High-Rise Residential Income
For Sale
$495,000
2323 N CENTRAL Avenue #603, Phoenix, AZ 85004
The residence combines an open kitchen and dining layout with building amenities, including a heated pool, concierge service, and secured parking.
Property Size1,456 SF
Days on Market215
Property Features for 2323 N CENTRAL Avenue #603
General Information
Standard status
Active
Size
1,456 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
heated pool and spa
24-hour concierge
secured underground parking
fitness amenities
resident gathering spaces
private dog park
Building Details
Building Size
1,456 SF
Year Built
1964
Year Renovated
2026
Stories
1
Listing Agency:
Compass
Listed By:
Eric Hunter
(602) 714-7000
Source:
Karolinakemski.kw
Added: Mar 5
Changed: Oct 4
Last Checked: Oct 5 at 3:34PM
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.
Located on the sixth floor of Regency House, this Phoenix condominium has floor-to-ceiling dual-pane windows with south-facing views toward the Heard Museum and downtown skyline. The entry, kitchen, and dining areas have been reconfigured as an open living space. The kitchen includes walnut cabinetry, quartz counters, and a peninsula. Both bathrooms feature walnut cabinetry, quartz counters, updated mirrors, and designer sconces; the bath work was completed in January 2026. The building dates to 1964, with reported updates to the air-conditioning and air-handling systems, plumbing, and electrical components.
Residents have access to a year-round heated pool and spa, 24-hour lobby and concierge service, secured underground parking, fitness amenities, gathering areas, maintained grounds, and a private dog park. HOA dues cover heating, cooling, water, garbage, and sewer. The property is on Central Avenue near the Heard Museum, Phoenix Art Museum, downtown, and Midtown dining and entertainment. Light rail is nearby, and ASU Downtown, hospitals, event venues, and Sky Harbor International Airport are also identified in the surrounding area.
Residents have access to a year-round heated pool and spa, 24-hour lobby and concierge service, secured underground parking, fitness amenities, gathering areas, maintained grounds, and a private dog park. HOA dues cover heating, cooling, water, garbage, and sewer. The property is on Central Avenue near the Heard Museum, Phoenix Art Museum, downtown, and Midtown dining and entertainment. Light rail is nearby, and ASU Downtown, hospitals, event venues, and Sky Harbor International Airport are also identified in the surrounding area.
Key Highlights
- Sixth‑floor condominium at Regency House, a 1964 building
- South‑facing views toward the Heard Museum and downtown skyline
- Open kitchen and dining area with walnut cabinetry, quartz counters, and a peninsula
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,982
Cap Rate
3.43%
Suggested Prices Based on Cap Rates
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
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 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 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$441.0K
$385.9K – $514.5K
NOI $30,872 @ 7.0% cap · market cap 6.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - The residence combines an open kitchen and dining layout with building amenities, including a heated pool, concierge service, and secured parking.
Where is this residential income property located?
The property is located at 2323 N CENTRAL Avenue #603 Phoenix, AZ.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Sixth‑floor condominium at Regency House, a 1964 building; South‑facing views toward the Heard Museum and downtown skyline; Open kitchen and dining area with walnut cabinetry, quartz counters, and a peninsula
