Updated Two-Bedroom
For Sale
$297,499
2941 E Darrow St, Phoenix, AZ 85042
Gated community residence with two baths, tile flooring, granite counters, and upgraded appliances.
Property Size1,205 SF
Price / SF$246.89
Days on Market51
Property Features for 2941 E Darrow St
General Information
Standard status
Active
Size
1,205 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
pool
parks
gated entrance
Building Details
Year Built
2006
Listing Agency:
Prestige Realty
(602) 944-2100
Listed By:
Cook & Associates Real Estate Advisors
(480) 442-9868
Source:
Viewarizonahomesforsale
Added: Jul 29
Changed: Sep 15
Last Checked: Sep 16 at 5:36PM
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 Prestige Realty
Investment Insights
Based on property information with market context.
This two-story condominium offers 1,205 square feet with two bedrooms and two bathrooms. Interior improvements include fresh paint, tile flooring throughout, a new water heater, updated lighting, cherry cabinetry, granite countertops, and upgraded appliances. The home was built in 2006 and is located within a gated community.
Community amenities and services covered by the HOA include the pool, parks, gated entry, water, sewer, trash collection, exterior maintenance, blanket insurance, exterior pest control, and roof repair and replacement. The property is situated minutes from Sky Harbor Airport, shopping, dining, and hiking trails.
Community amenities and services covered by the HOA include the pool, parks, gated entry, water, sewer, trash collection, exterior maintenance, blanket insurance, exterior pest control, and roof repair and replacement. The property is situated minutes from Sky Harbor Airport, shopping, dining, and hiking trails.
Key Highlights
- Two‑story condo with 1,205 square feet, 2 bedrooms, and 2 bathrooms
- Updated interior with all‑tile flooring, fresh paint, and stylish light fixtures
- Cherry cabinetry, granite countertops, and upgraded appliances
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
$14,055
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
4.72%
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%
$281,100
$281.1K
Cap Rate 7%
$200,786
$200.8K
Cap Rate 9%
$156,167
$156.2K
Market Conditions
NOI Build-Up for 1,205 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
$27.2K $22.56/SF
− Vacancy
−$1.6K −$1.35/SF
EGI
$25.6K $21.21/SF
− OpEx
−$11.5K −$9.54/SF
NOI
$14.1K $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%
$281,100
Cap Rate 7%
$200,786
Cap Rate 9%
$156,167
Alternative Uses
Best Use
Apartment 5plus
$200.8K
$175.7K – $234.3K
NOI $14,055 @ 7.0% cap · market cap 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$365.0K
$319.4K – $425.8K
NOI $25,550 @ 7.0% cap · market cap 8.59%
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
200
Businesses Nearby
Explore this area
Business Placement
Demographics for 85042, AZ
45,433
Population
16,139
Households
2.8
Avg Household Size
35
Median Age
32%
College-Educated
82%
High-School Grad
19.4 sq mi
ZIP Area
2,342
Density / Sq Mi
$86,837
Median Household Income
$46,897
Median Earnings
$1,495
Median Rent
$353,400
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Gated community residence with two baths, tile flooring, granite counters, and upgraded appliances.
Where is this residential income property located?
The property is located at 2941 E Darrow St Phoenix, AZ.
What is the asking price?
The asking price for this property is $297,499.
What are key features of this property?
This property features: Two‑story condo with 1,205 square feet, 2 bedrooms, and 2 bathrooms; Updated interior with all‑tile flooring, fresh paint, and stylish light fixtures; Cherry cabinetry, granite countertops, and upgraded appliances
