Midcentury Residential Income
For Sale
$169,000
6236 N 16th Street 1, Phoenix, AZ 85016
One-bedroom residence with upgraded storage, appliances, open living space, and an east-facing yard.
Property Size890 SF
Days on Market288
Property Features for 6236 N 16th Street 1
General Information
Standard status
Active
Size
890 SF
Property subtype
Apartment
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$464
Building Details
Building Size
890 SF
Year Built
1968
Listing Agency:
HomeSmart
Listed By:
Susie Clare
(602) 908-7591
Source:
Alexiabertsatos
Added: Dec 4, 2025
Changed: Sep 17
Last Checked: Sep 18 at 10:40AM
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.
Built in 1968, this one-bedroom condominium features a midcentury design by Bennie Gonzalez, who studied under Frank Lloyd Wright. Interior improvements include additional storage and upgraded kitchen appliances, while the open-concept arrangement and natural light shape the living area. The bedroom includes mirrored sliding closet doors, and the east-facing yard can accommodate garden or seating plans.
HOA dues cover all utilities except electricity, and the association permits pets. The property is near Otro Cafe, Richardson’s, Healthy Habit, Linger Longer Lounge, and Bad Jimmy’s, with access to 51 and downtown Phoenix.
HOA dues cover all utilities except electricity, and the association permits pets. The property is near Otro Cafe, Richardson’s, Healthy Habit, Linger Longer Lounge, and Bad Jimmy’s, with access to 51 and downtown Phoenix.
Key Highlights
- 1968‑built condominium designed by Bennie Gonzalez, an understudy of Frank Lloyd Wright
- One‑bedroom layout with upgraded storage and kitchen appliances
- Open‑concept interior with natural light
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
$10,381
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
6.14%
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%
$207,620
$207.6K
Cap Rate 7%
$148,300
$148.3K
Cap Rate 9%
$115,344
$115.3K
Market Conditions
NOI Build-Up for 890 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
$20.1K $22.56/SF
− Vacancy
−$1.2K −$1.35/SF
EGI
$18.9K $21.21/SF
− OpEx
−$8.5K −$9.54/SF
NOI
$10.4K $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%
$207,620
Cap Rate 7%
$148,300
Cap Rate 9%
$115,344
Alternative Uses
Best Use
Apartment 5plus
$148.3K
$129.8K – $173.0K
NOI $10,381 @ 7.0% cap · market cap 6.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$269.6K
$235.9K – $314.5K
NOI $18,871 @ 7.0% cap · market cap 11.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
757
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 - One-bedroom residence with upgraded storage, appliances, open living space, and an east-facing yard.
Where is this residential income property located?
The property is located at 6236 N 16th Street 1 Phoenix, AZ.
What is the asking price?
The asking price for this property is $169,000.
What are key features of this property?
This property features: 1968‑built condominium designed by Bennie Gonzalez, an understudy of Frank Lloyd Wright; One‑bedroom layout with upgraded storage and kitchen appliances; Open‑concept interior with natural light
