Updated Residential Income
For Sale
$540,000
4525 N 22ND Street 307, Phoenix, AZ 85016
Three-bedroom corner residence with elevator access, private balconies, garage entry, and a remodeled kitchen.
Property Size1,596 SF
Days on Market43
Property Features for 4525 N 22ND Street 307
General Information
Standard status
Active
Size
1,596 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$2,830
Building Details
Building Size
1,596 SF
Year Built
2001
Listing Agency:
The Brokery
Listed By:
Eric Z Horn
(480) 601-2342
Source:
Alexiabertsatos
Added: Aug 6
Changed: Sep 15
Last Checked: Sep 16 at 10:11PM
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 The Brokery
Investment Insights
Based on property information with market context.
This third-floor corner residence is part of a 24-unit community and offers three bedrooms, two-and-a-half bathrooms, generous living areas, and a gas fireplace. A secure garage entry and elevator provide access to the home, which includes a covered balcony, private balcony off the primary suite, and a Juliet balcony serving the guest suite. The kitchen has been remodeled with granite counters, a redesigned island, stone backsplash, extensive cabinetry, and a true walk-in pantry. A separate laundry room adds practical utility, while the flexible third bedroom is currently configured as an office.
Recent improvements include a new HVAC system installed in 2026, dual-pane exterior glass, interior paint, carpet, lighting, ceiling fans, and refreshed bathroom fixtures. The property is in Phoenix's Biltmore neighborhood, near Biltmore Fashion Park, Whole Foods, dining, shopping, golf, fitness facilities, and Phoenix Sky Harbor International Airport.
Recent improvements include a new HVAC system installed in 2026, dual-pane exterior glass, interior paint, carpet, lighting, ceiling fans, and refreshed bathroom fixtures. The property is in Phoenix's Biltmore neighborhood, near Biltmore Fashion Park, Whole Foods, dining, shopping, golf, fitness facilities, and Phoenix Sky Harbor International Airport.
Key Highlights
- Three‑bedroom, 2.5‑bath third‑floor corner residence
- Located in a 24‑unit community built in 2001
- Remodeled kitchen with granite counters, stone backsplash, island, cabinetry, and walk‑in pantry
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
$18,615
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
3.45%
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%
$372,300
$372.3K
Cap Rate 7%
$265,929
$265.9K
Cap Rate 9%
$206,833
$206.8K
Market Conditions
NOI Build-Up for 1,596 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
$36.0K $22.56/SF
− Vacancy
−$2.2K −$1.35/SF
EGI
$33.8K $21.21/SF
− OpEx
−$15.2K −$9.54/SF
NOI
$18.6K $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%
$372,300
Cap Rate 7%
$265,929
Cap Rate 9%
$206,833
Alternative Uses
Best Use
Apartment 5plus
$265.9K
$232.7K – $310.3K
NOI $18,615 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$483.4K
$423.0K – $564.0K
NOI $33,841 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
4,092
Businesses Nearby
Explore this area
Business Placement
Demographics for 85016, AZ
37,326
Population
21,363
Households
1.7
Avg Household Size
38
Median Age
50%
College-Educated
94%
High-School Grad
8.2 sq mi
ZIP Area
4,552
Density / Sq Mi
$85,085
Median Household Income
$53,781
Median Earnings
$1,575
Median Rent
$508,400
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom corner residence with elevator access, private balconies, garage entry, and a remodeled kitchen.
Where is this residential income property located?
The property is located at 4525 N 22ND Street 307 Phoenix, AZ.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: Three‑bedroom, 2.5‑bath third‑floor corner residence; Located in a 24‑unit community built in 2001; Remodeled kitchen with granite counters, stone backsplash, island, cabinetry, and walk‑in pantry
