Residential Income Property with Pool
For Sale
$319,800
4646 N 11TH Avenue 104, Phoenix, AZ 85013
Mid-century architecture pairs with dual-pane glass, a renovated kitchen, private patio, and covered carport.
Property Size950 SF
Days on Market100
Property Features for 4646 N 11TH Avenue 104
General Information
Standard status
Active
Size
950 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$505
Amenities
pool
on-site storage unit
Building Details
Building Size
950 SF
Year Built
1963
Construction
mid-century modern
Listing Agency:
Real Broker
Listed By:
Josh Hintzen · License #BR557663000
(480) 659-6569
Source:
Jcluxuryresidential
Added: Jun 11
Changed: Sep 17
Last Checked: Sep 16 at 11:54PM
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 Real Broker
Investment Insights
Based on property information with market context.
Built in 1963, this end-unit residence is part of Grandview Gardens, a 27-residence community designed by architect Alfred Beadle. Its mid-century character includes exposed slump block, floor-to-ceiling glazing, sliding glass doors, and clean-lined interiors. Dual-pane replacements enhance the original window design, while the kitchen adds flat-panel cabinetry, quartz surfaces, stainless-steel appliances, a pantry, and full-size side-by-side laundry. Both bathrooms feature updated tile, and the interior combines polished concrete, newer LVP, and carpet in the front bedroom. Custom closet systems and an on-site storage unit expand the available storage.
The home faces the community pool and includes a landscaped private patio with a mature palo verde tree. The patio connects directly to the assigned covered carport. Grandview Gardens is near the Melrose Mile, Uptown Plaza, light rail, neighborhood parks, Downtown Phoenix, and local dining, coffee, nightlife, and shopping. HOA services cover water, sewer, trash, exterior maintenance, landscaping, pest control, and roof repair.
The home faces the community pool and includes a landscaped private patio with a mature palo verde tree. The patio connects directly to the assigned covered carport. Grandview Gardens is near the Melrose Mile, Uptown Plaza, light rail, neighborhood parks, Downtown Phoenix, and local dining, coffee, nightlife, and shopping. HOA services cover water, sewer, trash, exterior maintenance, landscaping, pest control, and roof repair.
Key Highlights
- 1963 construction in a 27‑residence Grandview Gardens community
- End‑unit position with one shared wall and no neighbors above or below
- Designed by architect Alfred Beadle with exposed slump block and floor‑to‑ceiling glazing
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
$11,080
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
3.46%
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%
$221,600
$221.6K
Cap Rate 7%
$158,286
$158.3K
Cap Rate 9%
$123,111
$123.1K
Market Conditions
NOI Build-Up for 950 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
$21.4K $22.56/SF
− Vacancy
−$1.3K −$1.35/SF
EGI
$20.1K $21.21/SF
− OpEx
−$9.1K −$9.54/SF
NOI
$11.1K $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%
$221,600
Cap Rate 7%
$158,286
Cap Rate 9%
$123,111
Alternative Uses
Best Use
Apartment 5plus
$158.3K
$138.5K – $184.7K
NOI $11,080 @ 7.0% cap · market cap 3.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$287.8K
$251.8K – $335.7K
NOI $20,143 @ 7.0% cap · market cap 6.30%
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
1,080
Businesses Nearby
Explore this area
Business Placement
Demographics for 85013, AZ
21,970
Population
11,618
Households
1.9
Avg Household Size
38
Median Age
47%
College-Educated
90%
High-School Grad
3.7 sq mi
ZIP Area
5,938
Density / Sq Mi
$68,895
Median Household Income
$53,067
Median Earnings
$1,435
Median Rent
$476,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Mid-century architecture pairs with dual-pane glass, a renovated kitchen, private patio, and covered carport.
Where is this residential income property located?
The property is located at 4646 N 11TH Avenue 104 Phoenix, AZ.
What is the asking price?
The asking price for this property is $319,800.
What are key features of this property?
This property features: 1963 construction in a 27‑residence Grandview Gardens community; End‑unit position with one shared wall and no neighbors above or below; Designed by architect Alfred Beadle with exposed slump block and floor‑to‑ceiling glazing
