Historic Mid-Century Residential
For Sale
$439,000
2201 N Central Avenue #3A, Phoenix, AZ 85004
Third-floor residence with mountain views, private storage, garage parking, and access to extensive full-service building amenities.
Property Size1,850 SF
Price / SF$237.30
Days on Market9
Property Features for 2201 N Central Avenue #3A
General Information
Standard status
Active
Size
1,850 SF
Total Parking Spaces
2
Elevators
Yes
Property subtype
Apartment
Units
Multifamily Units
1
Parking per Unit
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$30,544
Amenities
24/7 door staff
concierge
rooftop terrace
private dog park
garage EV charger
community garden
gym
heated lap pool
catering kitchen
poolside BBQ
on-site storage unit
in-unit laundry
keyless smart lock
secured key-fob access
24/7 security cameras
janitorial staff
composting service
coin-op laundry facilities
gigabit fiber internet
Building Details
Building Size
1,850 SF
Year Built
1957
Stories
3
Construction
Mid-Century Modern
Listing Agency:
RE/MAX Excalibur
(602) 741-5659
Listed By:
Rebecca Wagner · License #SA566150000
(602) 741-5659
Source:
Aznewhorizonrealty
Added: Aug 13
Changed: Aug 17
Last Checked: Aug 20 at 2:40PM
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 RE/MAX Excalibur
Investment Insights
Based on property information with market context.
Residence 3A occupies the third floor of Phoenix Towers, a 60-unit building completed in 1957. The 1,850 SF layout includes two bedrooms, updated bathrooms, travertine flooring, original metal kitchen cabinetry paired with modern appliances, in-unit laundry, extensive closet space, and a dedicated 5' x 9' storage unit. Two-car garage parking, a private dog park, community garden, gym, heated lap pool, and rooftop terrace are among the property’s shared amenities.
Located at 2201 N Central Avenue, the building places residents near the Arts District, Midtown, and Downtown Phoenix restaurants, shops, and museums. A light rail station is steps from the entrance. Building services include 24/7 door staff, concierge package reception, secured access, exterior and common-area cameras, and maintenance coverage for unit mechanical and plumbing infrastructure. Building-wide gigabit fiber Wi-Fi and new AC equipment were installed in 2025.
Located at 2201 N Central Avenue, the building places residents near the Arts District, Midtown, and Downtown Phoenix restaurants, shops, and museums. A light rail station is steps from the entrance. Building services include 24/7 door staff, concierge package reception, secured access, exterior and common-area cameras, and maintenance coverage for unit mechanical and plumbing infrastructure. Building-wide gigabit fiber Wi-Fi and new AC equipment were installed in 2025.
Key Highlights
- 1,850 SF third‑floor residence in a 60‑unit building
- Two bedrooms with extensive closets, including a 6' x 13' walk‑in closet
- Dedicated 5' x 9' ground‑floor storage unit and garage parking for two cars
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
$21,578
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
4.92%
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%
$431,560
$431.6K
Cap Rate 7%
$308,257
$308.3K
Cap Rate 9%
$239,756
$239.8K
Market Conditions
NOI Build-Up for 1,850 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
$41.7K $22.56/SF
− Vacancy
−$2.5K −$1.35/SF
EGI
$39.2K $21.21/SF
− OpEx
−$17.7K −$9.54/SF
NOI
$21.6K $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%
$431,560
Cap Rate 7%
$308,257
Cap Rate 9%
$239,756
Alternative Uses
Best Use
Apartment 5plus
$308.3K
$269.7K – $359.6K
NOI $21,578 @ 7.0% cap · market cap 4.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$560.4K
$490.3K – $653.8K
NOI $39,227 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,992
Businesses Nearby
Explore this area
Business Placement
Demographics for 85004, AZ
8,833
Population
6,455
Households
1.4
Avg Household Size
32
Median Age
59%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
4,206
Density / Sq Mi
$71,250
Median Household Income
$46,376
Median Earnings
$1,759
Median Rent
$365,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Third-floor residence with mountain views, private storage, garage parking, and access to extensive full-service building amenities.
Where is this residential income property located?
The property is located at 2201 N Central Avenue #3A Phoenix, AZ.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: 1,850 SF third‑floor residence in a 60‑unit building; Two bedrooms with extensive closets, including a 6' x 13' walk‑in closet; Dedicated 5' x 9' ground‑floor storage unit and garage parking for two cars
