Remodeled Residential Income
For Sale
$169,900
3131 W cochise Drive 122, Phoenix, AZ 85051
The property was remodeled several years ago and is presented in move-in-ready condition.
Property Size858 SF
Days on Market9
Property Features for 3131 W cochise Drive 122
General Information
Standard status
Active
Size
858 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$392
Building Details
Building Size
858 SF
Year Built
1983
Listing Agency:
Realty ONE Group
Listed By:
Marco Da Silva
(602) 690-5185
Source:
Alexiabertsatos
Added: Sep 10
Changed: Sep 13
Last Checked: Sep 16 at 10:36PM
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 Realty ONE Group
Investment Insights
Based on property information with market context.
This residential income property at 3131 W Cochise Drive 122 in Phoenix, Arizona, was built in 1983 and remodeled several years ago. The property is presented as move-in ready and is located near restaurants.
Key Highlights
- Remodeled several years ago
- Built in 1983
- Located at 3131 W Cochise Drive 122 in Phoenix, AZ
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
$10,007
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
5.89%
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%
$200,140
$200.1K
Cap Rate 7%
$142,957
$143.0K
Cap Rate 9%
$111,189
$111.2K
Market Conditions
NOI Build-Up for 858 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
$19.4K $22.56/SF
− Vacancy
−$1.2K −$1.35/SF
EGI
$18.2K $21.21/SF
− OpEx
−$8.2K −$9.54/SF
NOI
$10.0K $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%
$200,140
Cap Rate 7%
$142,957
Cap Rate 9%
$111,189
Alternative Uses
Best Use
Apartment 5plus
$143.0K
$125.1K – $166.8K
NOI $10,007 @ 7.0% cap · market cap 5.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$259.9K
$227.4K – $303.2K
NOI $18,193 @ 7.0% cap · market cap 10.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,655
Businesses Nearby
Explore this area
Business Placement
Demographics for 85051, AZ
46,123
Population
16,818
Households
2.7
Avg Household Size
34
Median Age
20%
College-Educated
81%
High-School Grad
6.4 sq mi
ZIP Area
7,207
Density / Sq Mi
$63,665
Median Household Income
$38,980
Median Earnings
$1,256
Median Rent
$288,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - The property was remodeled several years ago and is presented in move-in-ready condition.
Where is this residential income property located?
The property is located at 3131 W cochise Drive 122 Phoenix, AZ.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: Remodeled several years ago; Built in 1983; Located at 3131 W Cochise Drive 122 in Phoenix, AZ
