High-Rise Residential Income
For Sale
$450,000
2323 N Central Avenue Unit 1906, Phoenix, AZ 85004
Updated high-rise residence with expansive windows and access to Central Corridor amenities.
Property Size1,456 SF
Days on Market60
Property Features for 2323 N Central Avenue Unit 1906
General Information
Standard status
Active
Size
1,456 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,164
Amenities
24-hour door attendant service
heated pool
spa
outdoor fireplaces
grilling areas
private dog park
fitness amenities
Building Details
Building Size
1,456 SF
Year Built
1964
Stories
21
Listing Agency:
Compass
(602) 319-4055
Listed By:
Mary King · License #SA560626000
(602) 319-4055
Source:
Alexiabertsatos
Added: Jun 11
Changed: Aug 9
Last Checked: Aug 9 at 11:52AM
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 Compass
Investment Insights
Based on property information with market context.
This vacant residence occupies the 19th floor of a 21-story high-rise completed in 1964. The two-bedroom, two-bath layout has been updated with an open interior, abundant natural light, and floor-to-ceiling windows. Views extend across Central Avenue, the Phoenix skyline, and Camelback Mountain. The property is offered furnished through virtual staging in the marketing imagery.
The Regency House provides a full-service residential setting with a 24-hour door attendant, heated pool and spa, outdoor fireplaces, grilling areas, a private dog park, fitness amenities, and maintained grounds. Nearly all utilities are covered through the building’s HOA structure. The property is located near Uptown, Midtown, the Light Rail, dining, entertainment, and Central Phoenix destinations.
The Regency House provides a full-service residential setting with a 24-hour door attendant, heated pool and spa, outdoor fireplaces, grilling areas, a private dog park, fitness amenities, and maintained grounds. Nearly all utilities are covered through the building’s HOA structure. The property is located near Uptown, Midtown, the Light Rail, dining, entertainment, and Central Phoenix destinations.
Key Highlights
- 19th‑floor residence in a 21‑story high‑rise
- Two‑bedroom, two‑bath floor plan
- Updated open interior with floor‑to‑ceiling windows
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
$16,982
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
3.77%
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%
$339,640
$339.6K
Cap Rate 7%
$242,600
$242.6K
Cap Rate 9%
$188,689
$188.7K
Market Conditions
NOI Build-Up for 1,456 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
$32.8K $22.56/SF
− Vacancy
−$2.0K −$1.35/SF
EGI
$30.9K $21.21/SF
− OpEx
−$13.9K −$9.54/SF
NOI
$17.0K $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%
$339,640
Cap Rate 7%
$242,600
Cap Rate 9%
$188,689
Alternative Uses
Best Use
Apartment 5plus
$242.6K
$212.3K – $283.0K
NOI $16,982 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$441.0K
$385.9K – $514.5K
NOI $30,872 @ 7.0% cap · market cap 6.86%
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
4,972
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 - Updated high-rise residence with expansive windows and access to Central Corridor amenities.
Where is this residential income property located?
The property is located at 2323 N Central Avenue Unit 1906 Phoenix, AZ.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 19th‑floor residence in a 21‑story high‑rise; Two‑bedroom, two‑bath floor plan; Updated open interior with floor‑to‑ceiling windows
