Three-Bedroom Residential Income
For Sale
$735,000
2323 N CENTRAL Avenue 1804, Phoenix, AZ 85004
An updated 18th-floor residence combines two balconies with full-service building amenities.
Property Size1,812 SF
Days on Market8
Property Features for 2323 N CENTRAL Avenue 1804
General Information
Standard status
Active
Size
1,812 SF
Total Parking Spaces
1
Property subtype
Apartment
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,878
Amenities
heated pool
spa
cabanas
bbq's
fitness center
resident gathering spaces
gardens
dog park
24-hour lobby staff
concierge service
Building Details
Building Size
1,812 SF
Year Built
1964
Listing Agency:
Keller Williams, Professional Partners
Listed By:
Christi Lynn Lott · License #SA669410000
(623) 313-1158
Source:
Alexiabertsatos
Added: Sep 25
Changed: Sep 28
Last Checked: Oct 1 at 4:48PM
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 Keller Williams, Professional Partners
Investment Insights
Based on property information with market context.
Set on the 18th floor of Regency on Central, this residence has 3 bedrooms, 2 full bathrooms, and two private balconies. Floor-to-ceiling windows bring in natural light and frame mountain and city views. The open kitchen includes an oversized island, rosewood cabinetry, granite countertops, stainless steel appliances, and a wine and beverage cooler. Recent improvements include new windows and sliding glass doors, blackout draperies, newer flooring, a new entry door, custom closet systems, and updated lighting. The converted laundry room accommodates a full-size washer and dryer, with additional storage nearby.
Building services and amenities include a 24-hour lobby and door staff, concierge, heated pool and spa, cabanas, barbecue areas, fitness center, resident gathering spaces, gardens, and a dog park. The residence includes one assigned garage parking space and one assigned storage unit. The building is historically designated; qualifying owner-occupied residences receive an approximately 50% property-tax discount. Central Avenue provides access to the Heard Museum, light rail, Downtown Phoenix, hospitals, ASU Downtown, dining, sports and concert venues, and Sky Harbor International Airport.
Building services and amenities include a 24-hour lobby and door staff, concierge, heated pool and spa, cabanas, barbecue areas, fitness center, resident gathering spaces, gardens, and a dog park. The residence includes one assigned garage parking space and one assigned storage unit. The building is historically designated; qualifying owner-occupied residences receive an approximately 50% property-tax discount. Central Avenue provides access to the Heard Museum, light rail, Downtown Phoenix, hospitals, ASU Downtown, dining, sports and concert venues, and Sky Harbor International Airport.
Key Highlights
- 18th‑floor residence with 3 bedrooms, 2 full bathrooms, and two private balconies
- Kitchen features an oversized island, rosewood cabinetry, granite countertops, stainless steel appliances, and a wine/beverage cooler
- Full‑size washer and dryer in the converted laundry room; additional dedicated storage
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
$21,134
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
2.88%
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%
$422,680
$422.7K
Cap Rate 7%
$301,914
$301.9K
Cap Rate 9%
$234,822
$234.8K
Market Conditions
NOI Build-Up for 1,812 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
$40.9K $22.56/SF
− Vacancy
−$2.5K −$1.35/SF
EGI
$38.4K $21.21/SF
− OpEx
−$17.3K −$9.54/SF
NOI
$21.1K $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%
$422,680
Cap Rate 7%
$301,914
Cap Rate 9%
$234,822
Alternative Uses
Best Use
Apartment 5plus
$301.9K
$264.2K – $352.2K
NOI $21,134 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$548.9K
$480.3K – $640.4K
NOI $38,421 @ 7.0% cap · market cap 5.23%
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 - An updated 18th-floor residence combines two balconies with full-service building amenities.
Where is this residential income property located?
The property is located at 2323 N CENTRAL Avenue 1804 Phoenix, AZ.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: 18th‑floor residence with 3 bedrooms, 2 full bathrooms, and two private balconies; Kitchen features an oversized island, rosewood cabinetry, granite countertops, stainless steel appliances, and a wine/beverage cooler; Full‑size washer and dryer in the converted laundry room; additional dedicated storage
