12-Unit Apartment
For Sale
Contact for pricing
2549 E Corona Ave, Phoenix, AZ 85040
The property contains 12 rental units and carries R-3 Multi-Family Residential zoning.
Property Size9,180 SF
Price / SF$324.62
Days on Market59
Property Features for 2549 E Corona Ave
General Information
Standard status
Active
Size
9,180 SF
Total Parking Spaces
24
Property subtype
Multifamily
Zoning
R-3 Multi-Family Residential
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$152,081
Additional Details
Multifamily Units
12
Building Details
Year Built
1963
Year Renovated
2023
Buildings
4
Units
12
Tenancy
Multi
Listing Agency:
Star Max Realty
Listed By:
David Chen · License #02165607
Source:
Crexi
Added: Jul 5
Changed: Aug 30
Last Checked: Aug 30 at 1:28PM
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 Star Max Realty
Investment Insights
Based on property information with market context.
This apartment property at 2549 E Corona Ave comprises 12 rental units within an 9,180-square-foot building constructed in 1963. The asset is designated R-3 Multi-Family Residential, providing a multifamily zoning classification for the property.
The property is in Phoenix’s airport economic area, placing the apartment building within that defined commercial and employment context. Its address is 2549 E Corona Ave, Phoenix, AZ 85040.
The property is in Phoenix’s airport economic area, placing the apartment building within that defined commercial and employment context. Its address is 2549 E Corona Ave, Phoenix, AZ 85040.
Key Highlights
- 12 rental units
- 9,180‑square‑foot apartment building
- R‑3 Multi‑Family Residential zoning
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
$107,071
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
3.59%
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%
$2,141,420
$2.1M
Cap Rate 7%
$1,529,586
$1.5M
Cap Rate 9%
$1,189,678
$1.2M
Market Conditions
NOI Build-Up for 9,180 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
$207.1K $22.56/SF
− Vacancy
−$12.4K −$1.35/SF
EGI
$194.7K $21.21/SF
− OpEx
−$87.6K −$9.54/SF
NOI
$107.1K $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%
$2,141,420
Cap Rate 7%
$1,529,586
Cap Rate 9%
$1,189,678
Alternative Uses
Best Use
Apartment 5plus
$1.53M
$1.34M – $1.78M
NOI $107,071 @ 7.0% cap · market cap 3.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.78M
$2.43M – $3.24M
NOI $194,649 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
511
Businesses Nearby
Explore this area
Business Placement
Demographics for 85040, AZ
33,993
Population
11,962
Households
2.8
Avg Household Size
30
Median Age
15%
College-Educated
69%
High-School Grad
10.1 sq mi
ZIP Area
3,366
Density / Sq Mi
$57,890
Median Household Income
$36,355
Median Earnings
$1,193
Median Rent
$294,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - The property contains 12 rental units and carries R-3 Multi-Family Residential zoning.
Where is this apartment building located?
The property is located at 2549 E Corona Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $2,980,000.
What are key features of this property?
This property features: 12 rental units; 9,180‑square‑foot apartment building; R‑3 Multi‑Family Residential zoning
