Ground-Level Studio Income
For Sale
$79,995
2604 W Berridge Lane C103, Phoenix, AZ 85017
Ground-floor studio with tiled interiors, a kitchen, and access to a community pool.
Property Size477 SF
Days on Market270
Property Features for 2604 W Berridge Lane C103
General Information
Standard status
Active
Size
477 SF
Property subtype
Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x studio
Multifamily Units
1
Amenities
pool
Building Details
Building Size
477 SF
Year Built
1963
Listing Agency:
Civic Center Real Estate
(480) 442-0525
Listed By:
Todd Lamarque
(480) 442-0525
Source:
Alexiabertsatos
Added: Nov 15, 2025
Changed: Aug 12
Last Checked: Aug 12 at 5:49AM
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 Civic Center Real Estate
Investment Insights
Based on property information with market context.
This ground-level studio residence was built in 1963 and features tile flooring throughout the living area. The unit includes a kitchen and is part of the Capri community, which offers a pool and maintained shared areas.
The property is located at 2604 W Berridge Lane C103 in Phoenix, Arizona. Bus stops, restaurants, shopping, and freeway access are located nearby, adding convenience for residents. The studio configuration and community amenities provide a straightforward residential income property profile.
The property is located at 2604 W Berridge Lane C103 in Phoenix, Arizona. Bus stops, restaurants, shopping, and freeway access are located nearby, adding convenience for residents. The studio configuration and community amenities provide a straightforward residential income property profile.
Key Highlights
- Ground‑level studio residence built in 1963
- Tile flooring throughout the living area
- Kitchen included within the studio unit
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
$5,563
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
6.95%
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%
$111,260
$111.3K
Cap Rate 7%
$79,471
$79.5K
Cap Rate 9%
$61,811
$61.8K
Market Conditions
NOI Build-Up for 477 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
$10.8K $22.56/SF
− Vacancy
−$646 −$1.35/SF
EGI
$10.1K $21.21/SF
− OpEx
−$4.6K −$9.54/SF
NOI
$5.6K $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%
$111,260
Cap Rate 7%
$79,471
Cap Rate 9%
$61,811
Alternative Uses
Best Use
Apartment 5plus
$79.5K
$69.5K – $92.7K
NOI $5,563 @ 7.0% cap · market cap 6.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$144.5K
$126.4K – $168.6K
NOI $10,114 @ 7.0% cap · market cap 12.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,054
Businesses Nearby
Explore this area
Business Placement
Demographics for 85017, AZ
45,279
Population
12,743
Households
3.6
Avg Household Size
26
Median Age
11%
College-Educated
65%
High-School Grad
5.3 sq mi
ZIP Area
8,543
Density / Sq Mi
$51,737
Median Household Income
$29,371
Median Earnings
$1,197
Median Rent
$242,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Ground-floor studio with tiled interiors, a kitchen, and access to a community pool.
Where is this residential income property located?
The property is located at 2604 W Berridge Lane C103 Phoenix, AZ.
What is the asking price?
The asking price for this property is $79,995.
What are key features of this property?
This property features: Ground‑level studio residence built in 1963; Tile flooring throughout the living area; Kitchen included within the studio unit
