6-Unit Apartment Building with Rooftop
New
For Sale
$2,999,999
2810 - 2834 N 19th Ave, Phoenix, AZ 85009
Newly built residences feature three-bedroom layouts, attached garages, in-unit laundry, and quartz countertops.
Property Size12,262 SF
Days on Market3
Property Features for 2810 - 2834 N 19th Ave
General Information
Standard status
Active
Size
12,262 SF
Class
Class A
Property subtype
Townhome
Additional Details
Asking Price
$2,999,999
Multifamily Units
6
Amenities
in-unit laundry
private rooftop decks
attached garages
Building Details
Building Size
12,262 SF
Year Built
2023
Construction
townhome
Listed By:
Derek Buscher · License #AZ #SA635897000
(480) 213-2531
Source:
Cpiaz
Added: Sep 24
Last Checked: Sep 24 at 2:25PM
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 Derek Buscher
Investment Insights
Based on property information with market context.
Completed in 2023, this six-unit townhome-style condominium property offers three-bedroom floor plans ranging from 1,677 to 2,227 square feet. Units have 2.5 or 3.5 bathrooms, attached garages, in-unit laundry, and quartz countertops. Four residences include private rooftop decks with city and mountain views. The property is currently vacant.
The community occupies the southwest corner of 19th Avenue and Thomas Road in Phoenix’s Encanto Village submarket. The units can be held as long-term rentals or sold individually as condominiums.
The community occupies the southwest corner of 19th Avenue and Thomas Road in Phoenix’s Encanto Village submarket. The units can be held as long-term rentals or sold individually as condominiums.
Key Highlights
- Six townhome‑style condominium units, built in 2023
- Three‑bedroom floor plans range from 1,677 to 2,227 SF
- Unit configurations include 2.5 or 3.5 bathrooms
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
$143,018
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
4.77%
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%
$2,860,360
$2.9M
Cap Rate 7%
$2,043,114
$2.0M
Cap Rate 9%
$1,589,089
$1.6M
Market Conditions
NOI Build-Up for 12,262 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
$276.6K $22.56/SF
− Vacancy
−$16.6K −$1.35/SF
EGI
$260.0K $21.21/SF
− OpEx
−$117.0K −$9.54/SF
NOI
$143.0K $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 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%
$2,860,360
Cap Rate 7%
$2,043,114
Cap Rate 9%
$1,589,089
Alternative Uses
Best Use
Apartment 5plus
$2.04M
$1.79M – $2.38M
NOI $143,018 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.71M
$3.25M – $4.33M
NOI $259,999 @ 7.0% cap · market cap 8.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
515
Businesses Nearby
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Business Placement
Demographics for 85009, AZ
50,439
Population
14,873
Households
3.4
Avg Household Size
31
Median Age
7%
College-Educated
59%
High-School Grad
14.7 sq mi
ZIP Area
3,431
Density / Sq Mi
$51,615
Median Household Income
$29,674
Median Earnings
$1,128
Median Rent
$215,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Newly built residences feature three-bedroom layouts, attached garages, in-unit laundry, and quartz countertops.
Where is this apartment building located?
The property is located at 2810 - 2834 N 19th Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $2,999,999.
What are key features of this property?
This property features: Six townhome‑style condominium units, built in 2023; Three‑bedroom floor plans range from 1,677 to 2,227 SF; Unit configurations include 2.5 or 3.5 bathrooms
