Corner-Unit Residential Income
New
For Sale
$419,000
2302 N CENTRAL Avenue 313, Phoenix, AZ 85004
Third-floor residence with updated finishes, private balcony, and two underground parking spaces.
Property Size1,716 SF
Days on Market7
Property Features for 2302 N CENTRAL Avenue 313
General Information
Standard status
Active
Size
1,716 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$3,087
Building Details
Building Size
1,716 SF
Year Built
2007
Listing Agency:
My Home Group Real Estate
Listed By:
Robert Maurice · License #SA562083000
(602) 738-3594
Source:
Jcluxuryresidential
Added: Sep 11
Changed: Sep 17
Last Checked: Sep 16 at 9:20PM
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 My Home Group Real Estate
Investment Insights
Based on property information with market context.
This 1,716-square-foot residential income property is a third-floor corner unit at Tapestry, built in 2007. The layout provides three bedrooms and two bathrooms, with a split-bedroom arrangement and flexibility to use one room as a den. Interior improvements include luxury plank flooring in the living areas, kitchen, and bathrooms; refinished kitchen cabinetry; and a newer HVAC system. The primary suite includes a walk-in closet, soaking tub, double vanity, and balcony access. A gas fireplace with a feature wall anchors the family room.
The north-facing bedroom or den and large balcony overlook city lights and Camelback Mountain. The property includes two underground parking spaces and access to secured entry, a heated pool and spa, fitness facilities, and a clubhouse. A Walgreens pharmacy and nail salon are located on the first floor, while light rail service is steps from the building.
The north-facing bedroom or den and large balcony overlook city lights and Camelback Mountain. The property includes two underground parking spaces and access to secured entry, a heated pool and spa, fitness facilities, and a clubhouse. A Walgreens pharmacy and nail salon are located on the first floor, while light rail service is steps from the building.
Key Highlights
- 1,716‑square‑foot third‑floor corner unit at Tapestry
- Three‑bedroom, two‑bathroom split‑bedroom layout with den flexibility
- New luxury plank flooring and refinished kitchen cabinets
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
$20,015
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
4.78%
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%
$400,300
$400.3K
Cap Rate 7%
$285,929
$285.9K
Cap Rate 9%
$222,389
$222.4K
Market Conditions
NOI Build-Up for 1,716 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
$38.7K $22.56/SF
− Vacancy
−$2.3K −$1.35/SF
EGI
$36.4K $21.21/SF
− OpEx
−$16.4K −$9.54/SF
NOI
$20.0K $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%
$400,300
Cap Rate 7%
$285,929
Cap Rate 9%
$222,389
Alternative Uses
Best Use
Apartment 5plus
$285.9K
$250.2K – $333.6K
NOI $20,015 @ 7.0% cap · market cap 4.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$519.8K
$454.8K – $606.4K
NOI $36,385 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Third-floor residence with updated finishes, private balcony, and two underground parking spaces.
Where is this residential income property located?
The property is located at 2302 N CENTRAL Avenue 313 Phoenix, AZ.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: 1,716‑square‑foot third‑floor corner unit at Tapestry; Three‑bedroom, two‑bathroom split‑bedroom layout with den flexibility; New luxury plank flooring and refinished kitchen cabinets
