Three-Bedroom Residential Income
For Sale
$270,000
5115 N 22nd Avenue N 3, Phoenix, AZ 85015
Apartment with a divided bedroom layout, dedicated laundry room, and updated interior finishes.
Property Size1,134 SF
Days on Market39
Property Features for 5115 N 22nd Avenue N 3
General Information
Standard status
Active
Size
1,134 SF
Property subtype
Apartment
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$610
Amenities
Laundry room
Building Details
Building Size
1,134 SF
Year Built
1983
Listing Agency:
My Home Group Real Estate
Listed By:
Janet Herrera
(602) 317-9253
Source:
Alexiabertsatos
Added: Aug 11
Changed: Sep 10
Last Checked: Sep 16 at 10:20PM
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 My Home Group Real Estate
Investment Insights
Based on property information with market context.
This apartment offers three bedrooms and two baths within a split floor plan designed to separate living and sleeping areas. The interior includes a dedicated laundry room, white shaker cabinetry, 3cm quartz countertops, and dual-pane windows. Appliances were installed in 2023, adding a recent update to the unit’s functional features.
Built in 1983, the property is located at 5115 N 22nd Avenue N 3 in Phoenix, Arizona 85015.
Built in 1983, the property is located at 5115 N 22nd Avenue N 3 in Phoenix, Arizona 85015.
Key Highlights
- 3‑bedroom, 2‑bath apartment
- Split floor plan
- Appliances installed in 2023
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
$13,226
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
4.90%
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%
$264,520
$264.5K
Cap Rate 7%
$188,943
$188.9K
Cap Rate 9%
$146,956
$147.0K
Market Conditions
NOI Build-Up for 1,134 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
$25.6K $22.56/SF
− Vacancy
−$1.5K −$1.35/SF
EGI
$24.0K $21.21/SF
− OpEx
−$10.8K −$9.54/SF
NOI
$13.2K $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%
$264,520
Cap Rate 7%
$188,943
Cap Rate 9%
$146,956
Alternative Uses
Best Use
Apartment 5plus
$188.9K
$165.3K – $220.4K
NOI $13,226 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$343.5K
$300.6K – $400.8K
NOI $24,045 @ 7.0% cap · market cap 8.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,178
Businesses Nearby
Explore this area
Business Placement
Demographics for 85015, AZ
41,436
Population
17,889
Households
2.3
Avg Household Size
33
Median Age
25%
College-Educated
78%
High-School Grad
4.9 sq mi
ZIP Area
8,456
Density / Sq Mi
$52,585
Median Household Income
$36,456
Median Earnings
$1,227
Median Rent
$312,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Apartment with a divided bedroom layout, dedicated laundry room, and updated interior finishes.
Where is this residential income property located?
The property is located at 5115 N 22nd Avenue N 3 Phoenix, AZ.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: 3‑bedroom, 2‑bath apartment; Split floor plan; Appliances installed in 2023
