Corner Residential Income
For Sale
$500,000
2300 E CAMPBELL Avenue 202, Phoenix, AZ 85016
Updated unit with elevated ceilings, two balconies, and access to extensive resident amenities.
Property Size1,350 SF
Days on Market16
Property Features for 2300 E CAMPBELL Avenue 202
General Information
Standard status
Active
Size
1,350 SF
Total Parking Spaces
2
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,408
Amenities
resort-style pool
two-story fitness center
sky lounge
rooftop sundeck
clubhouse
fireplace
grills
lounge areas
EV charging
private balconies
Building Details
Building Size
1,350 SF
Year Built
2017
Listing Agency:
HomeSmart
(602) 476-4437
Listed By:
Sergio Norzagaray
(602) 476-4437
Source:
Alexiabertsatos
Added: Aug 7
Changed: Aug 17
Last Checked: Aug 22 at 10:35AM
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 HomeSmart
Investment Insights
Based on property information with market context.
Built in 2017, this corner residential income property offers an open interior with high ceilings, recessed lighting, wood flooring, and plentiful natural light. The kitchen is equipped with granite counters, contemporary cabinetry, stainless steel appliances, and an island with breakfast-bar seating. The primary suite features dual sinks and a custom walk-in closet, while two private balconies capture mountain, city-light, and sunset views.
Community amenities include a resort-style pool, two-story fitness center, sky lounge, rooftop sundeck, clubhouse, fireplace, grills, and additional lounge areas. The gated underground garage provides two assigned parking spaces and EV charging. HOA dues cover cable, internet, water, and trash; electricity is separate. The property is near dining, shopping, golf, freeways, and Sky Harbor Airport.
Community amenities include a resort-style pool, two-story fitness center, sky lounge, rooftop sundeck, clubhouse, fireplace, grills, and additional lounge areas. The gated underground garage provides two assigned parking spaces and EV charging. HOA dues cover cable, internet, water, and trash; electricity is separate. The property is near dining, shopping, golf, freeways, and Sky Harbor Airport.
Key Highlights
- Corner unit built in 2017 with an open layout and high ceilings
- Two private balconies with mountain, city‑light, and sunset views
- Kitchen with granite countertops, stainless steel appliances, and island seating
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
$15,746
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
3.15%
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%
$314,920
$314.9K
Cap Rate 7%
$224,943
$224.9K
Cap Rate 9%
$174,956
$175.0K
Market Conditions
NOI Build-Up for 1,350 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
$30.5K $22.56/SF
− Vacancy
−$1.8K −$1.35/SF
EGI
$28.6K $21.21/SF
− OpEx
−$12.9K −$9.54/SF
NOI
$15.7K $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%
$314,920
Cap Rate 7%
$224,943
Cap Rate 9%
$174,956
Alternative Uses
Best Use
Apartment 5plus
$224.9K
$196.8K – $262.4K
NOI $15,746 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$408.9K
$357.8K – $477.1K
NOI $28,625 @ 7.0% cap · market cap 5.73%
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
4,095
Businesses Nearby
Explore this area
Business Placement
Demographics for 85016, AZ
37,326
Population
21,363
Households
1.7
Avg Household Size
38
Median Age
50%
College-Educated
94%
High-School Grad
8.2 sq mi
ZIP Area
4,552
Density / Sq Mi
$85,085
Median Household Income
$53,781
Median Earnings
$1,575
Median Rent
$508,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated unit with elevated ceilings, two balconies, and access to extensive resident amenities.
Where is this residential income property located?
The property is located at 2300 E CAMPBELL Avenue 202 Phoenix, AZ.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Corner unit built in 2017 with an open layout and high ceilings; Two private balconies with mountain, city‑light, and sunset views; Kitchen with granite countertops, stainless steel appliances, and island seating
