Ground-Level Income
For Sale
$399,995
3505 E CAMPBELL Avenue 11, Phoenix, AZ 85018
Apartment unit with updated kitchen finishes, private bath, and outdoor access.
Property Size1,008 SF
Days on Market58
Property Features for 3505 E CAMPBELL Avenue 11
General Information
Standard status
Active
Size
1,008 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$902
Amenities
rustic wood flooring
quartz counters
white shaker cabinets
stainless steel appliances
pantry
breakfast bar
backyard access
private bathroom
back patio
Building Details
Building Size
1,008 SF
Year Built
1962
Listing Agency:
AZ Dream Homes
(602) 332-9452
Listed By:
Soroosh Ghafaripanah · License #SA656081000
(602) 332-9452
Source:
Alexiabertsatos
Added: Jun 26
Changed: Aug 20
Last Checked: Aug 21 at 11:53AM
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 AZ Dream Homes
Investment Insights
Based on property information with market context.
This ground-floor apartment unit at Raintree Plaza was built in 1962 and combines a practical residential layout with refreshed interior finishes. The kitchen features quartz countertops, white shaker cabinetry, stainless steel appliances, a pantry, and a peninsula with breakfast seating. Rustic wood flooring extends through the living room, while the primary bedroom includes a private bathroom and direct access to the backyard.
Outdoor space continues with a rear patio suited to everyday relaxation. The unit is identified as residential income property and is located at 3505 E CAMPBELL Avenue 11 in Phoenix, Arizona.
Outdoor space continues with a rear patio suited to everyday relaxation. The unit is identified as residential income property and is located at 3505 E CAMPBELL Avenue 11 in Phoenix, Arizona.
Key Highlights
- Ground‑level apartment unit at Raintree Plaza
- Kitchen with quartz countertops, white shaker cabinets, stainless steel appliances, pantry, and peninsula
- Primary bedroom offers direct backyard access and a private bathroom
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
$11,757
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
2.94%
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%
$235,140
$235.1K
Cap Rate 7%
$167,957
$168.0K
Cap Rate 9%
$130,633
$130.6K
Market Conditions
NOI Build-Up for 1,008 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
$22.7K $22.56/SF
− Vacancy
−$1.4K −$1.35/SF
EGI
$21.4K $21.21/SF
− OpEx
−$9.6K −$9.54/SF
NOI
$11.8K $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%
$235,140
Cap Rate 7%
$167,957
Cap Rate 9%
$130,633
Alternative Uses
Best Use
Apartment 5plus
$168.0K
$147.0K – $196.0K
NOI $11,757 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$305.3K
$267.2K – $356.2K
NOI $21,373 @ 7.0% cap · market cap 5.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,937
Businesses Nearby
Explore this area
Business Placement
Demographics for 85018, AZ
37,944
Population
19,487
Households
1.9
Avg Household Size
40
Median Age
57%
College-Educated
92%
High-School Grad
15.1 sq mi
ZIP Area
2,513
Density / Sq Mi
$87,637
Median Household Income
$58,555
Median Earnings
$1,411
Median Rent
$805,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Apartment unit with updated kitchen finishes, private bath, and outdoor access.
Where is this residential income property located?
The property is located at 3505 E CAMPBELL Avenue 11 Phoenix, AZ.
What is the asking price?
The asking price for this property is $399,995.
What are key features of this property?
This property features: Ground‑level apartment unit at Raintree Plaza; Kitchen with quartz countertops, white shaker cabinets, stainless steel appliances, pantry, and peninsula; Primary bedroom offers direct backyard access and a private bathroom
