Residential Income Property with Open
New
For Sale
$245,000
724 E DEVONSHIRE Avenue 302, Phoenix, AZ 85014
The kitchen connects directly to the living area and includes a breakfast bar with seating for three.
Property Size1,116 SF
Days on Market4
Property Features for 724 E DEVONSHIRE Avenue 302
General Information
Standard status
Active
Size
1,116 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$932
Building Details
Building Size
1,116 SF
Year Built
1983
Listing Agency:
West USA Realty
Listed By:
Claudia Schulz
(602) 513-2159
Source:
Alexiabertsatos
Added: Oct 14
Changed: Oct 16
Last Checked: Oct 16 at 2:12PM
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 West USA Realty
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Investment Insights
Based on property information with market context.
This residential condominium, built in 1983, has an open living and kitchen arrangement with wood flooring throughout. The kitchen features granite counters, stainless steel appliances, updated cabinetry and fixtures, plus a breakfast bar that seats three.
Community grounds include a courtyard with pavers, a fountain and a barbecue area. The property is in uptown Phoenix, with restaurants, shopping, freeways and light rail nearby. Steele Indian School Park, the Biltmore, ASU and the VA Hospital are also identified as nearby destinations.
Community grounds include a courtyard with pavers, a fountain and a barbecue area. The property is in uptown Phoenix, with restaurants, shopping, freeways and light rail nearby. Steele Indian School Park, the Biltmore, ASU and the VA Hospital are also identified as nearby destinations.
Key Highlights
- Open kitchen and living area with breakfast bar seating for three
- Granite countertops, updated cabinetry and fixtures, and stainless steel appliances
- Wood floors throughout the condominium
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,016
Cap Rate
5.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$260,320
$260.3K
Cap Rate 7%
$185,943
$185.9K
Cap Rate 9%
$144,622
$144.6K
Market Conditions
NOI Build-Up for 1,116 SF
Gross rent
$25.2K $22.56/SF
− Vacancy
−$1.5K −$1.35/SF
EGI
$23.7K $21.21/SF
− OpEx
−$10.6K −$9.54/SF
NOI
$13.0K $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 Rate 5%
$260,320
Cap Rate 7%
$185,943
Cap Rate 9%
$144,622
Alternative Uses
Best Use
Apartment 5plus
$185.9K
$162.7K – $216.9K
NOI $13,016 @ 7.0% cap · market cap 5.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$338.0K
$295.8K – $394.4K
NOI $23,663 @ 7.0% cap · market cap 9.66%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,275
Businesses Nearby
Explore this area
Business Placement
Demographics for 85014, AZ
26,381
Population
14,778
Households
1.8
Avg Household Size
37
Median Age
43%
College-Educated
90%
High-School Grad
4.0 sq mi
ZIP Area
6,595
Density / Sq Mi
$69,995
Median Household Income
$48,465
Median Earnings
$1,339
Median Rent
$447,500
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The kitchen connects directly to the living area and includes a breakfast bar with seating for three.
Where is this residential income property located?
The property is located at 724 E DEVONSHIRE Avenue 302 Phoenix, AZ.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Open kitchen and living area with breakfast bar seating for three; Granite countertops, updated cabinetry and fixtures, and stainless steel appliances; Wood floors throughout the condominium
