Two-Bedroom Residential Income
For Sale
$192,000
720 E ALICE Avenue 201, Phoenix, AZ 85020
Move-in-ready condo with a fireplace, covered patio, storage room, and community pool views.
Property Size850 SF
Days on Market123
Property Features for 720 E ALICE Avenue 201
General Information
Standard status
Active
Size
850 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$496
Building Details
Building Size
850 SF
Year Built
1984
Listing Agency:
Realty ONE Group
(602) 390-6553
Listed By:
Santana Kocharova
(602) 390-6553
Source:
Alexiabertsatos
Added: Apr 16
Changed: Aug 13
Last Checked: Aug 15 at 1:01PM
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 Realty ONE Group
Investment Insights
Based on property information with market context.
This 2 bed, 2 bath condominium was built in 1984 and is presented in move-in-ready condition. The interior centers on an open great room with a fireplace, adjoining kitchen, and dining area. A built-in dry bar and added storage extend the utility of the dining space, while sliding doors connect the living area to a private covered patio. The patio overlooks the community pool and common area and includes access to a large storage room.
The property is located at 720 E Alice Avenue in Phoenix, with covered parking positioned close to the unit. The condominium is part of a small community and is near shopping and dining.
The property is located at 720 E Alice Avenue in Phoenix, with covered parking positioned close to the unit. The condominium is part of a small community and is near shopping and dining.
Key Highlights
- 2 bed, 2 bath condominium built in 1984
- Great room includes a fireplace and connects with the kitchen and dining area
- Dining area features a built‑in dry bar and additional storage
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
$9,914
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
5.16%
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%
$198,280
$198.3K
Cap Rate 7%
$141,629
$141.6K
Cap Rate 9%
$110,156
$110.2K
Market Conditions
NOI Build-Up for 850 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
$19.2K $22.56/SF
− Vacancy
−$1.2K −$1.35/SF
EGI
$18.0K $21.21/SF
− OpEx
−$8.1K −$9.54/SF
NOI
$9.9K $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%
$198,280
Cap Rate 7%
$141,629
Cap Rate 9%
$110,156
Alternative Uses
Best Use
Apartment 5plus
$141.6K
$123.9K – $165.2K
NOI $9,914 @ 7.0% cap · market cap 5.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$257.5K
$225.3K – $300.4K
NOI $18,023 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,837
Businesses Nearby
Explore this area
Business Placement
Demographics for 85020, AZ
34,534
Population
18,231
Households
1.9
Avg Household Size
43
Median Age
43%
College-Educated
90%
High-School Grad
8.8 sq mi
ZIP Area
3,924
Density / Sq Mi
$78,412
Median Household Income
$48,230
Median Earnings
$1,389
Median Rent
$400,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Move-in-ready condo with a fireplace, covered patio, storage room, and community pool views.
Where is this residential income property located?
The property is located at 720 E ALICE Avenue 201 Phoenix, AZ.
What is the asking price?
The asking price for this property is $192,000.
What are key features of this property?
This property features: 2 bed, 2 bath condominium built in 1984; Great room includes a fireplace and connects with the kitchen and dining area; Dining area features a built‑in dry bar and additional storage
