Residential Income Property with
New
For Sale
$315,000
4644 N 22nd St #2152, Phoenix, AZ 85016
Biltmore-area condo with custom storage, vaulted ceilings, and access to gated community amenities.
Property Size1,189 SF
Price / SF$264.93
Days on Market6
Property Features for 4644 N 22nd St #2152
General Information
Standard status
Active
Size
1,189 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
1
Amenities
gated community
fitness center
pool
spa
clubhouse
private balcony
washer/dryer
Building Details
Year Built
1997
Listing Agency:
Homesmart
(602) 230-7600
Listed By:
House of AZ
(602) 353-7034
Source:
Houseofarizona
Added: Sep 12
Changed: Sep 15
Last Checked: Sep 16 at 6:24PM
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 Homesmart
Investment Insights
Based on property information with market context.
This 1,189-square-foot condo at La Terraza was built in 1997 and features a loft suitable for office or gym use. The interior includes custom cabinetry, closets, and integrated storage, along with a kitchen equipped with quartz countertops and a breakfast bar. A designer primary bathroom, vaulted ceilings, private balcony, and included washer and dryer add to the configuration. The attached garage has built-in cabinets.
The gated community provides a fitness center, pool, spa, and clubhouse. The property is positioned 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 provides a fitness center, pool, spa, and clubhouse. The property is positioned 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
- 1,189 SF condo at La Terraza, built in 1997
- Loft provides space for an office or home gym
- Custom closets, cabinetry, pantry, and built‑in storage
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
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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 - Biltmore-area condo with custom storage, vaulted ceilings, and access to gated community amenities.
Where is this residential income property located?
The property is located at 4644 N 22nd St #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: 1,189 SF condo at La Terraza, built in 1997; Loft provides space for an office or home gym; Custom closets, cabinetry, pantry, and built‑in storage
