Residential Income Property with
For Sale
$250,000
4615 N 22ND Street 202, Phoenix, AZ 85016
Spanish tile, private laundry, and dedicated storage complement the unit’s open interior.
Property Size871 SF
Days on Market29
Property Features for 4615 N 22ND Street 202
General Information
Standard status
Active
Size
871 SF
Property subtype
Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$404
Amenities
pool
landscaped green spaces
in-unit washer/dryer
in-unit storage area
Building Details
Building Size
871 SF
Year Built
1965
Listing Agency:
eXp Realty
Listed By:
Rebecca Medrano
(602) 509-1099
Source:
Alexiabertsatos
Added: Aug 21
Changed: Sep 4
Last Checked: Sep 16 at 11:13PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This one-bedroom, one-bath condominium was built in 1965 and features an open interior with Spanish tile flooring. The residence includes an in-unit washer and dryer, along with a sizable storage area that can accommodate bicycles, luggage, seasonal belongings, household items, or pantry supplies.
Community amenities include a swimming pool, landscaped outdoor areas, and shared gathering spaces. The property is located at 4615 N 22ND Street 202 in Phoenix, Arizona, near Biltmore Fashion Park, Trader Joe’s, Whole Foods, The Esplanade, restaurants, coffee shops, and other daily services. Access to SR-51 provides a direct commuting connection.
Community amenities include a swimming pool, landscaped outdoor areas, and shared gathering spaces. The property is located at 4615 N 22ND Street 202 in Phoenix, Arizona, near Biltmore Fashion Park, Trader Joe’s, Whole Foods, The Esplanade, restaurants, coffee shops, and other daily services. Access to SR-51 provides a direct commuting connection.
Key Highlights
- One‑bedroom, one‑bath condominium at 4615 N 22ND Street 202 in Phoenix, AZ 85016
- Built in 1965 with an open interior and Spanish tile flooring
- In‑unit washer and dryer
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
$10,159
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
4.06%
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%
$203,180
$203.2K
Cap Rate 7%
$145,129
$145.1K
Cap Rate 9%
$112,878
$112.9K
Market Conditions
NOI Build-Up for 871 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
$19.6K $22.56/SF
− Vacancy
−$1.2K −$1.35/SF
EGI
$18.5K $21.21/SF
− OpEx
−$8.3K −$9.54/SF
NOI
$10.2K $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%
$203,180
Cap Rate 7%
$145,129
Cap Rate 9%
$112,878
Alternative Uses
Best Use
Apartment 5plus
$145.1K
$127.0K – $169.3K
NOI $10,159 @ 7.0% cap · market cap 4.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$263.8K
$230.9K – $307.8K
NOI $18,468 @ 7.0% cap · market cap 7.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
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 - Spanish tile, private laundry, and dedicated storage complement the unit’s open interior.
Where is this residential income property located?
The property is located at 4615 N 22ND Street 202 Phoenix, AZ.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: One‑bedroom, one‑bath condominium at 4615 N 22ND Street 202 in Phoenix, AZ 85016; Built in 1965 with an open interior and Spanish tile flooring; In‑unit washer and dryer
