Smaller-Scale Multifamily
For Sale
Contact for pricing
6601 W Ocotillo Rd, Glendale, AZ 85301
Two multifamily properties totaling 6,200 SF offer a functional layout that can be repositioned to align with rental demand.
Property Size6,200 SF
Price / SF$217.74
Days on Market155
Property Features for 6601 W Ocotillo Rd
General Information
Standard status
Active
Size
6,200 SF
Property subtype
Multifamily
Zoning
RM-4
Investment Type
Value Add
Building Details
Year Built
1985
Buildings
2
Stories
2
Units
8
Listing Agency:
Keyser Commercial Real Estate
Listed By:
Ruth Darby · License #SA549117000
Source:
Crexi
Added: Apr 16
Changed: Sep 3
Last Checked: Sep 16 at 3:44PM
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 Keyser Commercial Real Estate
Investment Insights
Based on property information with market context.
6601 and 6609 W Ocotillo Rd present a smaller-scale multifamily ownership opportunity with a functional layout that can be repositioned to better align with current rental demand. The offering consists of two properties under one purchase.
The properties are located at 6601 W Ocotillo Rd and 6609 W Ocotillo Rd in Glendale, AZ 85301, for a combined building size of 6,200 SF.
Per the seller’s description, the asset is suited to buyers seeking manageable multifamily ownership and a value-add repositioning approach within an ongoing multifamily development area.
The properties are located at 6601 W Ocotillo Rd and 6609 W Ocotillo Rd in Glendale, AZ 85301, for a combined building size of 6,200 SF.
Per the seller’s description, the asset is suited to buyers seeking manageable multifamily ownership and a value-add repositioning approach within an ongoing multifamily development area.
Key Highlights
- Two multifamily properties at 6601 and 6609 W Ocotillo Rd
- Total building size is 6,200 SF
- Year built: 1985
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
$63,129
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
4.68%
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%
$1,262,580
$1.3M
Cap Rate 7%
$901,843
$901.8K
Cap Rate 9%
$701,433
$701.4K
Market Conditions
NOI Build-Up for 6,200 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
$122.8K $19.80/SF
− Vacancy
−$8.0K −$1.29/SF
EGI
$114.8K $18.51/SF
− OpEx
−$51.7K −$8.33/SF
NOI
$63.1K $10.18/SF
Area
Glendale, AZ
Vacancy
6.50%
Lease Rate
$19.80 /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%
$1,262,580
Cap Rate 7%
$901,843
Cap Rate 9%
$701,433
Alternative Uses
Best Use
Apartment 5plus
$901.8K
$789.1K – $1.05M
NOI $63,129 @ 7.0% cap · market cap 4.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.95M
$1.70M – $2.27M
NOI $136,325 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
549
Businesses Nearby
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Business Placement
Demographics for 85301, AZ
67,380
Population
24,019
Households
2.8
Avg Household Size
30
Median Age
11%
College-Educated
71%
High-School Grad
9.3 sq mi
ZIP Area
7,245
Density / Sq Mi
$47,422
Median Household Income
$33,727
Median Earnings
$1,189
Median Rent
$218,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two multifamily properties totaling 6,200 SF offer a functional layout that can be repositioned to align with rental demand.
Where is this multifamily property located?
The property is located at 6601 W Ocotillo Rd Glendale, AZ.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Two multifamily properties at 6601 and 6609 W Ocotillo Rd; Total building size is 6,200 SF; Year built: 1985
