Residential Income Property with
New
For Sale
$315,000
4644 N 22ND Street 2152, Phoenix, AZ 85016
Gated condo community with a loft, private balcony, attached garage, and fitness, pool, spa, and clubhouse amenities.
Property Size1,189 SF
Days on Market7
Property Features for 4644 N 22ND Street 2152
General Information
Standard status
Active
Size
1,189 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,596
Amenities
gated community
fitness center
pool
spa
clubhouse
private balcony
washer/dryer
Building Details
Building Size
1,189 SF
Year Built
1997
Listing Agency:
West USA Realty
Listed By:
Michael Smith · License #SA510028000
(602) 579-5667
Source:
Alexiabertsatos
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 17 at 12:03AM
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 West USA Realty
Investment Insights
Based on property information with market context.
This 1997-built condominium at La Terraza combines a loft layout with extensive built-in storage, custom cabinetry, and organized closet space. The kitchen includes quartz countertops and a breakfast bar, while the primary suite features an upgraded bath. A washer and dryer are included, and the private balcony adds outdoor space. The attached garage has additional cabinets for storage.
The gated community offers a fitness center, swimming pool, spa, and clubhouse. The property is located at 4644 N 22ND Street in Phoenix’s Biltmore Corridor, with Starving Artist, Pizza to the Rescue, The Gladly, Blanco at the Biltmore, and Los Olivos Park within walking distance.
The gated community offers a fitness center, swimming pool, spa, and clubhouse. The property is located at 4644 N 22ND Street in Phoenix’s Biltmore Corridor, with Starving Artist, Pizza to the Rescue, The Gladly, Blanco at the Biltmore, and Los Olivos Park within walking distance.
Key Highlights
- Loft provides space for a home gym or office
- Custom closets, cabinetry, pantry, and built‑in storage throughout
- Quartz kitchen counters with breakfast bar; washer and dryer included
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
$13,868
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
4.40%
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%
$277,360
$277.4K
Cap Rate 7%
$198,114
$198.1K
Cap Rate 9%
$154,089
$154.1K
Market Conditions
NOI Build-Up for 1,189 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
$26.8K $22.56/SF
− Vacancy
−$1.6K −$1.35/SF
EGI
$25.2K $21.21/SF
− OpEx
−$11.3K −$9.54/SF
NOI
$13.9K $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%
$277,360
Cap Rate 7%
$198,114
Cap Rate 9%
$154,089
Alternative Uses
Best Use
Apartment 5plus
$198.1K
$173.4K – $231.1K
NOI $13,868 @ 7.0% cap · market cap 4.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$360.2K
$315.1K – $420.2K
NOI $25,211 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
4,497
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 - Gated condo community with a loft, private balcony, attached garage, and fitness, pool, spa, and clubhouse amenities.
Where is this residential income property located?
The property is located at 4644 N 22ND Street 2152 Phoenix, AZ.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Loft provides space for a home gym or office; Custom closets, cabinetry, pantry, and built‑in storage throughout; Quartz kitchen counters with breakfast bar; washer and dryer included
