Aug 21
Changed: Aug 31
Last Checked: Sep 1 at 11:49PM
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 Real Broker
Investment Insights
Based on property information with market context.
This 2-bedroom, 2-bath residential income property was built in 1987 and has undergone a full renovation. The interior includes an open living and dining arrangement, vaulted ceilings, luxury vinyl plank flooring, fresh paint, and new baseboards. The eat-in kitchen features custom cabinetry, quartz countertops, a tile backsplash, and stainless steel appliances. Both bathrooms have been remodeled with tiled showers and updated fixtures.
Outdoor and functional features include a private balcony, dedicated storage, and assigned covered parking. The property is located in Mesa, with access to Gilbert, Chandler, Tempe, and Sky Harbor.
Outdoor and functional features include a private balcony, dedicated storage, and assigned covered parking. The property is located in Mesa, with access to Gilbert, Chandler, Tempe, and Sky Harbor.
Key Highlights
- 2‑bedroom, 2‑bath residential income property
- Built in 1987 and fully renovated
- Eat‑in kitchen with custom cabinetry, quartz countertops, tile backsplash, and stainless steel appliances
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
$9,033
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
3.17%
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%
$180,660
$180.7K
Cap Rate 7%
$129,043
$129.0K
Cap Rate 9%
$100,367
$100.4K
Market Conditions
NOI Build-Up for 1,155 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
$17.6K $15.24/SF
− Vacancy
−$1.2K −$1.02/SF
EGI
$16.4K $14.22/SF
− OpEx
−$7.4K −$6.40/SF
NOI
$9.0K $7.82/SF
Area
Mesa, AZ
Vacancy
6.70%
Lease Rate
$15.24 /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%
$180,660
Cap Rate 7%
$129,043
Cap Rate 9%
$100,367
Alternative Uses
Best Use
Apartment 5plus
$129.0K
$112.9K – $150.6K
NOI $9,033 @ 7.0% cap · market cap 3.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$316.6K
$277.0K – $369.4K
NOI $22,162 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
622
Businesses Nearby
Explore this area
Business Placement
Demographics for 85213, AZ
36,572
Population
15,468
Households
2.4
Avg Household Size
39
Median Age
39%
College-Educated
96%
High-School Grad
9.2 sq mi
ZIP Area
3,975
Density / Sq Mi
$100,671
Median Household Income
$49,759
Median Earnings
$1,640
Median Rent
$407,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom, two-bath residence with an open layout, private balcony, storage, and assigned covered parking.
Where is this residential income property located?
The property is located at 220 N 22ND Place 2041 Mesa, AZ.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 2‑bedroom, 2‑bath residential income property; Built in 1987 and fully renovated; Eat‑in kitchen with custom cabinetry, quartz countertops, tile backsplash, and stainless steel appliances
