Ground-Level Income
New
For Sale
$179,900
3645 N 69TH Avenue 15, Phoenix, AZ 85033
Single-story residential property with vaulted ceilings, all-tile flooring, and a private patio courtyard.
Property Size700 SF
Days on Market7
Property Features for 3645 N 69TH Avenue 15
General Information
Standard status
Active
Size
700 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$346
Amenities
private patio courtyard
Building Details
Building Size
700 SF
Year Built
1982
Listing Agency:
Century 21 Northwest
(540) 793-0125
Listed By:
Devin Fallen
(540) 793-0125
Source:
Alexiabertsatos
Added: Aug 6
Changed: Aug 12
Last Checked: Aug 12 at 3:23AM
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 Century 21 Northwest
Investment Insights
Based on property information with market context.
This ground-level townhouse is configured with 2 bedrooms and 1 bathroom in a single-story layout. The interior includes vaulted ceilings, tile flooring throughout, a living room connected to the kitchen, and access to a private patio courtyard. Nearby parking and proximity to common areas add practical convenience for occupants.
Built in 1982, the property is positioned near I-10, Loop 101, Grand Canyon University, and Desert Sky Mall. Its residential layout and existing outdoor space provide a straightforward format for an income-oriented ownership strategy.
Built in 1982, the property is positioned near I-10, Loop 101, Grand Canyon University, and Desert Sky Mall. Its residential layout and existing outdoor space provide a straightforward format for an income-oriented ownership strategy.
Key Highlights
- 2‑bedroom, 1‑bathroom ground‑level townhouse
- Single‑story layout with vaulted ceilings
- Tile flooring throughout the residence
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
$6,560
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
3.65%
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%
$131,200
$131.2K
Cap Rate 7%
$93,714
$93.7K
Cap Rate 9%
$72,889
$72.9K
Market Conditions
NOI Build-Up for 700 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
$12.9K $18.36/SF
− Vacancy
−$925 −$1.32/SF
EGI
$11.9K $17.04/SF
− OpEx
−$5.4K −$7.67/SF
NOI
$6.6K $9.37/SF
Area
ZIP 85033
Vacancy
7.20%
Lease Rate
$18.36 /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%
$131,200
Cap Rate 7%
$93,714
Cap Rate 9%
$72,889
Alternative Uses
Best Use
Apartment 5plus
$93.7K
$82.0K – $109.3K
NOI $6,560 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$200.6K
$175.5K – $234.1K
NOI $14,043 @ 7.0% cap · market cap 7.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
432
Businesses Nearby
Explore this area
Business Placement
Demographics for 85033, AZ
57,980
Population
16,691
Households
3.5
Avg Household Size
28
Median Age
7%
College-Educated
65%
High-School Grad
6.1 sq mi
ZIP Area
9,505
Density / Sq Mi
$60,749
Median Household Income
$33,782
Median Earnings
$1,338
Median Rent
$245,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Single-story residential property with vaulted ceilings, all-tile flooring, and a private patio courtyard.
Where is this residential income property located?
The property is located at 3645 N 69TH Avenue 15 Phoenix, AZ.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: 2‑bedroom, 1‑bathroom ground‑level townhouse; Single‑story layout with vaulted ceilings; Tile flooring throughout the residence
