Value-Add 8-Plex Apartment
For Sale
Contact for pricing
2719 W Maryland Ave, Phoenix, AZ 85017
For sale 8-plex apartment building positioned less than half a mile from North Black Canyon Hwy in Phoenix.
Property Size4,465 SF
Price / SF$296.75
Days on Market150
Property Features for 2719 W Maryland Ave
General Information
Standard status
Active
Size
4,465 SF
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$108,345
Additional Details
Highway Access
Yes
Multifamily Units
8
Building Details
Year Built
1958
Year Renovated
2026
Buildings
1
Stories
2
Units
8
Tenancy
Multi
Listing Agency:
Matthews
Listed By:
Kyle Inman · License #AZ SA691658000
(480) 703-8955
Source:
Crexi
Added: Apr 12
Changed: Sep 5
Last Checked: Sep 7 at 7:17AM
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 Matthews
Investment Insights
Based on property information with market context.
Value-add 8-plex apartment building for sale at 2719 W Maryland Ave in Phoenix, AZ. The property consists of eight units and is offered for $1,325,000, or $165,625 per unit, based on the listing remarks.
The location is less than half a mile from North Black Canyon Hwy. The remarks also cite strong submarket rental growth of 21% over the trailing twelve months (TTM).
The location is less than half a mile from North Black Canyon Hwy. The remarks also cite strong submarket rental growth of 21% over the trailing twelve months (TTM).
Key Highlights
- For sale 8‑plex apartment building in Phoenix
- List price $1,325,000 ($165,625 per unit)
- Less than 1/2 mile from North Black Canyon Hwy
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
$52,078
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
3.93%
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%
$1,041,560
$1.0M
Cap Rate 7%
$743,971
$744.0K
Cap Rate 9%
$578,644
$578.6K
Market Conditions
NOI Build-Up for 4,465 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
$100.7K $22.56/SF
− Vacancy
−$6.0K −$1.35/SF
EGI
$94.7K $21.21/SF
− OpEx
−$42.6K −$9.54/SF
NOI
$52.1K $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%
$1,041,560
Cap Rate 7%
$743,971
Cap Rate 9%
$578,644
Alternative Uses
Best Use
Apartment 5plus
$744.0K
$651.0K – $868.0K
NOI $52,078 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.35M
$1.18M – $1.58M
NOI $94,674 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
760
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - For sale 8-plex apartment building positioned less than half a mile from North Black Canyon Hwy in Phoenix.
Where is this apartment building located?
The property is located at 2719 W Maryland Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: For sale 8‑plex apartment building in Phoenix; List price $1,325,000 ($165,625 per unit); Less than 1/2 mile from North Black Canyon Hwy
