Assisted Living Facility with
For Sale
$744,999
607 W VILLA RITA Drive, Phoenix, AZ 85023
Business Opportunity, Phoenix, AZ
Property Size2,853 SF
Lot Size0.16 Acres
Price / SF$261.13
Days on Market113
Property Features for 607 W VILLA RITA Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Exterior features
Rain Gutters
Subdivision
ARROYO CROSSING
Lot features
Landscaping, Corner Lot
Standard status
Active
APN
208-02-487
Size
2,853 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
LOT 161 ARROYO CROSSING MCR 039940
Legal Description
LOT 161 ARROYO CROSSING MCR 039940
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Electric, Central Air, Varies by Unit, Ceiling Fan(s)
Amenities
fenced pool
spa
Listing Agency:
Real Broker
(602) 755-3415
Listed By:
Adrian Cirjan · License #BR624293000
(602) 810-2106
Added: May 24
Changed: Sep 13
Last Checked: Sep 13 at 3:06PM
MLS# 7032859
Copyright © 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This assisted living property includes the real estate and operating business, with licensing for 10 residents and Behavioral Health qualification. The 2,853-square-foot residence is fully furnished and features granite countertops, travertine and laminate flooring, natural-gas central heating, central air conditioning, ceiling fans, and rain gutters. Public sewer serves the property.
A converted garage adds two bedrooms and a half bath beyond the stated bedroom count. The conversion was city-permitted and completed in accordance with Health Department requirements, with the option to restore the space to garage use. Exterior amenities include a fenced pool and spa. The property occupies 0.164 acres in Phoenix, Arizona.
A converted garage adds two bedrooms and a half bath beyond the stated bedroom count. The conversion was city-permitted and completed in accordance with Health Department requirements, with the option to restore the space to garage use. Exterior amenities include a fenced pool and spa. The property occupies 0.164 acres in Phoenix, Arizona.
Key Highlights
- Licensed for 10 residents with Behavioral Health qualification
- 2,853‑square‑foot assisted living residence with business and real estate included
- Fully furnished interior with granite countertops and travertine and laminate flooring
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
$33,276
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
4.47%
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%
$665,520
$665.5K
Cap Rate 7%
$475,371
$475.4K
Cap Rate 9%
$369,733
$369.7K
Market Conditions
NOI Build-Up for 2,853 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
$64.4K $22.56/SF
− Vacancy
−$3.9K −$1.35/SF
EGI
$60.5K $21.21/SF
− OpEx
−$27.2K −$9.54/SF
NOI
$33.3K $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%
$665,520
Cap Rate 7%
$475,371
Cap Rate 9%
$369,733
Alternative Uses
Best Use
Apartment 5plus
$475.4K
$416.0K – $554.6K
NOI $33,276 @ 7.0% cap · market cap 4.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$864.2K
$756.2K – $1.01M
NOI $60,494 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
268
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85023, AZ
35,241
Population
14,765
Households
2.4
Avg Household Size
36
Median Age
32%
College-Educated
91%
High-School Grad
7.4 sq mi
ZIP Area
4,762
Density / Sq Mi
$72,442
Median Household Income
$43,936
Median Earnings
$1,429
Median Rent
$359,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Assisted living facility - Licensed residential care property with furnished interiors, permitted improvements, and a fenced pool and spa.
Where is this assisted living facility located?
The property is located at 607 W VILLA RITA Drive Phoenix, AZ.
What is the asking price?
The asking price for this property is $744,999.
What are key features of this property?
This property features: Licensed for 10 residents with Behavioral Health qualification; 2,853‑square‑foot assisted living residence with business and real estate included; Fully furnished interior with granite countertops and travertine and laminate flooring
